A service robot performs useful operations for humans or equipment, excluding industrial automation applications. Service robotics is divided into two parts as professional service robots and personal/domestic service robots.
Service robots that are utilized for performing non-commercial use, daily tasks, and others are the personal/domestic service robots. Whereas robots that make commercial tasks and are functioned by trained operators are professional service robots.
The study denotes that technological innovations, high demands and innovation for automation are the significant driving aspects for the service robotics market.
The service robotics market is expected to reach USD 25.90 Billion by 2024, at a CAGR of 15.18% between 2018 and 2024.
• In June 2017, Softbank Robotics publicized the acquisition of Alphabet-owned robotics firm Boston Dynamics to improve its market position.
• In May 2018, DJI publicized a strategic partnership with Microsoft Corporation to progress advanced drone technology to get advanced AI and machine learning capabilities to drones.
Market Drivers and Restrains
The requirement for service robots in healthcare, defense, and agriculture is driving service robot progression, along with high labor prices, fewer skilled workers, and raising awareness of service applications. Additionally, the number of service robot producers adding new and advanced features has improved. Manufacturers can provide solutions using service robots to help aging workers and assistance make work safer for humans.
Significant financial needs for deploying personal & professional products are hampering the Service robotics market growth.
These systems are obtainable at very high prices, making financial challenges for deployment by low-income households and small companies.
Report is segmented as
By Operating Environment
Based on geography, the market is divided under several regions such as North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific region has the highest share of the global Service Robotics Market.
Key market players:
• Honda Motor Co. Ltd. (Japan)
• GeckoSystems Intl. Corp. (U.S.)
• KUKA AG (Germany)
• Adept Technology, Inc. (U.S.)
• Kongsberg Maritime AS (Norway)
• iRobot Corporation (U.S.)
• Intuitive Surgical, Inc. (U.S.)
• DJI (China)
• Grumman Corporation (U.S.)
• Parrot SA (France)
• LG Electronics Inc. (South Korea)
• Fujitsu Frontech Limited (Japan)
• Samsung Electronics Co., Ltd. (South Korea)
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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