DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The service robotics market is expected to grow from USD 37.0 billion in 2020 and is projected to reach 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 a reduction in cost of operation and enables a high ROI. Utilization of IoT with service robots is enabling predictive maintenance, driving down the overall cost. Also, an increase in funding for service robots by the government as well as market players is driving the market.
Professional service robots to hold larger share of market during forecast period
Due to the high cost of personal and domestic service robots there is less penetration for domestic applications. For instance, the cost of vacuum cleaners manufactured by iRobot (US) ranges from USD 249 to USD 1,439. Telepresence robots are available in the range of USD 185 to USD 32,000. PARO, a therapeutic robot, costs USD 3,800. Professional service robots, on the other hand, provide a better ROI as they replace humans. Hence, they have a much higher adoption compared to personal and domestic robots.
Ground based service robots to hold largest share of market in 2020
Ground robots are used for various applications such surgeries; cleaning; elderly care and communication through telepresence; and assistance. With increase in nuclear families and world population, the households have increased, generating more demand for vacuuming robots. For commercial applications, AGVs are being used in warehouses as well as in agriculture. Ground robots are also used in other industries such as healthcare, hospitality, space research, and law enforcement. Hence, ground based service robots are expected the hold larger share of the market throughout the forecast period.
North America to dominate service robotics market throughout forecast period
According International Federation of Robotics (IFR), 240 out of 700 registered manufacturers of service robots were located in North America in 2017. Furthermore, North America also accounts for a significant number of startups working in the service robotics marketspace. According to IFR, around 200 start-up companies were working on new service robots in the US alone during 2017. The US also housed some key players such as Intuitive Surgical (US) and iRobot (US), and is a large market for both commercial and domestic robots. Large companies like Amazon (US) are also entering into the service robotics market with ground based robots such as AGVs. Hence, North America is expected to maintain the largest share during the forecast period.
- Growing Adoption of Robots for New Applications Providing High Returns on Investment
- Rising Use of IoT in Robots for Cost-Effective Predictive Maintenance
- Increasing Funding for Research on Robots
- Rising Insurance Coverage for Medical Exoskeletons and Robotic Surgeries
- Concerns Over Data Privacy and Regulations
- Increase in Application of Robots for Companionship, Handicap Assistance, and Assistance for Geriatric Population
- Focus on Improving Endurance and Range of Operation Capability of Robots
- Adoption of Swarm Intelligence Technology Enabling Robots to Perform Various Complex Tasks With Ease
Inaccurate Results Impeding Use in Critical Operations
- Softbank Robotics Group
- Intuitive Surgical
- Kongsberg Maritime
- Northrop Grumman
- Neato Robotics
- ECA Group
- Harvest Croo
- Starship Technologies
- Parrot Drones Sas
- General Electric
- Amazon Robotics
- Intuitive Surgical
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