Service Robotics Market is projected to growUSD 103.3 billion by 2026 at a CAGR of 23.3% | iRobot (US), SoftBank Robotics Group (Japan), Intuitive Surgical (US), DeLaval (US), Daifuku (Japan), CYBERDYNE (Japan), DJI (China) etc.
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The report profiles key players in the service robotics market with their respective market ranking analysis. Prominent players profiled in this report are iRobot (US), SoftBank Robotics Group (Japan), Intuitive Surgical (US), DeLaval (US), Daifuku (Japan), CYBERDYNE (Japan), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman (US), Exyn Technologies (US), XAG (China), AMP Robotics (US), UVD Robots (Denmark), Diligent(US), HARVEST CROO (US), Starship Technologies (US).
“The service robotics market is projected to grow at a CAGR of 23.3% during 2021–2026”
The service robotics market is projected to grow from USD 36.2 billion in 2021 and is projected to reach USD 103.3 billion by 2026; it is expected to grow at a CAGR of 23.3% from 2021 to 2026.
The factors such as growing adoption of robots for new applications providing high returns on investment and increased funding for research on robots coupled with rising insurance coverage for medical exoskeletons and robotic surgeries as well as an increasing need to reduce hospital-acquired infections to regularly, by means of adoption of robots are driving the growth of the service robotics market. However, concerns associated with data privacy and regulations are the key factor limiting the growth of the service robotics market.
“Market for Research and Space Exploration application is expected to grow at the highest CAGR during the forecast period.”
The market for research & space exploration is expected to grow at the second-highest CAGR during the forecast period. The adoption of robots for the space exploration application is driven by several factors, including the growing need for servicing existing geostationary satellites and debris removal, increasing number of technological advancements in autonomous systems, and the rising demand for on-orbit manufacturing and assembly in the International Space Station (ISS) from government agencies and commercial entities. The demand for resupply and refueling missions for the International Space Station (ISS) and on-orbit satellite manufacturing is also driving the market. The growth of this application is accelerated by government funding. For instance, in 2020, the US government provided USD 22.6 billion to NASA. In 2019, the European Space Agency received funding of USD 15.9 billion from its 22 member states. North America is expected to witness significant demand for space exploration robots. This can be attributed to the high demand for robotic space activities from prominent organizations, such as NASA and the Department of Defense, due to the increasing reliance on space assets and for enabling safety in space operations. Robots are also used to aid astronauts in lifting and handling heavy and large objects in space.
“Market for professional robots to hold a larger share than that of Personal and Domestic robots during the forecast period”
The professional service robots are expected to hold a larger market share during the forecast period. Professional service robots are high-tech, sophisticated, and expensive service robots that are increasingly being deployed in factories, hospitals, public buildings, and hazardous environments. The service robots used for professional applications include drones, automated guided vehicles (AGVs), agricultural robots, inspection robots, humanoid robots, exoskeletons, construction robots, robotic kitchens, laundry robots, unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), inspection robots, telepresence robots, surgical robots, and cleaning robots. AGVs are generally used in warehouses for handling and transporting materials. Due to wide-scale adaptability there is a growing demand for them.
“Propulsion systems to hold a significant share of the market for hardware during the forecast period ”
The propulsion systems are expected to hold a significant chunk of market for hardware during the forecast period. For any type of service robot – whether it be ground-, aerial-, or marine-based, propulsion systems are often the most expensive components, as they need to be robust and require a greater degree of precision and quality control during manufacturing. This includes all the different motors and actuators that drive these vehicles. Hence, propulsion systems are expected to contribute the largest to the hardware market compared to the rest of the components.
“Europe to hold a significant share of the service robotics market during the forecast period”
Europe is expected to hold a significantly large share for service robotics market during the forecast period. In Europe, the growth of the automotive, healthcare and electronics industries in Europe will lead to the growth of the service robotics market in the region. Most of the countries in Europe are developed, have a high per capita income, and can afford the high cost of certain service robots. France and the UK have a strong research base supporting the service robotics market. Due to the aging population in Germany, France, and the UK, the governments are focusing on the development of assistive robots for elderly care. The shortage of labor in Europe is the driving factor for domestic robots. Additionally, European countries have been actively adopting robots to fight COVID-19. The European Commission has launched the AI-ROBOTICS vs. COVID-19 initiative to develop ideas for the deployment of artificial intelligence (AI) and robotics solutions, as well as information on other initiatives that could help face the ongoing COVID-19 crisis.
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