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Service Robotics - Global Market Trajectory & Analytics

  • ID: 1382372
  • Report
  • February 2022
  • Region: Global
  • 552 Pages
  • Global Industry Analysts, Inc
Growing Clout of Tertiary Sector Throws Spotlight on Service Robots

FEATURED COMPANIES

  • Aethon, Inc.
  • Honda Motors Co., Ltd.
  • Iberobotics S.L.
  • iRobot Corporation
  • LG Electronics, Inc.
  • RoboBuilder Co., Ltd.

Global Service Robotics Market to Reach $110.4 Billion by 2026


Robots have become the mainstream technology in the manufacturing industry owing to their immense advantages in terms of cost, productivity, defective products and efficiency. Ongoing progress in robotics technology is expected to pave way for huge adoption of robots in the service industry. Driven by the advancements, service robotics market has transformed significantly and is now able to perform varied tasks ranging from highly complex surgeries to unmanning defense vehicles. While advanced technology is enabling robots to perform diverse tasks, latest concepts like biometric recognition, 5G and artificial intelligence are facilitating virtualization of service robots. Professional service robots are increasingly being commercialized, owing to their usefulness in specific purposes and clearly defined business objectives that can be realized with modest R&D efforts. Domestic or personal use robots are likely to be mass-produced, given their valuable ability to relive time stressed home owners/makers from everyday household chores like home vacuuming and floor cleaning.

Amid the COVID-19 crisis, the global market for Service Robotics estimated at US$34.4 Billion in the year 2020, is projected to reach a revised size of US$110.4 Billion by 2026, growing at a CAGR of 21.2% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to record 20.7% CAGR and reach US$95.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the SOFTWARE segment is readjusted to a revised 22.8% CAGR for the next 7-year period.



The U.S. Market is Estimated at $13.6 Billion in 2021, While China is Forecast to Reach $9.5 Billion by 2026


The Service Robotics market in the U.S. is estimated at US$13.6 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.5 Billion by the year 2026 trailing a CAGR of 27.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18.1% and 19.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 20.1% CAGR. In the US, rapid increase in capabilities and fast-paced adoption of automation in various industries is fueling demand for service robots in the defense and healthcare sectors. The presence of several leading vendors of service robots is enabling large-scale production of service robots in the region. In Asia-Pacific region, growth is being supported by rising demand for service robots in household, defense, security and rescue, and medical applications. The region also represents a strong market for domestic and entertainment robots.

Select Competitors (Total 122 Featured) -

  • Aethon, Inc.
  • Gecko International Corporation
  • Hanool Robotics Corp.
  • Honda Motors Co., Ltd.
  • Husqvarna AB
  • Iberobotics S.L.
  • Intuitive Surgical, Inc.
  • iRobot Corporation
  • KUKA Aktiengesellschaft
  • LG Electronics, Inc.
  • RedZone Robotics
  • RoboBuilder Co., Ltd.
  • ROBOSOFT
  • SeaRobotics Corporation
  • Samsung Electronics Co., Ltd.
  • Toyota Motor Corporation
  • Yujin Robot Co., Ltd.
  • WowWee Group Limited
  • Zucchetti Group
Frequently Asked Questions about the Global Market for Service Robotics

What is the estimated value of the Global Market for Service Robotics?

The Global Market for Service Robotics was estimated to be valued at $34.4 Billion in 2020.

What is the growth rate of the Global Market for Service Robotics?

The growth rate of the Global Market for Service Robotics is 21.5%, with an estimated value of $110.4 Billion by 2026.

What is the forecasted size of the Global Market for Service Robotics?

The Global Market for Service Robotics is estimated to be worth $110.4 Billion by 2026.

Who are the key companies in the Global Market for Service Robotics?

Key companies in the Global Market for Service Robotics include Aethon, Inc., Gecko International Corporation, Hanool Robotics Corp., Honda Motors Co., Ltd., Husqvarna AB, Iberobotics S.L., Intuitive Surgical, Inc., iRobot Corporation and LG Electronics, Inc..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Aethon, Inc.
  • Honda Motors Co., Ltd.
  • Iberobotics S.L.
  • iRobot Corporation
  • LG Electronics, Inc.
  • RoboBuilder Co., Ltd.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of Covid-19 and a Looming Global Recession
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • Service Robots Garner Attention as Critical Resource to Combat COVID-19 Pandemic
  • Emphasis on Social Distancing and Cleanliness Throws Attention on Service Robots
  • Reported Use of Service Robots for COVID-19
  • Significance of Robots in Combating the Pandemic Attracts Government Investments
  • Hotels Embrace Service Robots to Cope Up with Socially-Distanced Approach to Life
  • Service Robots to Aid Revival of Hospitality Industry: YoY % Change in Hotel RevPAR in Europe amid COVID-19: March 2020 to May 2020
  • Service Robotics - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Robots: The Marvels of Modern Engineering
  • Service Robotics: The New Emerging Frontier
  • Types of Service Robots
  • Personal Robots
  • Global Personal Service Robotics Market Share Breakdown of Volume Sales by Application Segment: 2019
  • Professional Service Robot
  • Global Professional Service Robotics Market Share Breakdown of Volume Sales by Application Segment: 2019
  • Market Outlook
  • Developing Countries to Spur Future Market Growth
  • Compelling Benefits & Technological Advances Set Perfect Background for Expansion of Global Professional Service Robots Market
  • Challenges Confronting Service Robotics Market
  • Competitive Landscape
  • Service Robotics Manufacturing Landscape (2019): Percentage Breakdown of Number of Service Robotic Manufacturers by Geographic Region
  • Funding in Robotics Companies Continues to Grow
  • Number of Startups by Region: 2019
  • Select Startups in Service Robotics
  • Robotics Investments in June 2020
  • Recent Industry Activity
  • World Brands

