Service Robotics Market Size By Product (Professional, Personal), By Application (Professional [Defense, Field, Healthcare, Logistics], Personal (Household, Entertainment]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024

Industry Trends

Service Robotics Market size exceeded USD 7.5 billion in 2016 and is projected to grow at a CAGR of 14% from 2017 to 2024. The global shipments are expected to cross over 40 million units by 2024.
 

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The growing need to monitor, control, and manage several operations in the healthcare, logistics, defense, and household sectors along with increasing labor cost is driving the market demand. The difficulties in managing day-to-day tasks, workloads, and intensive operations are adding up to the demand for these robots due to their high operational efficiency features. The industry is developing rapidly owing to huge R&D investments, product innovations, and increased consumer awareness related to robotic benefits. These systems are witnessing high demand in human assistance tasks to reduce the work pressure, gain high efficiency, and the same effort in repetitive tasks. Government initiatives and several organizational innovations, which promote the usage of automated & robotic systems create several industry growth opportunities.
 

High financial requirements for deploying professional & personal products are hindering the service robotics market expansion. These systems are available at very high costs, creating financial challenges for deployment by small companies and low-income households. Automated & sensor-based components and hardware & software solutions add up to the manufacturing cost, which further increases the overall product prices. These issues are anticipated to be eliminated over the forecast timespan along with high product consumption and manufacturing cost reductions.
 

By Product

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Professional robots are gaining high popularity during the forecast period led by the growing need for automated solutions across various professional sectors. These products are being incorporated with advanced technologies, such as AI, to further enhance their capabilities in the defense and logistics sector. The logistics sector is using robots for handling, transport, sorting, packaging, and product delivery. High awareness of professional segments, such as security, field, and defense, adds up to the product demand. Moreover, Robotics as a Service (RaaS) is a major trend in the overall robotics industry, which allows the SMEs and local businesses to gain benefits from these technologies without high investment requirements. The manufacturing & retail industries are deploying these systems to replace lower-paying jobs and allowing human workers to focus on more competent operations.
 

Manufacturers in the industry are developing technically advanced products with sensor-based and automated capabilities to fulfill the demands of various industries. Various tech companies are working on the development of these systems, aiding them to gain competitive advantages and serve consumer needs.
 

By Application

Household application segment in the service robotics market is predicted to register growth of over 19% till 2024. Household & entertainment applications are developing rapidly on account of the need for automated & faster household chores. These machines are used in pool and floor cleaning. The compact size of the robots enables them to move around the place easily and provide efficient cleaning of the floor. The lightweight feature of these robots also facilitates easy maintenance. Products fitted with cameras and sensors facilitate enhanced features, thereby ensuring improved cleaning. The aging population in countries including Japan is also a key factor demanding robotic solutions. These products are used in the entertainment sector for recreational purposes at public places such as gardens and museums. It can also be used in trade shows to generate media exposure and at museums & parks to guide people.
 

By Region

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The demand and consumption for these robots are poised to increase in Asia Pacific region during 2017 to 2024 propelled by the rapid development of robotic systems by the Japanese and Chinese companies. The Asian companies and institutions are gaining high financial & regulatory support from governments to add these technologies in industrial, professional, and personal applications. The presence of several personal product manufacturers in Asia adds up to the sales share globally. These models are majorly deployed in domestic tasks such as vacuum & floor cleaning. Additionally, the easy & cheap availability of raw materials in Asian countries has increased the robot manufacturing activities in the region. Asian companies develop products in Asia and export them to North America & Europe by gaining high profits. The advantage of early technological changes and easy adoption in such countries provide an impetus for the regional countries to develop more efficient products.
 

Competitive Market Share

Prominent companies operating in the service robotics market are iRobot Corporation, Softbank Robotics, Ecovacs, AeroVironment, Inc., Medtronic, Intuitive Surgical, Delaval, Yujin Robot, Omron Corporation, Samsung Electronics, and DJI. The players are making huge investments in R&D activities to develop application-specific robotic systems. They are also gaining financial aids & support from governments, various organizations, and leading tech companies. Major industry participants are focusing on partnerships, collaborations, and acquisition strategies to gain technical advantages from smaller companies and startups.
 

Industry Background

The service robotics industry is fragmented and witnessing the emergence of several new startups with technically advanced offerings in all the regions. The existing participants are currently showcasing intense competition due to rapidly developing new companies. Collaborations, partnerships, and joint venture strategies for research & development of robot systems are common trends in the marketplace. Players are making huge investments and spending a significant share of the revenue on research & development. Companies are partnering with technological giants, such as Microsoft, Amazon Web Services, etc., to incorporate intelligence into these robots.
 

The service robotics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in Units from 2013 to 2024, for the following segments:

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Market, By Product

• Professional
• Personal

Market, By Application

• Professional
  • Defense
  • Field
  • Healthcare
  • Logistics
  • Others
• Personal
  • Household
  • Entertainment

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE