Service Robotics Market to Reach USD 46.13 billion by 2026; Increasing Automation of Routine Tasks to Favor Market Growth: Fortune Business Insights

India - English

Key Companies Covered in Service Robotics Market Research Report are Kongsberg Maritime AS, DJI, Northrop Grumman Corporation, Lely International, KUKA AG, Parrot SA, Honda Motor Co. Ltd., Intuitive Surgical, Inc., Aethon Inc.

News provided by

Fortune Business Insights

Dec 19, 2019, 04:00 ET

PUNE, India, Dec. 19, 2019 /PRNewswire/ -- The global Service Robotics Market is set to reach USD 46.13 billion by 2026, exhibiting a CAGR of 19.4% during the forecast period. Increasing rate of sophistication in robotic technology is foreseen to be one of the main factors driving the growth of this market. A service robot is essentially a machine that is partially or fully automated to perform daily tasks usually performed by humans. These robots have revolutionized manufacturing and production processes, making them more cost-effective, and at the same time, they have raised human and equipment productivity. As a result, the uptake of these machines is on the rise. The International Federation of Robotics estimates that since 2000, the number of robots have grown three times from previous levels. Moreover, this uptake is fueled by the advent of even more advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML). These advancements will play a central role in boosting the Service Robotics Market demand in the forecast period.

Service Robotics Market Analysis, Insights and Forecast, 2015-2026

The above information is shared by Fortune Business Insights through its report, titled "Service Robotics Market Size, Share & Industry Analysis, By Type (Personal Robots and Professional Robots), By Application (Domestic and Industrial/ Commercial) and Regional Forecast, 2019-2026". The report contains a thorough research into the overall industry outlook and provides a microscopic analysis of the various factors, trends, prospects, and other dynamics that are likely to influence the share, size, and growth of the market during the forecast period. This information will enable businesses to take important strategic decisions in a holistic manner and mark their place in this market.

To gain more insights into the market with detailed table of content and figures, click here: https://www.fortunebusinessinsights.com/industry-reports/service-robotics-market-101805

Rising Preference for Service Robots over Industrial Robots to Propel the Market

One of the main Service Robotics Market trends is the growing inclination to adopt service robots instead of industrial robots. This is a result of the limitations posed by industrial robotics. For instance, they are unable to perform autonomous functions such as controlling and sensing in unstructured workplace settings. This makes them unreliable and unsuitable for decision-making tasks and thus, their employment in such settings will be counterproductive. As a result, the preference for service robotics has risen as they are seen as the solution to the problems faced by their industrial counterparts. Close collaborations between governments, companies, and academic institutions is infusing new energy into the market, helping it fire on all cylinders.

Europe to Hold Lion's Share in the Market; Asia-Pacific to Follow Closely

With a revenue generation of USD 3.65 billion in 2018, Europe is poised to dominate the global Service Robotics Market share during the forecast period. This will be owing to high demand for personal and professional robots in the region. Additionally, manufacturing processes in Europe are highly automated and there is a presence of well-established players in the continent as well. For example, according to the International Federation of Robotics, around 44% of the world's manufacturers are based in Europe on account of high demand for logistics, retail, and other industries.

Asia-Pacific is anticipated to display the highest CAGR owing to increasing government investments in robotics and artificial intelligence, rising focus on R&D. Besides these, growing demand for robotic-led automation across industries and rapid rate of industrialization in China and India will supplement the growth of the market.

While North America is expected to have stable growth due to the widespread presence of companies in the region, Africa, Latin America, and the Middle East will experience moderate growth as a result of low level of technological progress.

Request a Sample Copy: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/service-robotics-market-101805

Groundbreaking Innovations to Intensify Competition

The Service Robotics Market forecast by Fortune Business Insights states that the market is slated to get spruced up as companies ramp up their investment in R&D to bring new-age products for consumers. These efforts are aimed at strengthening their position in this market through product diversification and mergers and acquisitions.