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Artificial Intelligence Brings in a Transformation in Service Robotics
  • Collaborative Robots to Drive Growth in the Non-Industrial Robots Market
  • Robotics-As-A-Service (RaaS) Garners Attention
  • Innovative RaaS Platforms
  • Manufacturers Focus on Service Robots with Impressive Computing Power
  • Approaches to Overcome Technological Challenges
  • Medical Applications: An Expanding Market for Professional Service Robotics
  • Professional Service Robots in Medical Applications (2019): Percentage Breakdown of Unit Sales by Application
  • Usage Benefits of Service Robots in Surgical Procedures: A Comparative Study of Mean Blood Loss (ml) and Period of Hospital Stay in Robotic Vs Traditional Procedures by Surgery Type - Hysterectomy and Prostatectomy
  • Service Robots in Surgeries
  • Service Robots Aid in Patient Rehabilitation
  • Defense Applications: A Key Market for Professional Service Robots
  • Exoskeleton Robots Set to Register Strong Growth
  • Government Spending on Military & Defense: A Determinant of Growth in Defense Robots Market
  • Impact COVID-19 on Defense Spending
  • Global Defense, Health & Energy R&D as a % of GDP
  • Global Defense Spending (In US$ Billion) for Years 2016, 2017, 2018, 2019, 2020 & 2023
  • Field Applications Drive Growth in Professional Service Robotics Market
  • Global Field Robots Market (2019): Percentage Breakdown of Unit Sales for Milking Robots and Others
  • Milking Systems with Advanced Features to Improve Adoption Rate
  • Positive Outlook for Dairy Industry Augurs Well for Robotic Milking Systems
  • Global Dairy Products Market in US$ Billion: 2019 & 2025
  • Developments in AI, Machine Vision & Machine Learning Remain Critical to Commercialization & Growth
  • Rising Penetration of Robotics in Agricultural Sector Bodes Well
  • Worsening Labor Shortages & Rising Labor Costs Drives Interest in Autonomous/Robotic Tractors
  • Contracting Agricultural Labor Drives Demand for Robots and Autonomous Farm Equipment: Agricultural Employment as % of Total Employment for the Period 2000-2020
  • Automated & Robotic Equipment to Foray into Food Service Sector
  • Robot Chefs - Revolutionizing Restaurant Operations
  • Contact-less Machines and Robots Address the Shifting Consumer Mindset
  • Logistics Application Segment to Catalyze Growth of Professional Service Robots Market
  • Package Delivery Gains Significance amid Rise in e-commerce
  • Global e-Commerce Sales as Percentage of Total Retail Sales (2015-2021E)
  • Humanoid Robots for Personalized & Interactive Experience in Banks
  • Robotics in Hospitality Industry: Promising Future Ahead
  • Personal Robots Garner Momentum
  • Expanding Application Possibilities Broadens the Market
  • Advanced Service Robots for Homeowners
  • Aging Population Lends Traction to Eldercare-Assistive Robots
  • Home-Help Robots for Retirees: The Next Frontier of Robotic Advancements
  • Handicap Assistance Robots: A Key Opportunity
  • Sales of Mobile Robots on the Rise
  • Robotic Vacuum Cleaners Market for Home Use: Promising Growth Opportunities
  • Global Vacuum Cleaners Market (2012 & 2022): Percentage Breakdown of Value sales for Robotic Vacuum Cleaners and Traditional Vacuum Cleaners
  • Telepresence to Revolutionize Service Robots Industry
  • Customizable & Networked Robots: Emerging Revenue Spinners

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Market Overview

CANADA

JAPAN

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
  • Market Overview

CHINA

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • Market Overview
  • Food Service Robots Continue to Gain Popularity
  • Robots for Learning & Cleaning Gain Interest
  • Household Cleaning Robots Find Favor among Chinese Consumers
  • Medical Robotics Sector: A Promising Market

EUROPE

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Overview

FRANCE

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)

GERMANY

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)

ITALY

UNITED KINGDOM

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

SPAIN


RUSSIA


REST OF EUROPE

ASIA-PACIFIC

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)

SOUTH KOREA

  • Market Overview

REST OF ASIA-PACIFIC

  • India

LATIN AMERICA

  • Service Robotics Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)

REST OF WORLD

IV. COMPETITION

  • Total Companies Profiled: 122
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Aethon, Inc.
  • Gecko International Corporation
  • Hanool Robotics Corp.
  • Honda Motors Co., Ltd.
  • Husqvarna AB
  • Iberobotics S.L.
  • Intuitive Surgical, Inc.
  • iRobot Corporation
  • KUKA Aktiengesellschaft
  • LG Electronics, Inc.
  • RedZone Robotics
  • RoboBuilder Co., Ltd.
  • ROBOSOFT
  • SeaRobotics Corporation
  • Samsung Electronics Co., Ltd.
  • Toyota Motor Corporation
  • Yujin Robot Co., Ltd.
  • WowWee Group Limited
  • Zucchetti Group
Note: Product cover images may vary from those shown