Service Robots Market Analysis, Size Prognosticated to Perceive a Thriving Growth by 2029 interpreted by a new report | Straits Research

The global service robots market was valued at USD 35.5 billion, growing at a CAGR of 21.3% during the forecast period. Service robots are referred to as robots designed to assist humans and perform useful work except for manufacturing and industrial automation applications. 

The growing adoption of robots for new applications providing high returns on investment, the rising use of IoT in robots for cost-effective predictive maintenance, and increasing funding for research on robots are the factors fuelling the market growth. However, growing concern over data privacy and regulations hinders the market growth.

Additionally, post-COVID-19 is anticipated to boost service robots' demand because of increasing adoption for various applications such as; cleaning of hotels, airports, serving patients in hospitals, and security check, among others.

Ground robots hold higher CAGR and are expected to witness growth during the forecast period. The growth is due to broader commercial industry applications such as; hospitality, warehouses, law enforcement, agriculture, and space research. Moreover, the surge in demand for robots in education, human assistance, entertainment, and healthcare is also one factor that fuels market growth. For instance, According to Economic Forum 2018, China and Japan have a maximum number of aging populations, which creates a necessity for human assistance robots in the region.

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The Major Players Covered in this Report: DeLaval International AB (Sweden), Daifuku (Japan), Cyberdyne (Japan), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman (U.S.), iRobot (U.S.), SoftBank Robotics (Japan), Intuitive Surgical Inc (U.S.), Neato Robotics (U.S.), KUKA Swisslog (Germany), Lely (Netherlands), ECA Group (France), 3DR (U.S.), Stryker Corporation (U.S.), Parrot SA (France), General Electric (U.S.), Amazon Robotics (U.S.), ecoRobotix (Switzerland), GRAAL (Italy), PrecisionHawk (U.S.), Harvest Croo (U.S.), Starship Technologies (U.S.), ecoRobotix (Switzerland), GRAAL (Italy), PrecisionHawk (U.S.), Hanson Robotics (China), and UBTECH Robotics (China)., & More...

By Type, Professional, Personal and Domestic,
By Environment, Aerial, Ground, Marine,
By Component, Hardware, Software,
By Application, Domestic, Medical, Field, Defense, Rescue, and Security Entertainment, Educational, and Personal, Public Relations, Inspection and Maintenance, Logistics, Construction, and Demolition, Marine

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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Service Robots in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Service Robots market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Service Robots and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Service Robots. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

Impact of COVID-19:
The impact of COVID-19 has a devastating effect on all industry verticals globally. However, according to Interact analysis, 2020. The service robots market has witnessed a decline in growth amid pandemic COVID-19 on account of stringent regulations from the government, such as; halt of business operations, international flight, and cross-border activities. These led to disruption in supply chain and production operations across the globe. However, the demand for service post-COVID-19 is anticipated to surge due to increasing adoption for various applications such as; cleaning of hotels, airports, serving patients in hospitals, and security check, among others.

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Key Highlights:
1. By type, personal and domestic robots hold higher CAGR and are anticipated to witness growth during the forecast period on account of its wider application.

b. By environment, ground robots hold higher CAGR and are presumed to grow during the forecast period. The growth is attributed to broad application in commercial applications.

c. By component, the hardware segment holds a dominant position. It is expected to witness growth during the forecast period based on a surge in innovative design required on the hardware side.

d. By application, domestic application holds a higher CAGR. It is presumed to grow during the forecast period on account of a decline in the cost of robots due to the availability of low-cost sensors.

e. By region, North America holds the largest market share and is anticipated to witness growth based on significant vendors offering service robots.

f. Asia-Pacific is the fastest-growing region in service robots on account of increasing investment in developing economies such as China, Japan, and India.

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