Service Robotics Market Analysis Focusing on Top Key Players – 3D Robotics, iRobot Corporation, Medtronic, Bluefin Robotics, BAE Systems, AeroVironment, Inc., OMRON Adept Technologies, Inc., ECA Group

Industries across the globe have leveraged automation to augment process efficiency and productivity, accelerating the growth of the global industrial automation industry size. Inspired by ambitious cost-reduction goals, industries are leaning toward the minimization of manual processes, which is slated to trigger the demand for robotic services in the industrial sector. A research study by the Association for Packaging and Processing Technologies claims that a third of food processing industries have already integrated robotic facilities in their operating processes.

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The global service robotics market is estimated to garner considerable proceeds growth over the ensuing years, primarily on account of the rising automation trends in tandem with the rapid adoption of service robots.

Yet another study by the same organization unveiled that 94% of the food packaging concerns were using robotics in 2018. This inherently depicts that robots have already become an intrinsic part of several industries and are slated to enhance their grip on global economy as more and more businesses shift toward automation. In consequence, this has led to the global service robotics market exhibiting a rather progressive growth graph, mainly driven by the incorporation of automation in core industries.

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.

Besides assisting companies with packaging and manufacturing tasks, robots are expected to make a mark in the field of domestic services as well. Speaking of the increasing adoption of robots in domestic applications, recently, shopping malls across the western prefectures of Hiroshima and Hyogo have deployed autonomous cleaning robots. The growing need to tackle rising labor costs and augment task effectiveness will thus serve to stimulate the service robotics market growth in the years to come.

Table of Content:

Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope, definition and research parameters

1.2. Data Sources

1.2.1. Primary

1.2.2. Secondary

Chapter 2. Executive Summary

2.1. Service robotics industry 360º synopsis, 2013 - 2024

2.1.1. Business trends

2.1.2. Regional trends

2.1.3. Product trends

2.1.4. Application trends

Chapter 3. Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2013 - 2024

3.2.1. Global industrial robotics industry landscape

3.2.1.1. North America

3.2.1.2. Europe

3.2.1.3. Asia Pacific

3.2.1.4. Latin America

3.2.1.5. MEA

3.2.2. Sensor industry landscape

3.2.2.1. Smart sensors industry landscape

3.2.2.1.1. North America

3.2.2.1.2. Europe

3.2.2.1.3. Asia Pacific

3.2.2.1.4. Latin America

3.2.2.1.5. MEA

3.2.3. Global IoT industry landscape

3.2.3.1. North America

3.2.3.2. Europe

3.2.3.3. Asia Pacific

3.2.3.4. Latin America

3.2.3.5. MEA

3.2.4. Global humanoid robot industry landscape

3.2.4.1. North America

3.2.4.2. Europe

3.2.4.3. Asia Pacific

3.2.4.4. Latin America

3.2.4.5. MEA

3.2.5. Drones industry landscape

3.2.5.1. Commercial drone/UAV market

3.2.5.1.1. North America

3.2.5.1.2. Europe

3.2.5.1.3. Asia Pacific

3.2.5.1.4. Latin America

3.2.5.1.5. MEA

3.2.5.2. Consumer drone market

3.2.5.2.1. North America

3.2.5.2.2. Europe

3.2.5.2.3. Asia Pacific

3.2.5.2.4. Latin America

3.2.5.2.5. MEA

3.3. Industry ecosystem analysis

3.3.1. Component suppliers

3.3.2. Software providers

3.3.3. Technology providers

3.3.4. Service providers

3.3.5. Manufacturers

3.3.6. System integrators

3.3.7. Vendor matrix

3.3.8. Distribution channel analysis

3.4. Technology & innovation landscape

3.4.1. Evolution of robotics

3.4.2. Artificial Intelligence

3.4.3. IoT

3.4.4. Video analysis

3.4.5. Big data

3.4.6. Machine learning

3.4.7. Machine vision recognition

3.4.8. Augmented/virtual reality

3.4.9. Cloud computing

3.5. Service robotics trends, by product

3.5.1. Defense robots

3.5.1.1. Drones/ Unmanned Aerial Vehicles (UAVs)

3.5.1.2. Demining

3.5.1.3. Unmanned ground-based vehicles

3.5.1.4. Unmanned underwater systems

3.5.2. Field robots

3.5.2.1. Milking robots

3.5.2.2. Agricultural robots

3.5.3. Healthcare robots

3.5.3.1. Robot-assisted surgery

3.5.4. Logistics robots

3.5.5. Household robots

3.5.5.1. Cleaning robots

3.5.5.2. Vacuum cleaning

3.5.5.3. Floor cleaning

3.5.5.4. Pool cleaning

3.5.6. Lawn-mowing

3.5.7. Entertainment robots

3.5.7.1. Education & research

3.6. Pricing trend analysis, by product

3.6.1. Professional

3.6.1.1. Defense robots

3.6.1.2. Field robots

3.6.1.3. Healthcare robots

3.6.1.4. Logistics robots

3.6.2. Personal

3.6.2.1. Household robots

3.6.2.2. Entertainment robots

3.7. Service robotics suppliers, by region

3.7.1.1. North America

3.7.1.2. Europe

3.7.1.3. Asia Pacific

3.7.1.4. Latin America

3.7.1.5. MEA

3.8. Regulatory landscape

3.8.1.1. North America

3.8.1.2. Europe

3.8.1.3. Asia Pacific

3.8.1.4. Latin America

3.8.1.5. MEA

3.9. Industry impact forces

3.9.1. Growth drivers

3.9.1.1. Increasing demand to enhance the customer experience in China & Japan

3.9.1.2. Technological advancements in robotics industry

3.9.1.3. Rising labor costs

3.9.1.4. Declining cost of hardware components in China

3.9.1.5. Growing demand of household robots in APAC

3.9.1.6. Increasing adoption in education sector across LATAM & Europe

3.9.1.7. Surge in demand from healthcare sector in Japan

3.9.1.8. Increasing investments by governments in North America

3.9.1.9. Rising demand for military & defense applications across North America & MEA

3.9.1.10. Demand from universities and research institutes in Europe and North America

3.9.2. Industry pitfalls & challenges

3.9.2.1. High initial cost

3.9.2.2. Technical challenges

3.9.2.3. Lack of awareness

3.9.2.4. Lack of standardization

3.10. Growth potential analysis

3.11. Porter's analysis

3.12. Competitive landscape, 2016

3.12.1. Company market share analysis, 2016

3.12.1.1. Professional

3.12.1.2. Personal

3.12.2. Strategy dashboard

3.12.3. Investment landscape

3.13. PESTEL analysis

Chapter 4. Service Robotics Market, By Product

4.1. Global service robotics market share by product, 2016 & 2024

4.2. Professional

4.2.1. Market estimates and forecast, 2013 - 2024

4.2.2. Market estimates and forecast, by region, 2013 - 2024

4.3. Personal

4.3.1. Market estimates and forecast, 2013 - 2024

4.3.2. Market estimates and forecast, by region, 2013 - 2024

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