[245
Pages Report] According to MarketsandMarkets, the service
robotics 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 Compound Annual Growth Rate
(CAGR) of 22.6% from 2020 to 2025. The adoption of service robots provides a
high ROI for commercial users, mainly due to decrease in labor costs. This is
one of the primary drivers for its adoption. In tandem, there has been a sharp
increase in the funding for research on robots by both the government as well
as key market players.
Market
for ground based service robots estimated to grow at highest CAGR during
forecast period
Ground
robots are being used for various commercial applications in industries such as
healthcare, warehouses, hospitality, space research, law enforcement, and
agriculture. With increase in nuclear families and world population, the demand
for household robots for cleaning, education, elderly assistance,
entertainment, and hobby purposes has increased. According to World Economic
Forum 2018, “The world needs to build 2 billion new homes over the next 80
years”. Also, the increase in ageing population in countries such as China and
Japan is leading increased deployment of assistive robots, contributing to the
high growth.
Personal
and domestic robots projected to grow at higher CAGR during the forecast period
compared to professional robots
Personal
and domestic service robots 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. Cleaning robots are now smarter and capable with integration of
features such as machine learning and voice control, leading to increased
adoption. Exoskeletons are used by people with disability to get assistance in
walking or lifting objects due to its growing inclusion in insurance covers.
Other initiatives, such as offering service robots on a rental basis is also
contributing to the high growth of personal and domestic service robots.
Hardware
component of service robots is expected to have larger share of market in 2020
compared to software
The
hardware component will dominate 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.
Market
for domestic applications is expected to grow at significant rate during
forecast period
Initially
developed for cleaning floors, domestic robots have now been expanded to cover
pools and lawns. Robotic kitchen and laundry are still in development. Although
these robots were expensive when initially introduced to the market, they are
becoming more affordable now due to increased adoption and economies of scale
in manufacturing. Also, increasing ageing population and less willingness of
the working population to perform household chores is driving the growth of the
market for domestic applications. Countries such as China and Japan are
expected to be the 2 major countries fuelling market growth for use of service
robots in domestic application.
North
America is expected to account for largest share of service robotics market
throughout forecast period.
Growing
demand from the healthcare sector for rehabilitation, the increasing adoption
of surgical robots by hospitals in the region, favorable funding scenario for
research on assistive technologies, and the availability of technologically
advanced service robots are a few of the key factors driving the growth of the
service robotics market in North America. Apart from robots, North America has
also been a key region for the market for drones. As per the Federal Aviation
Administration (FAA), in 2018, the fleet size of commercial drones was ~277,000
units while in 2019 it was ~400,000 units, i.e. a growth of ~44% in a year. FAA
also projects that the fleet size of the commercial drones in the US would
cross the mark of ~800,000 units by 2023, i.e. a growth of ~110% during
2019–2023.
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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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