Yahoo Finance Global Service Robotics Market Size, Share & Industry Trends Analysis Report By Application, By Environment, By Type, By Component, By Hardware Type, By Regional Outlook and Forecast, 2022 – 2028
The Global Service Robotics Market size is expected to reach $168. 6 billion by 2028, rising at a market growth of 23. 1% CAGR during the forecast period. Service robots are semi-automated or fully automated robots that perform necessary as well as potentially harmful tasks for humans.
New York, June 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Service Robotics Market Size, Share & Industry Trends Analysis Report By Application, By Environment, By Type, By Component, By Hardware Type, By Regional Outlook and Forecast, 2022 – 2028" - https://www.reportlinker.com/p06283461/?utm_source=GNW
These robots can significantly benefit humans in a variety of fields, including healthcare and medical, automation, construction, household, and entertainment. These robots are controlled by an internal control system, with the option to modify the operation manually. These service robots remove the possibility of human error, manage time, and increase production by lowering the workload of staff and labor.
Developments in edge artificial intelligence processors and the arrival of 5G telecom services are likely to propel the market for service robots to new heights. Professional service robots with excellent performance along with low Power consumption might benefit from it. In addition, the leading breakthrough technology vendors are also working on enhanced, integrated, and complete designs for a variety of robotics solutions. Qualcomm, for example, announced the world’s first 5G and AI-based platform for professional and industrial service applications in June 2020. The CPU allows for heterogeneous computing, improved computer vision, and other features, making it perfect for low-Power robots and drones.
Agriculture service robotics is also a sort of service robotics. These service robots can spray herbicides to curb weed growth owing to the availability of technical sensors. The flexible and autonomous system boundaries that interconnect and give service to corporate customers are computerized by front office service robots. Data collection, hypothesis generation, and analysis are all common research tasks carried out by scientific robots. The advantages of service robotics to humanity include improving worker safety, accelerating production and efficiency, and managing cost and time savings. Various service robots can be programmed to create pictures, play music, scan colors, respond to touch and audio, scale whiteboard walls, and learn about robotics.
COVID-19 Impact
The outbreak of the COVID-19 pandemic had a significant economic impact, affecting manufacturing along with a variety of other businesses. The pandemic caused a severe impact on various economies all over the world. In addition, the governments of several countries were forced to impose lockdowns in their nations. As a result, the manufacturing units of numerous goods were temporarily shut down. Moreover, these lockdowns also caused a major disruption in the supply chain of various goods. Further, the COVID-19 led the worldwide healthcare industry to a significant failure due to the shortage of beds and oxygen in hospitals.
Market Growth Factors
The integration of intuitive technologies in robotic solutions
The capacities of these machines are being substantially expanded by technological advancements, which have enhanced their flexibility to execute various tasks in a very short amount of time. Robotics have transformed workflow operations in a variety of industries, including healthcare, logistics, defense, agriculture, and others. For instance, physicians are now able to perform precise and minimally invasive surgery due to the use of robots across the healthcare industry. Moreover, surgeons use these robots as a tool for achieving more accurate movements or incisions that are hard to emulate with human hands. Artificial intelligence for vision recognition, data analysis, predictive analytics, and other technologies are included in such robots.
Developments across robotic technology
Because of the rapid technical developments converging in artificial intelligence, automation, engineering, and machine learning, the robotics industry is rapidly fueling the service robotics market trends. The consequences of the advent of robots have led to a shift in human task-performing capabilities. As per the International Federation of Robotics, the number of robots has tripled in the last two decades. Additionally, new robotics developments would help the worldwide stock of robots to increase quickly during the next twenty years. Moreover, the consequences of robotics’ progress will boost emerging countries’ productivity and economic growth.
Market Restraining Factors
Data privacy risks and regulations
Data ownership raises ethical concerns, particularly with the advent of robotics software applications. The data collected by ground robots may differ significantly from that collected by drones. Individuals’ private information is available on the cloud as the usage of domestic robots for home duties, education, and entertainment grows. Third parties, like marketing and database organizations, frequently purchase this data, putting individuals’ privacy at risk. For example, Amazon and Google have, provided voice activation and smart response for robots like Lynx (humanoid) and Roomba (vacuum cleaner).
