Top Players in Service Robotics Market are Lely International, Aethon Inc, Honda Motor Co. Ltd, KUKA AG, Northrop Grumman Corporation, iRobot Corporation, Kongsberg Maritime AS, Intuitive Surgical Inc, Parrot SA, DJI
The overall service robotics market is expected to grow from USD 11.25 Billion in 2018 to USD 46.13 Billion by 2026 at a CAGR of 19.4% during the forecast period. The increasing rate of sophistication in robotic technology is foreseen to be one of the main factors driving the growth of this market. A service robot is essentially a machine that is partially or fully automated to perform daily tasks usually performed by humans. These robots have revolutionized manufacturing and production processes, making them more cost-effective, and at the same time, they have raised human and equipment productivity. As a result, the uptake of these machines is on the rise.
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The International Federation of Robotics estimates that since 2000, the number of robots has grown three times from previous levels. Moreover, this uptake is fueled by the advent of even more advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML). These advancements will play a central role in boosting the Service Robotics Market demand in the forecast period.
The report contains thorough research into the overall industry outlook and provides a microscopic analysis of the various factors, trends, prospects, and other dynamics that are likely to influence the share, size, and growth of the market during the forecast period. This information will enable businesses to take important strategic decisions in a holistic manner and mark their place in this market.
List of Prominent Players:
“Rising Preference for Service Robots over Industrial Robots to Propel the Market”
One of the main Service Robotics Market trends is the growing inclination to adopt service robots instead of industrial robots. This is a result of the limitations posed by industrial robotics. For instance, they are unable to perform autonomous functions such as controlling and sensing in unstructured workplace settings. This makes them unreliable and unsuitable for decision-making tasks and thus, their employment in such settings will be counterproductive. As a result, the preference for service robotics has risen as they are seen as the solution to the problems faced by their industrial counterparts. Close collaborations between governments, companies, and academic institutions is infusing new energy into the market, helping it fire on all cylinders.
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Key Industry Developments:
“Europe to Hold Lion’s Share in the Market; Asia-Pacific to Follow Closely”
With a revenue generation of USD 3.65 billion in 2018, Europe is poised to dominate the global Service Robotics Market share during the forecast period. This will be owing to high demand for personal and professional robots in the region. Additionally, manufacturing processes in Europe are highly automated and there is a presence of well-established players in the continent as well. For example, according to the International Federation of Robotics, around 44% of the world’s manufacturers are based in Europe on account of high demand for logistics, retail, and other industries.
Asia-Pacific is anticipated to display the highest CAGR owing to increasing government investments in robotics and artificial intelligence, rising focus on RandD. Besides these, the growing demand for robotic-led automation across industries and the rapid rate of industrialization in China and India will supplement the growth of the market.
While North America is expected to have stable growth due to the widespread presence of companies in the region, Africa, Latin America, and the Middle East will experience moderate growth as a result of a low level of technological progress.
“Groundbreaking Innovations to Intensify Competition”
The service robotics market forecast by Fortune Business Insights states that the market is slated to get spruced up as companies ramp up their investment in RandD to bring new-age products for consumers. These efforts are aimed at strengthening their position in this market through product diversification and mergers and acquisitions.
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Major Table of Contents:
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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Press Release Distributed by The Express Wire
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