Service Robotics Market to witness a substantial Growth Over 2018-2024

The adoption of the service robotics market is highly beneficial in the reduction of human casualties suffered during activities, primarily in defense and certain research activities such as underwater cave discoveries. In recent years, internal and external security threats have compelled governments of various organizations to adopt these solutions and are substantially contributing to the strong growth of the service robotics market. These systems can be used in conducting discrete surveillance activities or for implementing activities that are highly dangerous to human personnel.

Service Robotics Market size is projected to reach a revenue of over USD 20 billion in 2024. These systems are anticipated to witness a high growth during the forecast time span owing to their high convenience, reliability, and the efficiency as compared to the conventional labor solutions. The rising proliferation of IoT and the integration of AI are aiding in the transformation of the service robotics market.

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These systems reduce the number of faults and errors and provide accurate and high-quality services. The cost of labor is increasing at a very drastic rate. For instance, hourly labor costs in the Euro area (EU28) witnessed a 2.2% yearly growth until 2016. The increase in labor costs is increasing the overall costs of the goods and services that are produced. Additionally, these can reduce an organization’s profits and cause them to incur higher financial costs such as payroll taxes, increments, and hiring subsidies.

The personal product segment of the service robotics market is predicted to dominate in terms of revenue during the forecast timeframe. Personal robots, such as vacuum cleaners, automated wheelchairs, and domestic servants, among others have aided in improving the quality of life and providing an increased convenience to their users. For instance, in homes with geriatric inhabitants, who live alone, these robots are ideally suited for monitoring and diagnosing patients by relaying the information back to the medical practitioners or alerting authorities during emergencies such as when the patient falls from a wheelchair.

The professional application segment of the service robotics market is anticipated to witness a high growth owing to the increasing adoption of these systems for carrying out mundane and monotonous tasks such as milking, packing, and other activities. Medical robot systems are finding increasing applications in providing assistance during surgeries, therapy, and patient caring, contributing to the heavy growth of the service robotics market. For instance, Robot Aps has developed and launched a rehabilitation robot to assist health professionals with patients, who are bed-ridden, reducing the dependence on nurses for actions such as heavy lifting.

The increase in manufacturing and industrial activities, primarily in the South-East Asian and Latin American regions, contributes to the strong growth of the service robotics market. For instance, warehousing robots are deployed in factory spaces to reduce monotonous activities such as shelving and packing and increasing the output as compared to the manual labor. Additionally, the Asia Pacific region is also incorporating these systems as a part of its education and teaching sector. Pre-schools in Singapore, for instance, have implemented humanoid robots on a testing basis to deliver high-quality education to students.

The service robotics market players comprise Bluefin Robotics, BAE Systems, AeroVironment, Inc., OMRON Adept Technologies, Inc., 3D Robotics, iRobot Corporation, Medtronic, Delaval International AB, ECA Group, Geckosystems Intl. Corp., and Intuitive Surgical, Inc. Companies are required to continuously invest in business strategies, such as R&D, partnership, mergers, and acquisitions, to sustain growth in the global service robotics market. For instance, in May 2016, Medtronic entered into a partnership agreement with Mazor for the development of surgery robots and the launch of its internally-developed robotic surgery program.

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Charts & Figures

FIG 1 Industry segmentation

FIG 2 Global service robotics market, 2013 - 2024 (USD Million)

FIG 3 Global service robotics market, 2013 - 2024 (Units)

FIG 4 Industry ecosystem analysis

FIG 5 Growth potential analysis

FIG 6 Porter’s analysis

FIG 7 PESTEL analysis

FIG 8 Competitive landscape, 2016

FIG 9 Global service robotics market share by product, 2016 & 2024

FIG 10 Global service robotics market share by application, 2016 & 2024

FIG 11 Global service robotics market share by region, 2016 & 2024

FIG 12 SWOT Analysis, 3D Robotics

FIG 13 SWOT Analysis, AeroVironment Inc

FIG 14 SWOT Analysis, Aethon IncFIG 15 SWOT Analysis, Bluefin Robotics

FIG 16 SWOT Analysis, BAE Systems

FIG 17 SWOT Analysis, Delaval International AB

FIG 18 SWOT Analysis, DJI

FIG 19 SWOT Analysis, ECA Group

FIG 20 SWOT Analysis, Ecovacs Robotics

FIG 21 SWOT Analysis, Geckosystems Intl. Corp

FIG 22 SWOT Analysis, Honda Motor Co., Ltd

FIG 23 SWOT Analysis, Intuitive Surgical, Inc

FIG 24 SWOT Analysis, iRobot Corporation

FIG 25 SWOT Analysis, Lely Holding S.A.R.L

FIG 26 SWOT Analysis, Medtronic

FIG 27 SWOT Analysis, Northrop Grumman Corporation

FIG 28 SWOT Analysis, OMRON Adept Technologies, Inc

FIG 29 SWOT Analysis, Parrot SA

FIG 30 SWOT Analysis, Samsung Electronics

FIG 31 SWOT Analysis, Softbank Robotics

FIG 32 SWOT Analysis, Yujin Robot Co. Ltd

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