At 21.9% CAGR, Service Robotics Market Size is projected to reach USD 140.94 Billion by 2027, Growing at a CAGR of 21.9% Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Aug 24, 2022, 07:30 ET

LONDON, Aug. 24, 2022 /PRNewswire/ -- Global Service Robotics Market is valued at USD 35.24 Billion in 2020 and is expected to reach USD 140.94 Billion by 2027 with a CAGR of 21.9% over the forecast period. The increasing technological advancements in this field, growing automation, and rising standard of living is anticipated to drive the growth of the Global Service Robotics Market.

Service Robotics Market Size, Share & Trends Analysis Report by Application (Medical, Defense, Rescue And Security, Logistics, Construction And Demolition, Domestic, Entertainment And Educational, Research And Space Exploration, Others), Based On Region, And Segment Forecasts, 2022 – 2028

Service Robotics Market: Market Scope

The global service robotics market is going to show a consistent growth as the newer applications are going to provide higher returns on the investment in addition to the increase in the funding for research on the robots which is among the major factors that drive the service robotics market. Further, the coronavirus pandemic has increased the need for reducing the hospital-acquired infections. This has fueled the need for adopting the robotics services for the purpose of the sanitation and disinfection.

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Service Robotics Market: Competitive Analysis 

Some of the major service robotics companies are iRobot, SoftBank Robotics Group, Intuitive Surgical, DeLaval, Daifuku, CYBERDYNE, DJI, Kongsberg Maritime, Northrop Grumman. Apart from these, Exyn Technologies, XAG, AMP Robotics, UVD Robots, Diligent, HARVEST CROO and Starship Technologies. The global service robotics industry key players are innovating and trying to constructively use the market particularly the drones for different operations. This is going to be one of the key uses of this applications and the companies which can cash in on this growth will show a great amount of growth going forward.

Service Robotics Market: Key Drivers

Service robotics market size growth drivers includes the growth in the IoT or the internet of things which is the digital networking of various systems and machines into a creation of an integrated process. The predictive maintenance is a process of forecasting the potential issues before them even happening. The IoT based solution allows the storing of terabytes of data and parallel machine learning which is a running algorithm on different computers that forecast the hazards that can potentially happen and pinpoint when the industrial equipment might fail and thereby assist in the predictive maintenance.

The data from many sensors in the robots like heat and voltage sensors get gathered on a cloud and the data then gets analyzed by the machine learning algorithms. The machine learning algorithms get applied for the revelation of hidden correlation in the datasets and the detection of abnormal data patterns. The maintenance of activities was historically based on the time from the previous checking and equipment's age.

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Service Robotics Market: Segmentation Analysis

The aerial drones' market is going to be growing at the highest rate in the coming years. This is because of the increased adoption of the commercial drones for many applications like the surveying of the farm fields and the monitoring of traffic in addition to the higher selling prices of the commercial drones in comparison with the consumer drones. The reduction of cost in the manufacturing process of the unmanned aerial vehicle and the development of the solar cells as a power source for the drones may reduce the cost of the propulsion systems and further contribute towards the growth rate.

The growth rate component wise for the service robots has been estimated to be at a higher level for the software component as the deployment of the service robots has been more likely to be application specific. The growth of the deliver drones is going to require a real-time software for the operations as we take into account the variables in terms of the environment like weather.

The market for the domestic and personal robots has been touted to grow the highest in the coming years. A penetration of the domestic robots like the robotic floor mops and vacuums is going to increase at a drastic rate. The cleaning robots have been used widely in the professional and personal capacities. A higher growth rate may be attributed to the availability of these robots on the rental basis.

By Types:

  • Professional
  • Personal

By Application:

  • Medical
  • Defense, Rescue, and Security
  • Logistics
  • Construction and Demolition
  • Domestic
  • Entertainment and Educational
  • Research and Space Exploration
  • Others

Service Robotics Market: Regional Analysis

Service Robotics Statistics suggest that the market of service robots is going to grow in the Asia Pacific market in the coming years. This is going to be due to the presence of many countries like Korea, Japan and China which will be the biggest manufacturers of the service robots in the coming years and have been the most potent manufacturers of the service robots in the last few years. There is also going to be industrialization rising in the countries like India where there will be a need for the service robots. The market has been increasing in the oil and gas industry and it will be growing the market significantly. The growth of the market in this region can also be attributed to the rise in the disposable incomes and literacy levels. This helps in the adoption of technologies and that will be growing this market in the coming years and making it a lucrative market going forward.

On Special Requirement Service Robotics Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Service Robotics Market: Key Trends

Service robots trends suggest that the swarm robotics is one of the approaches for the coordination of many robots in the form of a systems. The swarm robotics have many special characteristics when it comes to flexibility, scalability as well as robustness. With the swarm intelligence, the robots have the ability to perform many different complex tasks with a lot of ease. A larger area can be covered by the drones faster due to the swarm intelligence as the range of the internet also can be increased by sharing that takes place between the drones. These are drones which can be used for surveillance and other search operations. The swarms may also be used for pollination of flowers and crops and replication in the behavior of their biological counterparts.

The drone swarms, dozens of the fixed-wing drones flying in the coordinated formations are a key to the future of the war and the unmanned combats. The Syrian civil war gave the world a foresight into how the usage could be done as the swarms of the fixed-wing drones which are loaded with the explosives were deployed. The positive use of these drones is in the disaster rescue missions. They are of different sizes and can be sent to places where the humans can't reach. The pandemic exposed the world to the different possibilities as the Drones were used in different capacities to combat the problem of delivery of essentials when the lockdowns were imposed.

Recent Developments

  • RedZone Robotics Introduced a New Technology for Manhole Condition Assessment

On April 12th, 2021; RedZone Robotics, a robotics company based in the United States, has introduced new technology to reduce the risk of sanitary sewer overflow (SSO) events triggered by damaged manholes. It announced the launch of VertueTM, a cutting-edge multi-sensor inspection (MSI) tool for manhole inspections. Because of Virtue, utility operators are able to capture full multi-sensor data, including 360o high definition imagery, laser, and positioning of their manholes in a reliable way. The level of detail are able to produce in interactive 3D models is better than anything out there on the market. If the manholes in the city's network are in poor condition, this could lead to significant infiltration of clear water during wet weather events. Since the release of untreated or partially treated waste from a municipal sanitary sewer, sanitary sewer overflow events (SSOs) pose a significant challenge for utilities in the United States. These incidents may result in substantial fines for a utility due to environmental concerns, health risks, and even property damage. With Vertue, RedZone Robotics will now assist utilities in ensuring the condition of manholes in their network.

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