The service
robotic market is projected 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% from 2020
to 2025. 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. Utilization of IoT with service robots is
enabling predictive maintenance, driving down the overall cost. Also, an
increase in funding for service robots by the government as well as market
players is driving the service robotics market.
Although the service
robotics market is growing at a very fast pace, it is moderately
competitive owing to the presence of several key global players as well as
several regional players playing a key role in the growth of their respective
segment. Key strategies adopted by these players to enhance their product
portfolios, increase their market share, and expand their presence in the
market mainly include new product launches, partnerships, collaborations, and
joint ventures. For instance, September 2019, SoftBank Robotics Group (Japan)
launched AI Commercial Vacuum Cleaner ‘Whiz’ in Hong Kong, Macau, and
Singapore. Whiz is designed to boost operational productivity at commercial
premises; and cleaning carpets and hard flooring. In May 2018, Intuitive
Surgical (US) announced the launch of the da Vinci surgical system for
urological surgical procedures, which provides surgeons with robot-assisted
technology for deep and narrow access to tissues in the body. The product is
compact and embedded with 3D HD wrist cameras to enable high-quality vision,
precision, and control. Apart from this, market players have also adopted
the strategies of partnerships, collaborations, and joint ventures. For instance,
in January 2020, iRobot (US) partnered with If This Then That (IFTTT), which is
a leading integration and discovery platform for web services, to enable new
embedded smart home integrations. Through IFTTT, iRobot wants to work toward
integrating devices and services such as smart thermostats and lighting and
home security, directly within the iRobot HOME App. In November 2018, DeLaval
(Sweden) and CEJA (European Council of Young Farmers) announced a partnership
in Germany. This partnership aims to strengthen the company’s commitment toward
training young farmers across Europe.
iRobot (US) was
founded by the roboticists in the Massachusetts Institute of Technology with
the vision of making practical robots a reality. iRobot manufactures service
robots and has sold more than 25 million robots worldwide till October 2019.
The company operates through one operating segment and key products offered
include Roomba Vacuum, Braava Mops, Tera Mows, and Root. Roomba Vacuum is a
vacuum cleaning robot. It is powered by automatic dirt disposal bags, which can
hold 60 days of dirt. Roomba Vacuum is available in various variations with
price ranging from USD 250 to USD 1,100. Braava Mops is a robot designed to mop
and sweep floor. It uses electrostatic force to sweep and wicking fibers for
mopping. The robot can be controlled from anywhere through phone. Braava Mops
are available in the range of USD 200 to USD 500. Root Educates is a robot, which
helps in learning coding fundamentals. Root Eeducates is available
for USD 200. Also, the company conducts a program called Science, Technology,
Engineering and Math (STEM) education in the US to inculcate
interest in robotics among children. Moreover, Tera Mow is a robot mower, which
is the company’s upcoming product. The use of Imprint technology in
this robot will help it to intelligently avoid obstacles. As of December 31,
2018, the company held about 460 US patents and more than 800 foreign patents.
iRobot’s products are sold through distributors and retail sales channels, and
online stores. It has offices in Hong Kong, India, China, the US, and the UK.
Subsidiaries of iRobot include iRobot Holdings LLC (US), Puresight Systems Pvt
Ltd. (India), and Guangzhou iRobot Technology Consulting Company Limited
(China). Amazon, Kohl’s, Bloomingdale’s, and Lowe’s are a few key retailers and
resellers of iRobot Corporation in the US, while, Amazon.ca, Walmart, Maison
Lipari, and Super Vacs Inc are key retailers and resellers of iRobot in
Canada . The company has presence in the Americas, EMEA and the APAC
region with offices in Pasadena, California, London, Shanghai, Guangzhou, Hong
Kong, and Tokyo.
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Intuitive Surgical
(US) develops surgical robots that are used in surgical procedures for making
surgeries minimally invasive. The company designs, manufactures, and markets da
Vinci surgical systems and related instruments and accessories. The company’s
business segments include Instruments and Accessories; Systems; and Services.
Surgical robots are manufactured under the Systems segment. Its product
portfolio includes da Vinci surgical systems and Ion. As of January 2020, the
company had installed nearly 6,105 da Vinci surgical systems; an estimate of
1,229,000 procedures were performed using these systems during the same year.
The da Vinci Surgical System generally sells for ~USD 0.5–USD 2.5 million,
depending upon the model, configuration, and geography. A few of the prominent
subsidiaries of the company are Intuitive Surgical BV (Netherlands), Intuitive
Surgical GK (Japan), Intuitive Surgical Ltd. (UK), and Intuitive Surgical Pte.
Ltd. (Singapore). The company has its presence in the Americas, Europe, and
APAC. The company offers products through direct sales organizations in the US,
Europe, excluding Spain, Portugal, Italy, Greece, and most Eastern European
countries, Japan, South Korea, India, and Taiwan. In remainder of the markets,
the company provides its products through distributors.
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