Global Service Robotics Industry will grow at a CAGR of 24.6% from 2021-2027
Apart from this, the growing need to control, monitor, and manage several operations in the logistics, healthcare, and household sectors, along with rising labour costs, drives the market demand. The difficulties in handling day-to-day tasks, workloads, and intensive operations add up to the need for these robots due to their high functional efficiency features. Due to substantial R&D investments, product innovations, and increased consumer awareness of robotic benefits. These systems are seeing high demand in human service tasks to reduce the work pressure, and the same effort in repetitive tasks. Several organizational innovations and government initiatives promote automated & robotic systems, and create several industry growth opportunities.
Professional Cleaning Account for a Significant Market Share
On the basis of segment, service robots are employed in Transportation & Logistics, Professional Cleaning, Medical Robotics, Hospitality, and Agriculture & Field. The professional cleaning segment would exhibit an advantageous growth rate during the forecast period. The manual cleaning of carpets and floors in commercial spaces, like shopping malls and corporate offices, is a very time-consuming task. This has facilitated the operators of the commercial spaces to select a robotic cleaning system.
Among these, medical robots are anticipated to show significant growth due to people's rising shift towards integrating robotic solutions for critical medical operations and the introduction of high-tech testing labs. They reduce the workload of medical staff, allowing them to expend more time caring directly to patients while creating significant operational procedure which delivers efficacy and reduces cost investments for healthcare amenities.
Service Robotics Market was US$ 11.3 Billion in 2021
Geographically, North America accounts for a substantial share in the global service robotics industry. The factors can be attributed to the early adoption of technology in the region, associated with the movement to make higher investments in research. The adoption of assistive robot technologies has helped the market to grow in the region. Moreover, the United States is a leader in the service robotics industry for field logistics construction and robotics within North America. The usage of robotics in this region is varied and used in professional cleaning.
COVID-19, Impact on Global Service Robotic Industry
The markets for most service robots seem hardly impacted by the COVID-19 pandemic. Robotic solutions support social distancing, are unaffected by travel bans, and are not quarantined. The outbreak of COVID-19 has encouraged the adoption of a service robot for performing various tasks such as disinfection, contactless delivery operations, delivering medications and food, and assisting border controls. These technologies can help deal with enormous staffing shortages in manufacturing, supply chains, healthcare, and diagnosis and treatment. Thus, the market can glimpse several deployment instances, particularly in healthcare.
Competitive Landscape:
The Service Robotics market is consolidated players include iRobot Corporation, Intuitive Surgical, Inc, Panasonic Corporation, Fanuc, ABB Ltd, Stryker Corporation, Yaskawa Electric Corporation.
This research study titled “Global Service Robotics Market by Segments (Transportation & Logistics, Professional Cleaning, Medical Robotics, Hospitality, and Agriculture & Field) by Region (North America, Europe, Asia Pacific and Rest Of the World) by Company Analysis (iRobot Corporation, Intuitive Surgical, Inc, Panasonic Corporation, Fanuc, ABB Ltd, Stryker Corporation, Yaskawa Electric Corporation)” analyses the global service robotics industry.
Segments - Market has been covered from 5 viewpoints
- Transportation & Logistics
- Professional Cleaning
- Medical Robotics
- Hospitality
- Agriculture & Field
Region - Market has been covered from 4 viewpoints
- North America
- Europe
- Asia Pacific
- Rest Of the World
Company Insights:
- Overviews
- Recent Developments
- Revenues
Company Analysis
- iRobot Corporation
- Intuitive Surgical, Inc
- Panasonic Corporation
- Fanuc
- ABB Ltd
- Stryker Corporation
- Yaskawa Electric Corporation
What is the estimated value of the Global Service Robotics Market?
What is the growth rate of the Global Service Robotics Market?
What is the forecasted size of the Global Service Robotics Market?
Who are the key companies in the Global Service Robotics Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 125 |
| Published | February 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 11.3 Billion |
| Forecasted Market Value ( USD | $ 42.2 Billion |
| Compound Annual Growth Rate | 24.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
Table of Contents
Companies Mentioned
- iRobot Corporation
- Intuitive Surgical, Inc
- Panasonic Corporation
- Fanuc
- ABB Ltd
- Stryker Corporation
- Yaskawa Electric Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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