Service Robotics Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

Service Robotics Market, Size, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

Global Service Robotics Market will reach US$ 42.2 Billion by 2027. Across the globe, the robotics industry is rapidly enabling the service robotics market trends, owing to the fast-paced technological advancements converging in automation, machine learning, engineering, and artificial intelligence. The effects of the introduction of robots have resulted in the conversion of the task-performing capacity of humans. Service robots are designed to assist humans and perform helpful tasks, excluding industrial and manufacturing automation applications. They operate semi or fully automatically and can perform tedious & dangerous tasks and provide enhanced efficiency and increased safety.

Global Service Robotics Industry will grow at a CAGR of 24.6% from 2021-2027

Apart from this, the growing need to control, monitor, and manage several operations in the logistics, healthcare, and household sectors, along with rising labour costs, drives the market demand. The difficulties in handling day-to-day tasks, workloads, and intensive operations add up to the need for these robots due to their high functional efficiency features. Due to substantial R&D investments, product innovations, and increased consumer awareness of robotic benefits. These systems are seeing high demand in human service tasks to reduce the work pressure, and the same effort in repetitive tasks. Several organizational innovations and government initiatives promote automated & robotic systems, and create several industry growth opportunities.

Professional Cleaning Account for a Significant Market Share

On the basis of segment, service robots are employed in Transportation & Logistics, Professional Cleaning, Medical Robotics, Hospitality, and Agriculture & Field. The professional cleaning segment would exhibit an advantageous growth rate during the forecast period. The manual cleaning of carpets and floors in commercial spaces, like shopping malls and corporate offices, is a very time-consuming task. This has facilitated the operators of the commercial spaces to select a robotic cleaning system.

Among these, medical robots are anticipated to show significant growth due to people's rising shift towards integrating robotic solutions for critical medical operations and the introduction of high-tech testing labs. They reduce the workload of medical staff, allowing them to expend more time caring directly to patients while creating significant operational procedure which delivers efficacy and reduces cost investments for healthcare amenities.

Service Robotics Market was US$ 11.3 Billion in 2021

Geographically, North America accounts for a substantial share in the global service robotics industry. The factors can be attributed to the early adoption of technology in the region, associated with the movement to make higher investments in research. The adoption of assistive robot technologies has helped the market to grow in the region. Moreover, the United States is a leader in the service robotics industry for field logistics construction and robotics within North America. The usage of robotics in this region is varied and used in professional cleaning.

COVID-19, Impact on Global Service Robotic Industry

The markets for most service robots seem hardly impacted by the COVID-19 pandemic. Robotic solutions support social distancing, are unaffected by travel bans, and are not quarantined. The outbreak of COVID-19 has encouraged the adoption of a service robot for performing various tasks such as disinfection, contactless delivery operations, delivering medications and food, and assisting border controls. These technologies can help deal with enormous staffing shortages in manufacturing, supply chains, healthcare, and diagnosis and treatment. Thus, the market can glimpse several deployment instances, particularly in healthcare.

Competitive Landscape:

The Service Robotics market is consolidated players include iRobot Corporation, Intuitive Surgical, Inc, Panasonic Corporation, Fanuc, ABB Ltd, Stryker Corporation, Yaskawa Electric Corporation.

Renub Research study titled “Global Service Robotics Market by Segments (Transportation & Logistics, Professional Cleaning, Medical Robotics, Hospitality, and Agriculture & Field) by Region (North America, Europe, Asia Pacific and Rest Of the World) by Company Analysis (iRobot Corporation, Intuitive Surgical, Inc, Panasonic Corporation, Fanuc, ABB Ltd, Stryker Corporation, Yaskawa Electric Corporation)” analyses the global service robotics industry.

Segments - Market has been covered from 5 viewpoints

1. Transportation & Logistics
2. Professional Cleaning
3. Medical Robotics
4. Hospitality
5. Agriculture & Field

Region - Market has been covered from 4 viewpoints

1. North America
2. Europe
3. Asia Pacific
4. Rest Of the World

Company Insights:

• Overviews
• Recent Developments
• Revenues

Company Analysis

1. iRobot Corporation
2. Intuitive Surgical, Inc
3. Panasonic Corporation
4. Fanuc
5. ABB Ltd
6. Stryker Corporation
7. Yaskawa Electric Corporation