Service Robotics Market Detail Analysis focusing on Key Players like BAE Systems, Medtronic, 3D Robotics, Bluefin Robotics, BAE Systems, AeroVironment, Inc., OMRON Adept Technologies, Inc., iRobot Corporation

The global service robotics market is estimated to witness substantial growth in the years to come, given that core industries as on today are committed to the reduction of operational costs and the amount of time consumed due to human intervention. The International Federation of Robotics claims that the sales of service robots for professional use will witness an approximate growth rate of 20% to 25% over 2018-2020. Currently considered to be the most significant technological advancements in the field of healthcare, field service, and logistics, service robots have come to be used for cleaning, vacuuming, and lawn mowing as well in recent times.

The need to monitor everyday surroundings, which result in difficult-to-manage workloads and flaws, has led to robots playing a greater role in the domains of security, maintenance and rescue. The industry’s future product vision points to robots programmed with higher sophistication, capability, and value. Recently, an article by Forbes reported that several robotic companies are now testing their products in the hospitality space. The latest company stated to do so is Alibaba Group’s AI Labs. From delivering meals to taking care of laundry, Alibaba’s service robots demonstrated what hotel guests could expect in the future.

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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 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.

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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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.

Table of Content:

Chapter 1. Service Robotics Market Methodology and Scope

Chapter 2. Service Robotics Market Executive Summary

Chapter 3. Service Robotics Industry Insights

Chapter 4. Service Robotics Market, By Product

Chapter 5. Service Robotics Market, By Application

Chapter 6. Service Robotics Market, By Region

Chapter 7. Service Robotics Market Company Profiles

Outer scope of this report another factor contributing to the expansion of service robotics market is the number of new startups which account for 29% of all robotics companies. In addition, major players are constantly investing in robotics, mostly by acquiring startups, which is expected to positively impact the growth of the service robotics market in the future.

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