Service
Robotics Market is projected to grow from USD 36.2 billion in 2021 to reach
USD 103.3 billion by 2026; it is expected to grow at a Compound Annual Growth
Rate (CAGR) of 23.3% from 2021 to 2026.
The growing adoption
of robots for new applications providing high returns on investment coupled
with increasing funding for research on robots is the key factors driving the
service robotics market. In addition to this, in the wake of the COVID-19
pandemic, there is an increasing need to reduce hospital-acquired infections to
regularly, which has fueled the need for adoption of robots for the purpose of
disinfection and sanitation.
“Market for
aerial robots expected to grow at highest CAGR during the forecast period”
The market for
aerial drones is expected to grow at the highest CAGR during the forecast period.
This is attributed to the increasing adoption of commercial drones for
applications such as surveying farm fields and traffic monitoring, coupled with
the higher selling prices of commercial drones compared with consumer drones.
Reduction in cost of UAV manufacturing process and development of solar cells
as a power source for drones can reduce the cost of propulsion systems and
further contribute to the increase in their growth rate.
“Market for
software component to grow at higher CAGR than that of the hardware component
during the forecast period”
The component-wise
growth rate, for the service robotics is estimated to be specifically higher
for the software component as the deployment of service robots is likely to
become more application-specific. For instance, an AGV programmed to be
deployed for swarm operation in a factory floor could also be programmed for
food delivery. Delivery drones would require real-time software for operations,
taking into account environment variables such as weather. Most of the
advancements in robotic vacuum cleaners have taken place in the software, with
features including live floor mapping and remote activation through integration
with voice assistants. . Hence, the market for software is expected to grow at
a higher CAGR than that of hardware during 2021–2026.
“Market for
personal & domestic robots to grow at higher CAGR than that of professional
robots during the forecast period”
The market for
personal and domestic robots is expected to grow at a higher CAGR during the
forecast period. The penetration of domestic robots, such as robotic floor
vacuums and mops, is increasing drastically. Cleaning robots are widely used in
personal and professional capacities. The high growth rate can be attributed to
the availability of robots on a rental basis. For instance, Pepper, a humanoid
manufactured by SoftBank, is available on a subscription contract of USD 360
per month over 36 months, however, with discount the total cost of the robot is
~USD 14,000.
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“Service
Robotics Market in APAC estimated to grow at the fastest rate during the
forecast period”
The service robotics
market in APAC is expected to grow at the highest rate during the forecast
period. This is because of the presence of countries such as Japan, China, and
Korea, which, according to IFR, in 2017, were the fourth-, fifth-, and
sixth-largest manufacturers of service robots. Also, the rise in disposable
income due to increasing industrialization in developing countries such as
India and the Philippines is expected to increase the demand for service
robots. The oil & gas industry in APAC has witnessed significant growth in
the past 2–3 years, which is leading to a high demand for autonomous underwater
vehicles (AUVs) and remotely operated vehicles (ROVs). There is an increasing
trend of automation and globalization in India, Australia, and China, which is
further boosting the service robotics market in APAC.
Key Market
Players
Major vendors in the
service robotics market include iRobot (US), SoftBank Robotics Group (Japan),
Intuitive Surgical (US), DeLaval (US), Daifuku (Japan), CYBERDYNE (Japan), DJI
(China), Kongsberg Maritime (Norway), Northrop Grumman (US). Apart from these,
Exyn Technologies (US), XAG (China), AMP Robotics (US), UVD Robots (Denmark),
Diligent(US), HARVEST CROO (US), Starship Technologies (US) are among a few
emerging companies in the service robotics market.
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