Key Industry Developments:

June 2019: iRobot Corporation launched its Root Coding Robot, which is an extremely easy-to-use educational robot that teaches coding in an innovative manner and provides methods to solve modern-day problems to children as young as 4 years old.
June 2019: Honda introduced its novel 3E (Empower, Experience, Empathy) product line to advance its ideas of automation in daily life. For instance, the company launched the 3E-B18 which is a chair-type mobility machine for general outdoor and indoor uses.

List of Prominent Players Operating in the Service Robotics Market Research Report are:

Kongsberg Maritime AS
DJI
Northrop Grumman Corporation
Lely International
KUKA AG
Parrot SA
Honda Motor Co. Ltd.
Intuitive Surgical, Inc.
Aethon Inc.

Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/service-robotics-market-101805

Table of Content:

Introduction
- Definition, By Segment
- Research Approach
- Sources
Executive Summary
Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
Global Service Robotics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
  - By Type (Value)
    - Professional
    - Personal
  - By Application (Value)
    - Domestic
    - Industrial/ Commercial
      - Transportation & Logistics
      - Medical
      - Defence
      - Construction & Demolition
      - Unmanned Vehicles
      - Agriculture & Forestry
      - Others (Retail, Public Relations etc.)
  - By Geography (Value)
    - North America
    - Europe
    - Asia Pacific
    - Middle East and Africa
    - Latin America

Continued…!!!

Request for Customization:

https://www.fortunebusinessinsights.com/enquiry/customization/service-robotics-market-101805

(Have a Look at Reports Trending in Machinery & Equipment Industry)

Browse Related Reports:

Industrial Robots Market Size, Share and Global Trend By Robot Type (Articulated, SCARA, Cylindrical, Cartesian/Linear, Parallel, Others), By Application (Pick and Place, Welding & Soldering, Material Handling, Assembling, Cutting & Processing, Others), By End Use Industry (Automotive, Electrical & Electronics, Healthcare & Pharmaceutical, Food & Beverages, Rubber & Plastic, Metals & Machinery, Others) and Geography Forecast till 2026

Robotic Vacuum Cleaners Market Size, Share and Industry Analysis By Type (Floor Vacuum Cleaner, Window Vacuum Cleaner, Pool Vacuum Cleaner), By Application (Household and Commercial), By Operation Mode (Self-Drive & Remote Control), By Distribution Channel (Online & Offline), By Price (Below US$ 150, US$ 150 – 300, US$ 300 – 500, Above US$ 500) and Regional Forecast, 2019 – 2026

Robotic Surgical Systems Market Size, Share and Global Trend By Product (Systems, Accessories), By Application (Gynecology, Urology, Orthopedics, General Surgeries), Geography Forecast till 2026

Inspection robotics in Oil & Gas Industry Market Size, Share and Global Trend By Type (AUVs, RUVs, Others), By Application (Upstream, Midstream, Downstream), By Deployment (Onshore, Offshore) and Geography Forecast till 2026

Modular robotics Market Size, Share and Global Trend By robot Type (Articulated Modular robots, Parallel Modular robots, SCARA Modular robots, Spherical robots, Cartesian Modular robots, Cylindrical robots, Collaborative Modular robots), By Industry Vertical (Automotive, Chemical, Metals and Machinery, Food & Beverages, Precision Engineering and Optics, Pharmaceuticals and Cosmetics, Others), and Geography Forecast till 2026

Collaborative robots Market Size, Share & Industry Analysis, By Payload Capacity (Upto 5 Kg, 6-10 Kg, 11 Kg and Above), By Application (Welding, Material Handling, Quality Testing, Painting/Spraying, Assembling, Others), By Industry (Automotive, Electronics & Semi-Conductors, Food & Beverages, Retail, Metal & Machining, Rubber & Plastic, Others) and Regional Forecast, 2019-2026

About us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1-424-253-0390
UK: +44-2071-939123
APAC: +91-744-740-1245
Email: [email protected]