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“The service robotics market is projected to grow at a CAGR of 22.6% during 2020–2025”
The service robotics market is expected to grow from USD 37.0 billion in 2020 and is projected to reach USD 102.5 billion by 2025; it is expected to grow at a CAGR of 22.6% during the forecast period. Service robots are increasingly being adopted for new applications due to various advantages such as increased productivity, streamlined processes, and greater workplace safety. Service robots provide reduction in cost of operation and enables a high ROI. Utilization of IoT with service robots is enabling predictive maintenance, driving down the overall cost. Also, an increase in funding for service robots by the government as well as market players is driving the market.
“Professional service robots to hold larger share of market during forecast period”
Due to the high cost of personal and domestic service robots there is less penetration for domestic applications. For instance, the cost of vacuum cleaners manufactured by iRobot (US) ranges from USD 249 to USD 1,439. Telepresence robots are available in the range of USD 185 to USD 32,000. PARO, a therapeutic robot, costs USD 3,800. Professional service robots on the other hand provide a better ROI as they replace humans. Hence, they have a much higher adoption compared to personal and domestic robots.
“Ground based service robots to hold largest share of market in 2020”
Ground robots are used for various applications such surgeries; cleaning; elderly care and communication through telepresence; and assistance. With increase in nuclear families and world population the households have increased, generating more demand for vacuuming robots. For commercial applications, AGVs are being used in warehouses as well as in agriculture. Ground robots are also used in other industries such as healthcare, hospitality, space research, and law enforcement. Hence, ground based service robots are expected the hold larger share of the market throughout the forecast period.
“North America to dominate service robotics market throughout forecast period”
According International Federation of Robotics (IFR), 240 out of 700 registered manufacturers of service robots were located in North America in 2017. Furthermore, North America also accounts for a significant number of startups working in the service robotics marketspace. According to IFR, around 200 start-up companies were working on new service robots in the US alone during 2017. The US also housed some key players such as Intuitive Surgical (US) and iRobot (US), and is a large market for both commercial and domestic robots. Large companies like Amazon (US) are also entering into the service robotics market with ground based robots such as AGVs. Hence, North America is expected to maintain largest share during the forecast period.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the service robotics marketspace. The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
- By Designation: C-level Executives – 40%, Directors – 40%, and Others – 20%
- By Region: North America – 40%, APAC – 30%, Europe – 20%, and RoW – 10%
The report profiles key players in the service robot market with their respective market ranking analysis. Prominent players profiled in this report are iRobot (US), SoftBank Robotics (Japan), Intuitive Surgical Inc (US), DeLaval International AB (Sweden), Daifuku (Japan), Cyberdyne (Japan), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman (US), Neato Robotics (US), KUKA Swisslog (Germany), Lely (Netherlands), ECA Group (France), 3DR (US), Stryker Corporation (US), Harvest Croo (US), Starship Technologies (US), Parrot SA (France), General Electric (US), Amazon Robotics (US), ecoRobotix (Switzerland), GRAAL (Italy), PrecisionHawk (US), Hanson Robotics (China), and UBTECH Robotics (China).
This research report categorizes the global gantry robot market on the basis on type, environment, component, application, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the service robotics market and forecasts the same till 2025. Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the service robotics ecosystem.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the service robotics market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
- The analysis of the top 25 companies, based on the strength of the product portfolio as well as the business strategy will help stakeholders visualize the market positioning of these key players.
- Geographic analysis and country-wise information that will shape the market in the coming years has also been covered in this report.