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Global Service Robotics Market, Size, Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

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    Report

  • 125 Pages
  • February 2022
  • Region: Global
  • Renub Research
  • ID: 5546209
Global Service Robotics Market will reach US$ 42.2 Billion by 2027. Across the globe, the robotics industry is rapidly enabling the service robotics market trends, owing to the fast-paced technological advancements converging in automation, machine learning, engineering, and artificial intelligence. The effects of the introduction of robots have resulted in the conversion of the task-performing capacity of humans. Service robots are designed to assist humans and perform helpful tasks, excluding industrial and manufacturing automation applications. They operate semi or fully automatically and can perform tedious & dangerous tasks and provide enhanced efficiency and increased safety.

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
Frequently Asked Questions about the Global Service Robotics Market

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

The Global Service Robotics Market was estimated to be valued at $11.3 Billion in 2021.

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

The growth rate of the Global Service Robotics Market is 24.6%, with an estimated value of $42.2 Billion by 2027.

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

The Global Service Robotics Market is estimated to be worth $42.2 Billion by 2027.

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

Key companies in the Global Service Robotics Market include iRobot Corporation, Intuitive Surgical, Inc, Panasonic Corporation, Fanuc, ABB Ltd and Yaskawa Electric Corporation.

Table of Contents

1. Introduction2. Research & Methodology3. Executive Summary
4. Market Dynamic
4.1 Growth Drivers
4.2 Challenges
5. Market & Volume Analysis - Global Service Robotics
5.1 Market
5.2 Volume
6. Share Analysis - Global Service Robotics
6.1 By Segment Market Share
6.2 By Segment Volume Share
6.3 By Region Market Share
7. Segments- Service Robotics Market & Volume Analysis
7.1 Transportation & Logistics
7.1.1 Market
7.1.2 Volume
7.2 Professional Cleaning
7.2.1 Market
7.2.2 Volume
7.3 Medical Robotics
7.3.1 Market
7.3.2 Volume
7.4 Hospitality
7.4.1 Market
7.4.2 Volume
7.5 Agriculture & Field
7.5.1 Market
7.5.2 Volume
8. By Region Service Robotics Market
8.1 North America
8.2 Europe
8.3 Asia Pacific
8.4 Rest Of the World
9. Porters Five Forces
9.1 Overview
9.2 Bargaining Power of Buyers
9.3 Bargaining Power of Suppliers
9.4 Degree of Competition
9.5 Threat of New Entrants
9.6 Threat of Substitutes
10. Company Analysis
10.1 iRobot Corporation
10.1.1 Overvie
10.1.2 Recent Development & Strategies
10.1.3 Financial Insights
10.2 Intuitive Surgical, Inc
10.2.1 Overview
10.2.2 Recent Development & Strategies
10.2.3 Financial Insights
10.3 Panasonic Corporation
10.3.1 Overview
10.3.2 Recent Development & Strategies
10.3.3 Financial Insights
10.4 Fanuc
10.4.1 Overview
10.4.2 Recent Development & Strategies
10.4.3 Financial Insights
10.5 ABB Ltd
10.5.1 Overview
10.5.2 Recent Development & Strategies
10.5.3 Financial Insights
10.6 Stryker Corporation
10.6.1 Overview
10.6.2 Recent Development & Strategies
10.6.3 Financial Insights
10.7 Yaskawa Electric Corporation
10.7.1 Overview
10.7.2 Recent Development & Strategies
10.7.3 Financial Insights
List of Figures
Figure 01: Global Service Robotics Market (Million US$), 2016 - 2021
Figure 02: Forecast for - Global Service Robotics Market (Million US$), 2022 - 2027
Figure 03: Global Service Robotics Volume (Thousand Units), 2016 - 2021
Figure 04: Forecast for - Global Service Robotics Volume (Thousand Units), 2022 - 2027
Figure 05: Segments - Transportation & Logistics Market (Million US$), 2016 - 2021
Figure 06: Segments - Forecast for Transportation & Logistics Market (Million US$), 2022 - 2027
