Global Service Robots Market 2021 Top Manufacturers – DeLaval International AB (Sweden), Daifuku (Japan), Cyberdyne (Japan)

Service Robots Market Snapshot:

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. Service robots are mainly intended to operate in fully automatic or semi-automatic modes and perform various tedious tasks, thereby offering safety and high efficiency in various applications. Additionally, it also reduces work pressure and enhances productivity.
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.

Furthermore, developing initiatives to offer domestic robots on a rental basis also led to the market's development. Additionally, increasing the adoption of innovative technologies such as Machine Learning and Artificial Intelligence (AI) for voice assistance escalates market growth. These include; transfer of products in logistics, vacuum cleaner in the home environment, assisting humans with transportation, aerial photographing and transportation of goods, and assisting for care work in healthcare, among others. For instance, in January 2020, Hyundai Robotics has launched a mobile service robot to analyze a person's image file, recognize the camera, and provide voice responses. Additionally, in December 2018, Sberbank, in partnership with the Internet Initiative Development Fund (IIDF) has launched an intelligent robot's accelerator program, which aims to focus. Emerging areas include; human assistance, and logistics robots, among others. This trend depicts the surge in the adoption of robots across various applications to improve efficiency and perform tedious work at lesser time.

Personal and domestic robots hold higher CAGR and are anticipated to witness growth during the forecast period. The growth is attributed to a broad offering of robots in domestic applications. These include; vacuum cleaning, pool cleaning, lawnmowers, window cleaning, and gutter cleaning. Moreover, growing robots for physically disabled people, such as walking assistance, is also one-factor propelling market growth. Furthermore, developing initiatives to offer domestic robots on a rental basis also led to the market's development. Additionally, increasing the adoption of innovative technologies such as Machine Learning and Artificial Intelligence (AI) for voice assistance escalates market growth.

The hardware segment holds a higher CAGR and is presumed to grow during the forecast period. The growth is attributed to a surge in innovative design required on the hardware side. Moreover, a rise in robots across various industrial verticals has created the hardware segment's demand to integrate a broad range of sensors and control circuits. Furthermore, the availability of low-cost sensors across different developing economies and increasing orders from commercial industries to enhance productivity are factors propelling the market growth for hardware. Additionally, it also led to the hardware segment's development.

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.

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The Major Prominent 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).

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

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.

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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.

Key Questions Answered in The Report:
What will the Service Robots market growth rate?
What are the key factors driving the global Service Robots market?
Who are the key manufacturers in the Service Robots market space?
What are the market opportunities, market risk, and market overview of the Service Robots market?
What are sales, revenue, and price analysis of top manufacturers of the Service Robots market?
Who are the distributors, traders, and dealers of the Service Robots market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Service Robots Industry?
What are sales, revenue, and price analysis by regions of Service Robots industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Key Service Robots Market Trends:
- The report identifies, determines, and forecasts the Global Service Robots Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Service Robots Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Service Robots Market.

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