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Global Service Robotics Market Size, Growth, Industry Trends, Market Share and Forecast 2019-2025

05-05-2020 01:58 PM CET | IT, New Media & Software

Press release from: Orion Market Research

The global service robotics market is growing at a significant CAGR during the forecast period. Some of the major factors driving the global service robotics market is growing labor cost and scarcity of skilled workforce. According to the US Bureau of Labor Statistics, the compensation cost of civilian workers increased by 2.8% and private industry workers increased a 2.9% in September 2019. This increase in labor cost is forcing companies to adopt service robotics and hence contributing to the market growth.

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Further, service robotics is rapidly finding acceptance among various end-user industries for professional and personal utilization, these industries include healthcare, defense, security, forestry, construction, agriculture, professional cleaning, logistics, and so forth.For instance, at the warehouse MiR's warehouse robot, MiR 500, a flexible- easy-to-program robot equipped with a laser-scantechnology. In addition, service robotics is being used in the defense sector for bomb disposal. However, the huge initial cost and requirement of a skilled workforce to operate the systems is likely to cause restraint to the market growth. Moreover, rising smartphone penetration, industrial growth in developing the nation and rise in application areas are anticipated to propel the global service robotics market in the coming future.

Service robotics is the robotics division that seeks to enhance the efficiency and performance of robots and to better assist humans in their workplace. There are robots designed to help and carry out useful tasks, excluding the applications of industrial and manufacturing automation. Owing to its several benefits such as increased ease of use, exact and efficient administrations, consistent reliability and reduced operating costs and errors, service robots have been embraced across the globe and it is one of the prominent factors driving the market growth. Increased investments in R&D and raising awareness about the advantages of service robotics is propelling the market growth among end-users. Further, the growing demand for automation from personal and professional sectors is contributing significantly to market growth.

The key market players dominating the global service robotics market includeAB ELECTROLUX, Aethon, Inc., Amazon Robotics, Boston Dynamics, Clearpath Robotics, Inc., Cobalt Robotics, Inc., Fujitsu, Ltd., GM Cruise LLC, HAHN Group and Hanool Robotics Corp.The companies are focused on developing advanced robotics service systems to stay competitive in the market. Geographical expansion, merger & acquisition, finding a new market or innovate in their core competency in order to expand individual market share is a key strategy adopted by major market players. For instance, Swisslog's Relay is primarily developed for outpatient and inpatient services including medicine transportation and risky medications such as chemotherapy.

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Global Service Robotics Market - Segment

By Type
o Professional
o Personal

By Application
o Medical
o Logistics
o Agriculture
o Defense
o Others (Construction)

Global Service Robotics Market- Regional

North America
o United States
o Canada

o Germany
o United Kingdom
o France
o Spain
o Italy
o Rest of Europe

o China
o Japan
o India
o Rest of Asia-Pacific

Rest of the World
o Middle East & Africa
o Latin America

Company Profiles
o AB Electrolux
o Daifuku Co., Ltd.
o Fujitsu Frontech Ltd.
o GeckoSystems Intl. Corp.
o Honda Motor Co.
o Intuitive Surgical, Inc.
o iRobot Corp.
o Kongsberg Gruppen ASA
o Lockheed Martin Corp.

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Media Contact:
Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Contact no: +1 646-755-7667, +91 780-304-0404

About us:
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services.

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