Which are the major applications of service robots? How huge is the opportunity for their growth in the next five years?

The major applications includes domestic (floor cleaning, pool cleaning, lawn mowing), medical (surgery and handicap assistance). Field (harvest management, field farming, dairy and livestock management), defense, rescue and security (demining, fire & bomb fighting and border security and surveillance), entertainment, education, companionship and elderly assistance, public relations, inspection & maintenance of pipeline,powerplant, and energized transmission lines, logistics (warehouse automation and last mile delivery), construction & demolition, marine (oceanography, environmental protection& monitoring and archaelogical exploration), research and space exploration. Which will lead to market opportunity of USD 7.0 billion by 2025.

Which are the major companies in the service robotics market? What are their major strategies to strengthen their market presence?

The major companies include iRobot (US), SoftBank Robotics Group (Japan), Intuitive Surgical (US), Delaval (Sweden), Daifuku (Japan) and CYBERDYNE (Japan). The major strategies adopted by these players are new product launches and partnerships and collaborations.

Which is the potential market for service robots in terms of region?

APAC is the highest growing region for this market. This is due to 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.

Which are the major components of a service robot? How huge is the opportunity for their growth in the next five years?

The major components of service robot includes hardware (propulsion systems, cameras, sensors, navigation system, airframes, control systems, actuator, power supply, motor driver, bluetooth slave, and end effector) and software . Which will lead to market opportunity of USD 7.9 billion by 2025

Which type of robot will be widely used for the logistic application?

In logistics drones, automatic guided vehicles, powered exoskeletons, and telepresence robots are used widely. In 2019, AGVs held the largest share of 64% of market for logistics application.

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Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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Service Robotics Market worth $102.5 billion by 2025

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.

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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.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Service Robotics Market: Global Industry Analysis and Opportunity – 2022

The global service robotics market is expected to reach USD 23.90 Billion by 2022, at a CAGR of 15.18% between 2016 and 2022. The market is expected to grow substantially owing to factors such as high demand from medical and healthcare sector, increasing usage of robots for education & research purposes and short- to medium-term payback period and high return on investment (ROI).

However, the service robotics market faces some challenges associated with safety issues while working alongside humans and take longer time to commercialize in the market. The high initial costs and R&D expenses, along with performance-related issues in untested environment, and lack of high level interfacing acts as some of the restraints of the market growth. This report describes drivers, restraints, opportunities, and challenges pertaining to the market. Furthermore, it analyzes the current scenario and forecasts the market till 2022, including the market segmentation based on operating environment, application, and region.

Some of the major companies in the service robotics market include Northrop Grumman Corporation (U.S.), KUKA AG (Germany), iRobot Corporation (U.S.), Kongsberg Maritime AS (Norway), DJI (China), Intuitive Surgical, Inc. (U.S.), Parrot SA (France), GeckoSystems  Intl. Corp. (U.S.), Honda Motor Co. Ltd. (Japan), Adept Technology, Inc. (U.S.), Bluefin Robotics- now wholly owned subsidiary of General Dynamics Mission Systems, Inc. (U.S.), ECA Group (France), Aethon Inc. (U.S.), DeLaval International AB (Sweden), and Lely Holding S.a.r.l. (Netherlands).

The service robotics market has been segmented on the basis of operating environment into aerial, ground, and marine. The aerial market has been further classified into military, and civil and commercial applications. The ground service robotics market has been segmented into defense, rescue and security, field robotics, medical, logistics, telepresence, inspection and maintenance, domestic tasks, education and entertainment, and personal assistance and home security. Autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), and unmanned surface vehicles are different types of marine service robots. Among the overall service robotics market, the market for ground-based service robots is expected to grow at a higher rate because of the strong demand from logistics applications, especially for automated guided vehicles (AGVs) and other service robots for automating the transportation services across this end-user application vertical.

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The market for the professional service robots is expected to grow at the highest rate by 2022. Many end users in the professional application segment have already adopted usage of service robots across essential business operations. Emergence of other professional service applications such as telepresence, and inspection and maintenance are further estimated to add to the growth of professional sector of service robots’ deployment. Such trend is more prominent among developed countries across European region, which, in turn, is estimated to hold the largest market share during the forecast period. However, Asia-Pacific is expected to grow at the highest rate owing to the strong demand for professional service robots across China and India.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Service Robotics Market by Operating Environment (Aerial, Ground, Marine) - Global Forecast to 2022

The global service robotics market is expected to reach USD 23.90 Billion by 2022, at a CAGR of 15.18% between 2016 and 2022. The market is expected to grow substantially owing to factors such as high demand from medical and healthcare sector, increasing usage of robots for education & research purposes and short- to medium-term payback period and high return on investment (ROI).

The service robotics market has been segmented on the basis of operating environment into aerial, ground, and marine. The aerial market has been further classified into military, and civil and commercial applications. The ground service robotics market has been segmented into defense, rescue and security, field robotics, medical, logistics, telepresence, inspection and maintenance, domestic tasks, education and entertainment, and personal assistance and home security. Autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), and unmanned surface vehicles are different types of marine service robots. Among the overall service robotics market, the market for ground-based service robots is expected to grow at a higher rate because of the strong demand from logistics applications, especially for automated guided vehicles (AGVs) and other service robots for automating the transportation services across this end-user application vertical.

The market for the professional service robots is expected to grow at the highest rate by 2022. Many end users in the professional application segment have already adopted usage of service robots across essential business operations. Emergence of other professional service applications such as telepresence, and inspection and maintenance are further estimated to add to the growth of professional sector of service robots’ deployment. Such trend is more prominent among developed countries across European region, which, in turn, is estimated to hold the largest market share during the forecast period. However, Asia-Pacific is expected to grow at the highest rate owing to the strong demand for professional service robots across China and India.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=681

Some of the major companies in the service robotics market include Northrop Grumman Corporation (U.S.), KUKA AG (Germany), iRobot Corporation (U.S.), Kongsberg Maritime AS (Norway), DJI (China), Intuitive Surgical, Inc. (U.S.), Parrot SA (France), GeckoSystems  Intl. Corp. (U.S.), Honda Motor Co. Ltd. (Japan), Adept Technology, Inc. (U.S.), Bluefin Robotics- now wholly owned subsidiary of General Dynamics Mission Systems, Inc. (U.S.), ECA Group (France), Aethon Inc. (U.S.), DeLaval International AB (Sweden), and Lely Holding S.a.r.l. (Netherlands)

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Shelly Singh

MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: 1-888-600-6441

newsletter@marketsandmarkets.com