LONDON--(BUSINESS WIRE)--The global professional service mobile robots market in APAC size is poised to reach USD 753 million by 2023, according to a new report by Technavio, progressing at a CAGR of 21% during the forecast period. High efficiency and safety of the workforce are expected to augment the market over the forecast period.
Key suggestions from the report:
- Logistics and warehousing end-user segment represented over 79% of the overall market share in 2018 on account of rising investment in logistics infrastructure and warehousing real estate sector by e-commerce players and warehouse real estate developers in Asia.
- Agriculture and mining end-user segment is likely to register a CAGR of close to 16% in terms of revenue from 2019 to 2023 owing to the rising demand for food and pulses and the growing focus toward reducing safety issues in mining and rising operational efficiency in the mining process.
- Solutions commanded over 74% of professional service mobile robots market in APAC share in 2018, owing to factors such as miniaturization of electrical components, technological developments in batteries, power systems and sensors, reduction in the cost of sensors, and availability of commercial off-the-shelf components at low prices.
- Services poised to post a CAGR of 23% in terms of revenue during the forecast period as the increasing demand for professional service robots and the availability of a large number of vendors in the professional service mobile robots market in APAC have intensified the market competition.
- The China professional service mobile robots market accounted for 33% of the overall revenue in 2018, on account of government initiatives undertaken in areas such as automation and robotics and the growing penetration of IoT in commercial and industrial sectors.
- Presence of many players and the increasing investment in logistics and warehousing segment are bolstering the competitive rivalry in the market.
Read a 141-page research report with TOC on "Professional Service Mobile Robots Market in APAC Report by Type (Solutions and services), By End-User (Logistics and warehousing, agriculture and mining, medical and healthcare, hospitality and tourism, and others), and segment forecasts for 2019 to 2023" at
A key factor driving the growth of the market is the adoption of professional service mobile robots that ensures safety and reduces accidents and health risks due to chemical exposure. In the logistics and warehousing segment, the use of professional service mobile robots in pick and place application in the logistics industry not only reduces the chances of accidents but also assures the safety of materials, resulting in cost savings for companies. Thus, due to such factors, the market is expected to showcase a positive outlook during the forecast period.
At present, to enhance the effectiveness of their operations, vendors are moving toward the use of Al in professional service mobile robots. In professional service mobile robots, Al is currently focused on vision systems and machine learning. Although the use of Al in professional service mobile robots is limited, the capability of Al and machine learning in solving complex tasks such as programming can aid professional service mobile robots in enhancing their capabilities, thereby driving market growth during the forecast period.
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The high capital expenditure affecting the adoption of service robots is expected to negatively influence the growth of the market. Professional service mobile robots include various costly high-tech hardware components. In addition, aftersales services are also included in the pricing of these robots, which add to the existing high cost. Although mobile robots offer significant savings in labor costs and can act as a quick return on investment (ROI), high cost may affect the adoption rate in SMEs. Thus, it will be difficult for SMEs to accept these robots without a long-term project scope and justified investment scenario, thereby deterring market growth.
Technavio has segmented the global professional service mobile robots market based on the type (solutions and services), by end-User (logistics and warehousing, agriculture and mining, medical and healthcare, hospitality and tourism, and others) and region (China, South Korea, Japan, Singapore, Rest of APAC).
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