The global Service Robotics Market size is slated to hit USD 46.13 billion by 2026 owing to increasing advancements in robotics technology in the industrial space. According to the new Fortune Business Insights report, titled “Service Robotics Market Size, Share & Industry Analysis, By Type (Personal Robots and Professional Robots), By Application (Domestic and Industrial/ Commercial) and Regional Forecast, 2019-2026”, the value of the market stood at USD 11.25 billion in 2018. Furthermore, the market is expected to register a remarkable CAGR of 19.4% during the forecast period, 2019-2026.
Growing Popularity of Service Robots to Bolster Their Uptake
A service robot is an intelligent machine that is capable of taking its own decisions and working autonomously, aiding humans and equipment to perform their tasks in a more productive manner. Owing to their advantages, service robotics technology is gaining popularity, which, in turn, is shaping the Service Robotics Market trends. Furthermore, this technology is getting buttressed through integration of futuristic solutions involving Machine Learning (ML), Artificial Intelligence (AI), and Internet of Things (IoT). These advancements have spiked the adoption of service robots. For example, the International Federation of Robotics estimates that maturity in robotics has led to an increase in adoption of robots by 300% since 2000.
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- By Type: On the basis of type, the market is divided into professional and personal robots. Here, professional robots lead the charge on account of rising demand for these robots from various industries including defense, construction, and logistics. Personal robots segment is expected to register a high growth rate as they are highly demanded in residential spaces for performing daily tasks such as vacuuming and lawn mowing.
- By Application: Based on application, the market is segmented into domestic and industrial & commercial. Here, the industrial & commercial segment is set to hold the largest share in the market. This segment is further subdivided into transportation & logistics, defense, medical, construction & demolition, unmanned vehicles, agriculture & forestry and others which include public relations, retail etc. Within these sub-segments, logistics is poised to lead as the rate of automation in the storing and moving of goods to and from, as warehouses is climbing at a healthy rate. Defense is anticipated to control 19.6% of the market share during the forecast period.
- By Region: Geographically, the market is classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. Based on Europe’s revenue generation of USD 3.65 billion in 2018, the region is set to dominate the global Service Robotics Market share till 2026. The main reasons for this include the high popularity of service robotics for professional and personal uses along with the widespread employment of robots in the manufacturing sector of Europe. The other regions are also expected to register steady growth in the near future.
Start-ups to Mark the Competitive Landscape
The service robotics market forecast predicts that the market is set to experience a period of heightened competition owing to the entry of start-ups and medium-sized companies. These companies already hold one-fourth share in the market and are thus expected to exhibit a high growth rate during the forecast period. Their increasing presence has prompted established players to acquire these companies or collaborate with them to solidify their presence in this market.
Some of the key players include:
- Honda Motor Co. Ltd.
- Kongsberg Maritime AS
- Parrot SA
- Lely International
- iRobot Corporation
- Intuitive Surgical, Inc.
- KUKA AG
- Aethon Inc.
- Northrop Grumman Corporation
Key Industry Developments:
- November 2019: It was reported that the first cargo-carrying robot went on sale in the US during the holiday season. Large corporations such as FedEx and Amazon are also developing robots to make doorstep delivery of goods.
- November 2019: Sona-1.5, a humanoid robot fully developed by the modern railway coach factory in Rae Bareilly, is being employed at the facility to transport documents between different places within the factory.
The global service robotics market is segmented as follows:
Value (USD billion)
- Professional Robots
- Personal Robots
- Industrial/ Commercial
- Transportation & Logistics
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Others (Retail, Public Relations etc.)
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, and the Rest of Europe)
- Asia Pacific (Japan, China, India, Southeast Asia, and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and the Rest of Latin America)