Figure 07: Segments - Transportation & Logistics Volume (Thousand Units), 2016 - 2021
Figure 08: Segments - Forecast for Transportation & Logistics Volume (Thousand Units), 2022 - 2027
Figure 09: Segments - Professional Cleaning Market (Million US$), 2016 - 2021
Figure 10: Segments - Forecast for Professional Cleaning Market (Million US$), 2022 - 2027
Figure 11: Segments - Professional Cleaning Volume (Thousand Units), 2016 - 2021
Figure 12: Segments - Forecast for Professional Cleaning Volume (Thousand Units), 2022 - 2027
Figure 13: Segments - Medical Robotics Market (Million US$), 2016 - 2021
Figure 14: Segments - Forecast for Medical Robotics Market (Million US$), 2022 - 2027
Figure 15: Segments - Medical Robotics Volume (Thousand Units), 2016 - 2021
Figure 16: Segments - Forecast for Medical Robotics Volume (Thousand Units), 2022 - 2027
Figure 17: Segments - Hospitality Market (Million US$), 2016 - 2021
Figure 18: Segments - Forecast for Hospitality Market (Million US$), 2022 - 2027
Figure 19: Segments - Hospitality Volume (Thousand Units), 2016 - 2021
Figure 20: Segments - Forecast for Hospitality Volume (Thousand Units), 2022 - 2027
Figure 21: Segments - Agriculture & Field Market (Million US$), 2016 - 2021
Figure 22: Segments - Forecast for Agriculture & Field Market (Million US$), 2022 - 2027
Figure 23: Segments - Agriculture & Field Volume (Thousand Units), 2016 - 2021
Figure 24: Segments - Forecast for Agriculture & Field Volume (Thousand Units), 2022 - 2027
Figure 25: North America - Service Robotics Market (Million US$), 2016 - 2021
Figure 26: North America - Forecast for Service Robotics Market (Million US$), 2022 - 2027
Figure 27: Europe - Service Robotics Market (Million US$), 2016 - 2021
Figure 28: Europe - Forecast for Service Robotics Market (Million US$), 2022 - 2027
Figure 29: Asia Pacific - Service Robotics Market (Million US$), 2016 - 2021
Figure 30: Asia Pacific - Forecast for Service Robotics Market (Million US$), 2022 - 2027
Figure 31: Rest Of the World - Service Robotics Market (Million US$), 2016 - 2021
Figure 32: Rest Of the World - Forecast for Service Robotics Market (Million US$), 2022 - 2027
Figure 33: iRobot Corporation - Global Revenue Market (Million US$), 2016 - 2021
Figure 34: iRobot Corporation - Forecast for Global Revenue Market (Million US$), 2022 - 2027
Figure 35: Intuitive Surgical, Inc - Global Revenue (Million US$), 2016 - 2021
Figure 36: Intuitive Surgical, Inc - Forecast for Global Revenue (Million US$), 2022 - 2027
Figure 37: Panasonic Corporation - Global Revenue (Million US$), 2022 - 2027
Figure 38: Panasonic Corporation - Forecast for Global Revenue (Million US$), 2016 - 2021
Figure 39: Fanuc - Global Revenue (Million US$), 2022 - 2027
Figure 40: Fanuc - Forecast for Global Revenue (Million US$), 2016 - 2021
Figure 41: ABB Ltd - Global Revenue (Million US$), 2022 - 2027
Figure 42: ABB Ltd - Forecast for Global Revenue (Million US$), 2016 - 2021
Figure 43: Stryker Corporation - Global Revenue (Million US$), 2022 - 2027
Figure 44: Stryker Corporation - Forecast for Global Revenue (Million US$), 2016 - 2021
Figure 45: Yaskawa Electric Corporation - Global Revenue (Million US$), 2022 - 2027
Figure 46: Yaskawa Electric Corporation - Forecast for Global Revenue (Million US$), 2016 - 2021
List of Tables
Table 01: Global - Service Robotics Market Share by Segment (Percent), 2016 - 2021
Table 02: Global - Forecast for Service Robotics Market Share by Segment (Percent), 2022 - 2027
Table 03: Global - Service Robotics Volume Share by Segment (Percent), 2016 - 2021
Table 04: Global - Forecast for Service Robotics Volume Share by Segment (Percent), 2022 - 2027
Table 05: Global - Service Robotics Market Share by Regions (Percent), 2016 - 2021
Table 06: Global - Forecast for Service Robotics Market Share by Regions (Percent), 2022 - 2027

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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