Application Outlook
Based on Application, the market is segmented into Domestic, Medical, Public Relation, Entertainment, Education, & Personal, Inspection & Maintenance, Field, Logistics, Defense, Rescue, & Security, Construction & Demolition, Marine, and Others. In 2021, the medical segment garnered a substantial revenue share of the service robotics market. Because of the introduction of automation in the process of storing and moving commodities, service robotics is majorly facilitating a significant number of day-to-day tasks in numerous industries. In addition, service robots are in high demand in this industry to help streamline supply chain activities across sectors. Because of the growing trend of incorporating robotic solutions for key medical operations and the development of high-tech testing labs, medical service robots are estimated to observe significant growth. Unmanned aerial vehicles are used in the defense and agriculture industries because they can improve soldiers existing skills by shielding them from harm, detecting product ripeness, gauging soil fertility, and inspecting crops.
Environment Outlook
Based on Environment, the market is segmented into Ground, Aerial, and Marine. In 2021, the areal segment recorded a substantial revenue share of the service robotics market. The rising growth of the areal segment is owing to the growing use of business drones for a variety of critical tasks such as traffic monitoring and surveying farm fields, as well as commercial drones’ higher selling costs compared to consumer drones. Reduced costs of UAV production and the advent of solar cells as a source of Power for drones can lower the cost of propulsion technology and contribute to an increase in the demand.
Type Outlook
Based on Type, the market is segmented into Professional and Personal & Domestic. In 2021, the professional segment witnessed the largest revenue share of the service robotics market. Professional service robots are used in sectors such as military and security, forestry, healthcare, agriculture, construction, and logistics. Apart from that, the widespread use of mobility along with automation across industries is positively affecting this segment’s growth. The growth of this segment is aided by rising labor costs, increased research and development spending, a scarcity of skilled workers, and increased awareness of service robots along with industrial automation. This would play a major role in increasing the growth of this segment.
Component Outlook
Based on Component, the market is segmented into Hardware and Software. Based on Hardware Type, the market is segmented into Sensors, Cameras, Power Supply, Control Systems, Airframes, Navigation Systems, Propulsion System & Actuator, and Others. In 2021, the hardware segment acquired the largest revenue share of the service robotics market. The rapidly rising growth of the segment is owing to the hardware’s demand for novel designs. Sensors and control units for home and commercial service robots are the most essential components in the composition of service robotics. Exoskeletons are majorly being employed for personal use. Moreover, pool cleaning robots are more significantly being deployed due to the increasing number of tourist spots all over the world. Therefore, the growth of the segment is anticipated to increase throughout the forecast period.
Regional Outlook
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific garnered a significant revenue share in the service robotics market in 2021. This is due to the presence of countries like Japan, China, and Korea, which are few of the largest. Moreover, rising disposable income in developing nations such as the Philippines and India, as a result of increased industrialization, would boost demand for service robots. The regional oil and gas industry has grown significantly in the previous years, resulting in a higher demand for remotely operated vehicles and autonomous underwater vehicles. Furthermore, In India, Australia, and China, there is a growing trend of automation and globalization, which is supporting the APAC service robotics market. The regional market is flourishing owing to these factors.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; SoftBank Robotics Group Corporation is the major forerunner in the Service Robotics Market. Companies such as Kuka AG, Intuitive Surgical, Inc. and iRobot Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Kuka AG, Northrop Grumman Corporation, Intuitive Surgical, Inc., iRobot Corporation, General Electric (GE) Co., Cyberdyne, Inc., Daifuku Co., Limited, SoftBank Robotics Group Corporation, Tetra Laval International S.A., and Neato Robotics, Inc.
Strategies deployed in Service Robotics Market
Partnerships, Collaborations and Agreements:
Sep-2021: SoftBank Robotics partnered with Keenon Robotics, a leader in AI and indoor intelligent service robots. Through this partnership, the companies aimed to expand the utilization of robotics systems across the service industry to enable enhanced productivity and efficiency. Moreover, this partnership would also allow enterprises to significantly save on resources and time.
