Service Robotics Market Snapshot
| Study Period: | 2019- 2026 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | Asia Pacific |
| CAGR: | 44.9 % |
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Market Overview
The service robotics market was valued at USD 23577.1 million in 2020 and is expected to reach USD 212619.7 million by 2026 and grow at a CAGR of 44.9% over the forecast period (2021 - 2026).
- Technological innovations concerning cognition, interaction, and manipulation, have made service robotics more appealing. Technology and other component providers have been instrumental in moving the robotics ecosystem forward. For instance, Preferred Networks, a Tokyo-based technology startup, provides its AI technology for Toyota Motor's autonomous driving systems and the robots produced by Fanuc.
- The aging population of the countries of Asia-Pacific, such as Japan and China, is driving growth in the medical technology sector, thus, creating a massive market for service robotics in the region. As per the Japanese Ministry of Internal Affairs and Communications, in 2017, around 35.2 million inhabitants were aged 65 years or above. This number was anticipated to grow to 36.2 million by 2020. This is encouraging companies to invest in products for the elderly in the region.
- Service robots are deployed for personal/household purposes, like vacuum and floor cleaning, elderly assistance, and entertainment. The aging population of the countries of Asia-Pacific, such as Japan and China, is driving growth in the medical technology sector, thus, creating a massive market for service robots.
- LG Electronics is testing robots that can replace workers in the service industry. The company's robots are designed to perform tasks, such as delivering food and drinks to customers at hotels and airport lounges, handling check-in and check-out services at hotels, and even carrying luggage.
- The outbreak of COVID-19 will only boost the adoption of a service robot for performing various tasks such as contactless delivery operations, disinfection, delivering medications and food, and assisting border controls. Thus, the market is expected to witness several instances of deployment, especially in the healthcare sector. Moreover, robots are playing a crucial role in fighting coronavirus SARS-CoV-2. For instance, according to IFR, Chinese hospitals have ordered more than 2,000 disinfection UVD robots by Danish manufacturer Blue Ocean Robotics. These robots move autonomously around patient rooms covering all critical surfaces with the right amount of UV-C light to kill viruses.
Scope of the Report
As per the International Organization for Standardization, a service robot performs functional tasks for humans or equipment, excluding industrial automation applications. The market is broadly segmented into professional and personal robots.
Professional service robots automate time-consuming, menial, or repetitive tasks, allowing human workers to achieve more intellectual functions. On the other hand, personal service robots are consumer-facing robots for automating tasks, mainly at home. This could include things such as autonomous vacuum cleaners or window cleaners.
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Key Market Trends
Professional Use of Robots to Account for a Significant Share in the Market
- Professional robots consist of field robots, defense and security robots, medical assisting robots (MAR), public assistant robots, electrical industry robots, and robots for construction purposes.
- The construction industry has adopted service robots to overcome heavy labor costs, labor shortages, and labor accidents. It also helps in constructing more reliable buildings since there is less chance of human errors. Technologies like 3D printing robots and demolition robots further act as catalysts in the adoption of robots in the construction sector.
- Exoskeleton robots are used as public relations robots. Most public relations robots are used to assist customers in finding an item or completing a task. These robots are deployed in the retail sector to guide customers around a store and in the hospitality industry, banks, shopping malls, family entertainment centers, and more.
- The medical and healthcare industry uses services robots as diagnostic systems, robot-assisted surgery or therapy, rehabilitation systems, and other medical robots.
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Asia Pacific to Register a Significant Growth Rate Over the Forecast Period
- The Asia Pacific is one of the fastest-growing regions across the world. It also holds the largest market over the forecast period, owing to the significant adoption of service robots in China, Japan, and India.
- Regional governments are also a significant factor in the development of a regional robotics market. For instance, India plans to invest in military robotics, and the country is preparing to deploy advanced robotic soldiers by 2023.
- The Chinese government has ambitious plans for the country's robotics industry. The government has listed the robotics industry, along with AI and automation, as one of the priority sectors for high-end development to push forward the transformation and up-gradation of the manufacturing industry. This push is expected to raise the global market share of Chinese-made robots.
- Further, financial services companies in Asia are looking to streamline costs to boost dividends to shareholders, maintain profitability, and have a new tool at their disposal that also appeals to customers, e.g., service robots. For instance, HDFC, one of the largest Indian private banks, is looking to unveil a service robot to assist customers with everyday tasks, like transferring or withdrawing money or just finding the relevant department to get their task done. The robot is expected to be a part of the bank's Project AI program.
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Competitive Landscape
The Service Robotics market is consolidated, and major players include Daifuku Co. Ltd, Dematic Corp., Swisslog Holding AG, iRobot Corporation, among others.
