Robots are taking over, especially in the service industry. We evaluate the service robotics markets using four parameters: market, trends, growth rate, and competition. This evaluation covers the different Types (personal robots, professional robots) Area (Aerial and Underwater), Component (Software, Actuator) Vertical (Logistics, Agriculture, Military), and Geography.
Currently, the service robotics market is worth over USD 14 billion in 2019. By 2025, it will be worth over USD 64 billion. This estimation is based on a CAGR of 25% over the projected timeframe of 2020- 2025.
The Service robots evaluated in this outline include iRobot’s Roomba- a personal robot and Intuitive Surgical’s DaVinci, a medical robot (professional service robot).
Factors such as an aging populace, a limited number of healthcare workers are responsible for the upsurge in demand for robotics technology. Corporations like KUKA (a healthcare division of Swisslog), develop robots for healthcare applications.
The fully automated services this industry provides creates room for various applications and opportunities. For instance, service robots are gaining popularity in the military and defense sectors for applications such as bomb disposal.
The biggest challenge the service robotics market experience is the lack of skilled operators. Robotics requires an in-depth knowledge of programming, which is the core of robotics.
Data suggest that the professional use of robots will account for the lion’s share of the market. Professional robots include medical assisting robots (MAR), field robots, defense and security robots, public assistant robots, UAV drones, and electrical industry robots. Learn more about how robotics has transformed the industrial sector.
The construction sector has integrated service robots into its modus operandi to overcome difficulties like huge labor costs, lack of workers, and accidents. The process of construction has become more reliable and efficient since there is less room for human errors. The introduction of 3D printing robots and demolition robots has enhanced the need and importance of robots in the construction industry.
Exoskeleton robots are deployed as PR robots. Most PR robots are designed to help customers find a product or complete a chore. These robots are becoming a mainstay in the retail industry. They act like the customer’s guide around a mall. Service robots are also dominating the hospitality industry, banking, family entertainment centers, and more.
The healthcare industry has diverse applications for service robots ranging from rehabilitation systems, robot-assisted surgery or therapy, diagnostic systems, and other medical usages.
Asia-Pacific region is one of the fastest-growing economies in the world. Data shows it holds the biggest market opportunities over the forecast period. This is due to the massive adoption of service robots in China, Japan, India, and other Asian tigers.
Local governments have played a significant role in the adoption and development of the local robotics market. For instance, the Indian government has invested massively in military robotics. India has forecasted that by 2023, the country will deploy its first advanced robotic soldier by 2023. A New Delhi-based company has been contracted by the Indian government to build robots for the Indian Army.
The Chinese government robotics development blueprint is world-class. The government has made robotics, AI, and automation, as essential sectors for high-end development. These sectors will be the carrier of transformation and technological advancement in the manufacturing industry.
This urgency is designed so Chinese-made robots can dominate the global market share of service robotics.
The financial service industry in the Asia-Pacific region is trying to reduce expenses to increase dividends to investors, increase profitability, and have something novel to appeal to customers- service robots. For example, HDFC, an Indian private bank, will unveil a service robot, which will help customers with tasks such as withdrawal and transfer of cash, giving direction within the bank. The robot is part of the bank’s AI Development program.
The market is highly competitive and dominated by big players such as Northrop Grumman Corporation, Daifuku Co. Ltd, SZ DJI Technology Co. Ltd, Honda Motor Co. Ltd, iRobot Corporation, Intuitive Surgical Inc.