Service Robotics Market Growth, Trends & Forecast To 2024 Companies Profile are 3D Robotics, AeroVironment, BAE Systems, DeLaval, DJI, Intuitive, Medtronic, Northrop Grumman, Parrot, Samsung Electronics and SoftBank Robotics Europe

Powered by the robust industrialization trends, Service Robotics Market has been escalating at an astonishing rate over the recent years. The technology has established its stance as an interface between industry and service sector and has garnered a mass popularity across a plethora of domains like defense, healthcare, entertainment, household, and logistics. If reports are to be relied on, the commercialization matrix of the business space has taken a prominent turn in the recent years, courtesy – the significant proliferation of IoT, cloud, Artificial Intelligence, and machine learning. In fact, as per estimates, global shipments of service robots surpassed 7.5 million units in 2016 and is further anticipated to witness a remarkable y-o-y growth of 20% over 2017-2024.

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Major Growth drivers of Service Robotics Market:

• Increasing demand to enhance the customer experience in China & Japan
• Technological advancements in robotics industry
• Rising labor costs
• Declining cost of hardware components in China
• Growing demand of household robots in APAC
• Increasing adoption in education sector across LATAM & Europe
• Surge in demand from healthcare sector in Japan
• Increasing investments by governments in North America
• Rising demand for military & defense applications across North America & MEA
• Demand from universities and research institutes in Europe and North America

Key industry players involved and promoting the growth of the global Service Robotics Market are as follows:

• 3D Robotics
• AeroVironment
• Aethon
• BAE Systems
• DeLaval
• DJI
• ECA Group
• ECOVACS Robotics
• Geckosystems International Corp (GOSY)
• Honda Motor Co. Ltd.
• Intuitive
• IROBOT CORPORATION
• Lely
• Medtronic
• Northrop Grumman
• Omron Adept Technologies
• Parrot
• Samsung Electronics
• SoftBank Robotics Europe
• Yujin Robot Co., Ltd.

The growing deployment of robots across households is anticipated to showcase a positive impact on the service robotics market growth. The household robots help in reducing the burden on their human counterparts by performing domestic tasks such as floor & window cleaning, vacuum cleaning & lawn-mowing and letting them focus on more important tasks. Increasing penetration of entertainment robots in various sectors, such as retail, BFSI, and hospitality, enables the interactive experience deepening the engagement with in-store customers. The robots can bring in a transformation by making use of advanced technologies such as facial recognition, speech recognition, and emotion recognition. However, factors such as rising R&D expenses and capital investments are expected to limit the industry demand.

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Rising deployment of professional robots, such as drones, ground-based, and marine robots across the military & defense sector, is anticipated to drive the service robotics market growth. It can be attributed to the advantages offered by these machines, which include reducing human casualties, performing hazardous tasks, lowering the operational costs, collecting better intelligence, enabling effective surveillance, and improving the attack capabilities. Furthermore, increasing demand for the automated processes with higher efficiency and accuracy across the dairy sector to improve the productivity is driving the field robots segment in the service robotics market.

Increasing utilization of healthcare robots in applications, such as surgeries, diagnostics, monitoring, and mental & physical therapy, will drive the healthcare service robotics market growth. Hospitals are increasingly using robotics in rehabilitation activities, which include orthotics and assistive devices such as wheelchairs. However, the demand for robotics in the logistics sector is on the rise owing to the growing e-commerce sector followed by the increasing efforts by industries to reduce the labor cost & optimize the processing speed.

The U.S. service robotics market is anticipated to witness growth over the forecast timeline. It can be attributed to the rising demand for robots across various sectors, which include defense, logistics, healthcare, agriculture, and households. Increasing number of players entering the marketplace with new & advanced technological features further contributes to the regional industry demand. Moreover, the increasing adoption of household robots for performing everyday tasks coupled with the rising wage rates across various economies is compelling the adoption of robots, contributing to the Asia Pacific service robotics market.

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Companies in the service robotics market comprise iRobot, DJI, Intuitive Surgical, Inc., Parrot SA, Bluefin Robotics, Northrop Grumman Corporation, DeLaval, Lely, Medtronic, Yujin Robot, Samsung Electronics, Honda Motors Corp., 3D Robotics, AeroVironment, Inc., Ecovacs Robotics, and Softbank Robotics.

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