- February 2020 - ABB Limited and Covariant announced a partnership to bring AI-enabled robotics solutions to market, starting with a fully autonomous warehouse order fulfillment solution, and the partnership brings together the two companies with a common vision for robotics enabled by AI, where intelligent robots work alongside humans in dynamic environments, collectively learning and improving with every task completed.
- September 2020 - SoftBank Robotics Group and Bear Robotics, a robotics and artificial intelligence company, collaborated to develop a new robot named SERVI for use in the foodservice and hospitality industry.
Recent Developments
- July 2021 - ABB acquired ASTI Mobile Robotics Group for developing the next generation of flexible automation using autonomous mobile robots. The acquisition enhances Robotics and Machine Automation solutions, allowing the company to offer a unique automation portfolio and develop into new business categories.
- April 2021 - Panasonic Corporation introduced a mass-production model of its Walk Training Robot, designed to provide safe and effective walk training for older adults. The company further offering a robot-assisted service to care facilities, hospitals, and other organizations.
- February 2021 - Wipro Limited and Yaskawa India Pvt. Ltd., a subsidiary of Yaskawa Electric Corporation, announced the alliance by exchanging the signed Memorandum of Understanding (MOU) on co-operation commitment to target global automation projects jointly. The partnership enables the company to deliver supplies of Yaskawa robots in India and abroad (including an international warranty).
- January 2021 - OMRON Corporation announced that it has started selling the i4 series SCARA robot, which automates high-speed, high-precision assembly and transportation while being simple to install.
- February 2020 - Intuitive Surgical has acquired Orpheus Medical to expand its integrated informatics platform as Orpheus Medical provides hospitals with information technology connections and expertise in processing and archiving surgical videos easily.
- January 2020 - iRobot partnered with If This Then That (IFTTT) – a leading integration and discovery platform for web services – to enable new embedded smart home integrations. Through IFTTT, iRobot wants to integrate devices and services such as smart thermostats and lighting and home security directly within the iRobot HOME App.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET Insights
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Assessment of COVID-19 impact on the industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Demand for Automated Solutions from Dynamic Industries and Robot Innovations
5.1.2 Increased Demand for Professional Robots in Healthcare
5.2 Market Restraints
5.2.1 High Cost of Installation
6. MARKET SEGMENTATION
6.1 By Field of Application
6.1.1 Professional
6.1.1.1 Field Robots
6.1.1.2 Professional Cleaning
6.1.1.3 Inspection and Maintenance
6.1.1.4 Construction and Demolition
6.1.1.5 Logistics Systems (Manufacturing and Non-manufacturing)
6.1.1.6 Medical Robots
6.1.1.7 Rescue and Security Robots
6.1.1.8 Defense Robots
6.1.1.9 Underwater Systems (Civil/General)
6.1.1.10 Powered Human Exoskeletons
6.1.1.11 Public Relation Robots
6.1.2 Personal/Domestic
6.1.2.1 Robots for Domestic Tasks
6.1.2.2 Entertainment Robots
6.1.2.3 Elderly and Handicap Assistance
6.2 By Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia Pacific
6.2.4 Rest of the World
7. COMPETITIVE LANDSCAPE - VENDOR PROFILES*
7.1 Daifuku Co. Ltd
7.2 Dematic Corp.
7.3 Swisslog Holding AG (KUKA)
7.4 Seegrid Corporation
7.5 Omron Corporation
7.6 JBT Corporation
7.7 SSI Schaefer AG
7.8 Grenzebach GmbH & Co. KG
7.9 Smith & Nephew PLC
7.10 Stryker Corp.
7.11 Intuitive Surgical Inc.
7.12 Knightscope Inc.
7.13 Kollmorgen Corporation
7.14 Brokk AB
7.15 Husqvarna AB
7.16 Construction Robotics LLC
7.17 iRobot Corporation
7.18 Ecovacs Robotics
7.19 Neato Robotics
7.20 Transbotics Corporation
7.21 Medtronic PLC
7.22 Northrop Grumman
7.23 BAE Systems
7.24 UBTECH Robotics Inc.
7.25 SMP Robotics Systems Corp.
7.26 Vision Robotics Corporation
7.27 Naio Technologies SAS
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET AND OPPORTUNITIES
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Frequently Asked Questions
What is the study period of this market?
The Global Service Robotics Market market is studied from 2019 - 2026.
What is the growth rate of Global Service Robotics Market?
The Global Service Robotics Market is growing at a CAGR of 44.9% over the next 5 years.
Which region has highest growth rate in Global Service Robotics Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Service Robotics Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Global Service Robotics Market?
Daifuku Co. Ltd, Dematic Corp., Swisslog Holding AG (KUKA), Omron Corporation, iRobot Corporation are the major companies operating in Global Service Robotics Market.
