The
report "Service Robotics Market by
Environment, Type (Professional and Personal & Domestic), Component,
Application (Logistics, Inspection & Maintenance, Public Relations, Marine,
Entertainment, Education, & Personal), and Geography - Global Forecast to
2025", is expected to grow from USD
37.0 billion in 2020 to USD 102.5 billion by 2025, it is expected to grow at a
CAGR of 22.6% during the forecast period. Service robots are increasingly being
adopted for new applications due to various advantages such as increased
productivity, streamlined processes, and greater workplace safety. Service
robots provide reduction in cost of operation and enables a high ROI,
especially in commercial applications. They also enable companies to cut costs
and replace manual labor. Utilization of IoT with service robots is enabling
predictive maintenance, driving down the overall cost of service robots making
it an attractive investment. Also, an increase in funding for service robots by
the government as well as market players is driving a fast market development.
Insurance companies are now providing coverage for medical exoskeletons and
robotic surgeries, as they are being considered as a medical necessity by many
industry experts.
Market for personal and domestic service
robots to grow at a higher CAGR during the forecast period
The
market for personal and domestic service robots is expected to have a faster
growth compared to professional type robots. Service robots used for personal
and domestic purpose include vacuuming robots, lawn mowers, pool cleaning
robots, window cleaning robots, gutter cleaning robots, exoskeletons, toy
robots, hobby systems, educational robots, and robots for assistance and
elderly care. Due to economies of scale in manufacturing and popularity of
robots such as vacuuming robots, they are becoming cheaper leading to greater
adoption by consumers. On the other hand, initiatives such as offering service
robots on a rental basis is making them affordabe for many consumers. For
instance, Pepper, a humanoid manufactured by SoftBank (Japan), is available on
a subscription contract of USD 360 per month over a period of 36 months,
distributing the total cost of USD 14,000.
Market for software to grow at
significant rate during forecast period
Due
to the wide range of robots such as UAVs, AGVs, agricultural robots, surgical
robots, inspection robots, construction robots, humanoid robots, telepresence
robots, and cleaning robots, the software will widely vary depending on the
type of robot and its applications. For instance, a strawberry harvesting robot
will be completely different software compared to an apple harvesting robot
even they are both agricultural harvesting robot. A milking robot, which is
another type of agricultural robot will require a completely different
programming because the hardware is completely different. On the other hand
agricultural drones need to be autonomous and need to provide actionable
insights from images captured through different cameras such as infrared,
thermal, multi-spectral, and high resolution cameras, whereas consumer and
professional drones will primarily be used for aerial photography while being
piloted manually. As software will be more application specific compared to
hardware, it is expected to grow at a significant rate during the forecast
period.
Market in APAC to grow at fastest rate
during 2020–2025
The
market in APAC is forecasted to grow at the fastest rate compared to other
regions. This is because of presence of countries like Japan, China and Korea
which according to IFR, in 2017, accounted for the 4th, 5th and 6th largest
number of service robotics manufacturers globally. Also, rise in disposable
income in fast growing developing countries such as India and Philippines is
expected to increase the demand for service robots among consumers. Moreover,
APAC has witnessed a significant growth in oil and gas industry in past 2–3
years which is leading to high demand for autonomous underwater vehicles (AUVs)
and remotely operated vehicles (ROVs). There is increasing trend of automation
and globalization in India, Australia, and China, further boosting the service
robotics market in the region.
Major
companies in the service robotics market are iRobot (US), SoftBank Robotics
Group (Japan), Intuitive Surgical (US), DeLaval (Sweden), Daifuku (Japan),
CYBERDYNE (Japan), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman
(US), Neato Robotics (US). Apart from these, ecoRobotix (Switzerland) and
Starship Technologies (US) are among a few emerging companies in the service
robotics market.
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