Sep-2021: CYBERDYNE entered into a partnership with MIE Racing, a motorcycle racing team based in Civita Castellana. CYBERDYNE aimed to revolutionize its cutting-edge core technologies in a field that needs innovation daily and to strengthen the business of the company in the mobility-related field comprehensively.
Nov-2020: KUKA extended its partnership with AutomaTech Robotik, a robotic automation solutions provider based in Canada. Under this extended partnership, the companies aimed to penetrate the Woodworking Market across North America. Moreover, the companies would focus on promoting KUKA robots-based woodworking machine tending solutions of AutomaTech.
Jul-2020: KUKA partnered with Deutsche Telekom, a German telecommunications company. Following this partnership, the company would provide a combined Industry 4.0 package to small and medium enterprises across the manufacturing sector. In addition, the combination have compiled a ready-to-go set of industrial IoT services, especially to support KUKA robots.
Feb-2020: Remotec came into a distribution agreement with Kinova, a Canadian technology company that manufactures service robotics platforms and applications for personal assistance. Under this agreement, Northrop Grumman would supply Kinova Remote Robotic Manipulation System. Moreover, this partnership would deliver enhanced capability to the customers of Remotec in order to provide best-in-class small manipulator to Northrop Grumman’s customers.
Product Launches and Product Expansions:
May-2021: GE released a new underwater robotized hydropower turbine inspection solution. This solution can inspect between the runner blades in the turbine. In addition, the company’s new breakthrough inspection solution examines the hydropower turbine’s within few hours with a level of quality equal to a dewatered visual inspection.
Apr-2021: iRobot introduced H1, a handheld vacuum for cleaning hard-to-reach areas. Through this launch, the company aimed to strengthen its portfolio along with continuing its efforts on providing new services to offer robust purchase protection and flexibility to its customers.
Dec-2020: GE Healthcare launched Allia IGS 7 angiography system, a new version of the company’s robotic driven angiography system for image guided therapy. The new system operates on a wheeled gantry, which aids in patient access or conversion to open procedures.
Sep-2020: SoftBank Robotics colaborated with Bear Robotics, an artificial intelligence and robotics company. Under this partnership, the companies would introduce Servi to the hospitality and food service sector. Moreover, the Servi robot is a result of the integration of Bear Robotics’ unrivaled robotics technology and vast experience in commercializing and developing SoftBank Robotics.
Apr-2020: Neato Robotics launched the Neato D8, D9, and D10, latest models in the company’s premium offerings, at IFA Berlin 2020. The new robots feature easy setup, best-in-class technology, and built-to-last hardware. Moreover, the new robots would also leverage its industry-first D-shaped design.
Acquisitions and Mergers:
Nov-2021: iRobot took over Aeris Cleantec, a premium air purifiers provider. This acquisition aimed to complement iRobot’s strategy of developing intelligent home innovations and thoughtful robotics in order to offer enhanced lifestyle to its customers.
Feb-2020: Intuitive acquired Orpheus Medical, a provider of information technology connectivity to hospitals. This acquisition aimed to expand and deepen its integrated informatics platform. In addition, this acquisition would offer ready access and a deeper understanding of their data to its customers, including patient care teams, surgeons, and hospitals.
Scope of the Study
Market Segments covered in the Report:
By Application
• Domestic
• Medical
• Public Relation
• Entertainment, Education, & Personal
• Inspection & Maintenance
• Field
• Logistics
• Defense, Rescue, & Security
• Construction & Demolition
• Marine
• Others
By Environment
• Ground
• Aerial
• Marine
By Type
• Professional
• Personal & Domestic
By Component
• Hardware
o Sensors
o Cameras
o Power Supply
o Control Systems
o Airframes
o Navigation Systems
o Propulsion System & Actuator
o Others
• Software
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Kuka AG
• Northrop Grumman Corporation
• Intuitive Surgical, Inc.
• iRobot Corporation
• General Electric (GE) Co.
• Cyberdyne, Inc.
• Daifuku Co., Limited
• SoftBank Robotics Group Corporation
• Tetra Laval International S.A.
• Neato Robotics, Inc.
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