The
professional type of service robots are expected to be the most widely adopted.
Professional service robots are high-tech, sophisticated, and expensive service
robots that are increasingly being deployed in factories, hospitals, public
buildings, and hazardous environments. Due to the high cost of service robots,
their penetration in domestic applications is less.
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Which component will contribute more to the
overall market share by 2027?
The hardware
component will contribute significantly to the market due to the innovative
designs required on the hardware side. Sensors and control units on both
domestic and commercial type service robots remain expensive. Operating costs
for drones are often high, because the batteries have to be frequently replaced
if the drones are flown on a frequent basis. Batteries often contribute to a
major portion to the running costs of a drone, especially when used for
commercial applications. Exoskeletons remain very expensive for personal use
unless some coverage is provided by the insurance. Even pool cleaning robots
remain expensive today for majority of urban households. Although hardware
component will have the larger share of the market, it is expected to decrease
over time due to economies of scale.
How will technological developments such as AI
and RaaS change the service robotics landscape in the future?
Advancement
in AI is expected to drastically improve the operational capabilities for
service robotics and provide a desired long-term outcome for increased
productivity, real-time guidance, and data-driven performance. AI can also be
used to help a robot self-learn which paths are best for certain processes
while it is in operation. This way, users can teach their robots to perform
custom tasks based on their specific applications, such as small-scale
agriculture and mining. Businesses are increasingly becoming interested in RaaS
because of its flexibility, scalability, and the lower cost of entry than
traditional models. Hence, RaaS allows small and medium-sized businesses to
benefit from robotics without the often cost-prohibitive initial investments.
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Which region is expected to adopt service
robotics at a fast rate?
APAC region
is expected to adopt service robotics at the fastest rate. Developing countries
such as China and India are expected to have a high potential for the future
growth of the market.
What are the
key market dynamics influencing market growth? How will they turn into
strengths or weaknesses of companies operating in the market space?
Growing
adoption of robots for new applications is providing high returns on
investment. This is due to advantages such as increased productivity,
streamlined processes, and enhanced workplace safety. The main benefit of using
service robots is the reduction in operations cost and high ROI. Service robots
have recently been introduced for delivery applications in e-commerce. The need
for high efficiency in automotive, healthcare, e-commerce, and food &
beverages industries is increasing the demand for automation. In addition to
this, in the wake of the COVID-19 pandemic, there is an increasing need to
contain hospital-acquired infections regularly, which has fueled the need for
adoption of robots for the purpose of disinfection and sanitation, which is
expected to strengthen the market demand further.
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