Service Robotics Market Size, Share And Trends Forecast To 2026 | Covid-19 Impact Analysis | Marketsandmarkets

By Author: Steve Stark
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Service Robotics Market is projected to grow from USD 36.2 billion in 2021 to reach USD 103.3 billion by 2026; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 23.3% from 2021 to 2026.

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The growing adoption of robots for new applications providing high returns on investment coupled with increasing funding for research on robots is the key factors driving the service robotics market. In addition to this, in the wake of the COVID-19 pandemic, there is an increasing need to reduce hospital-acquired infections to regularly, which has fueled the need for adoption of robots for the purpose of disinfection and sanitation.

“Market for aerial robots expected to grow at highest CAGR during the forecast period”

The market for aerial drones is expected to grow at the highest CAGR during the forecast period. This is attributed to the increasing adoption of commercial drones for applications such as surveying farm fields and traffic monitoring, coupled with the higher selling prices of commercial drones compared ...
... with consumer drones. Reduction in cost of UAV manufacturing process and development of solar cells as a power source for drones can reduce the cost of propulsion systems and further contribute to the increase in their growth rate.

“Market for software component to grow at higher CAGR than that of the hardware component during the forecast period”

The component-wise growth rate, for the service robotics is estimated to be specifically higher for the software component as the deployment of service robots is likely to become more application-specific. For instance, an AGV programmed to be deployed for swarm operation in a factory floor could also be programmed for food delivery. Delivery drones would require real-time software for operations, taking into account environment variables such as weather. Most of the advancements in robotic vacuum cleaners have taken place in the software, with features including live floor mapping and remote activation through integration with voice assistants. . Hence, the market for software is expected to grow at a higher CAGR than that of hardware during 2021–2026.

“Market for personal & domestic robots to grow at higher CAGR than that of professional robots during the forecast period”

The market for personal and domestic robots is expected to grow at a higher CAGR during the forecast period. The penetration of domestic robots, such as robotic floor vacuums and mops, is increasing drastically. Cleaning robots are widely used in personal and professional capacities. The high growth rate can be attributed to the availability of robots on a rental basis. For instance, Pepper, a humanoid manufactured by SoftBank, is available on a subscription contract of USD 360 per month over 36 months, however, with discount the total cost of the robot is ~USD 14,000.

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“Service Robotics Market in APAC estimated to grow at the fastest rate during the forecast period”

The service robotics market in APAC is expected to grow at the highest rate during the forecast period. This is because of the presence of countries such as Japan, China, and Korea, which, according to IFR, in 2017, were the fourth-, fifth-, and sixth-largest manufacturers of service robots. Also, the rise in disposable income due to increasing industrialization in developing countries such as India and the Philippines is expected to increase the demand for service robots. The oil & gas industry in APAC has witnessed significant growth in the past 2–3 years, which is leading to a high demand for autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). There is an increasing trend of automation and globalization in India, Australia, and China, which is further boosting the service robotics market in APAC.

Key Market Players

Major vendors in the service robotics market include iRobot (US), SoftBank Robotics Group (Japan), Intuitive Surgical (US), DeLaval (US), Daifuku (Japan), CYBERDYNE (Japan), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman (US). Apart from these, Exyn Technologies (US), XAG (China), AMP Robotics (US), UVD Robots (Denmark), Diligent(US), HARVEST CROO (US), Starship Technologies (US) are among a few emerging companies in the service robotics market.

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