The global service
robotics market size is anticipated to reach USD 54.4 billion
by 2026 growing at a CAGR of 17.3% from 2018 to 2026 according to a new report
published by Polaris Market Research. The report ‘Service Robotics Market Share, Size, Trends, & Industry
Analysis Report, By Type (Professional Service Robotics, Personal Service
Robotics); By Component (Hardware, Software, Services); By Environment; By
End-User; By Region: Segment Forecast, 2018 -2026’ provides insights on the current market
scenario and the future prospects. In 2017, the hardware segment dominated the
global service robotics industry, in terms of revenue. Europe was to be the
leading contributor to the global market revenue in 2017.
There has been an
increase in the demand of service robotics solutions across the world owing to
greater need for automation of services. With the increasing use of
collaborative robots in service applications, the overall demand for robotics
has increased drastically over the years. The rising applications of drones,
unmanned ground vehicles, unmanned surface vehicles, autonomous underwater
vehicles, unmanned aerial vehicles in the military sector, use of delivery
robots, personal assistance robots, inventory management bots in the healthcare
& logistics sector coupled with reduction of hardware costs for the
manufacturing of service robots are some stimulating factors for the global
service robotics industry.
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Technological
advancements in vision software and assistive robots for patient care have
further led to the development of innovative products to cater to the
customized requirements and diversified applications of service robots in the
healthcare industry. Growth of wireless technologies, smartphone adoption,
rising trend of cloud computing, strong and stable economic growth in the
growing economies, and untargeted potential markets provide lucrative
opportunities for the market players in the market.
The advent of new
technologies has led to the development of efficient and advanced medical
robots for providing customized solutions. Consumer robots compatible with
iPad/PC are developed for autistic children, which enable therapists and
parents to guide them through their activities. Surgeons are able to perform
operations from remote locations, allowing them to provide diagnosis through an
interactive moving robot with the adoption of latest telesurgery and
telepresence technologies. The da Vinci Surgical System, a surgical robot
developed by Intuitive Surgical, Inc., holds a major share in the robotic
surgery market.
Surgical robots are
specifically designed to perform surgeries or assist surgeons during operation
procedures. It is a significant revenue-generating category in the healthcare
segment owing to its high precision. Companies have formed alliances to offer
diversified solutions in this segment. For instance, Verily Life Sciences LLC,
a company by Alphabet Inc., has partnered with Johnson & Johnson’s Ethicon
to manufacture surgical robots under jointly incorporated Verb Surgical, Inc.
Another company, TransEnterix, Inc. recently launched the Surgibot Surgical
System, which is capable of performing surgeries by creating only one incision
for multiple instruments.
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Europe generated the
highest revenue in the service robotics industry in 2017. Growing demand for
automation, technological advancements, and increasing labor costs encourage
companies to invest in service robotics. Vendors in the service robotics
industry deliver customized solutions for self-driving vehicles, surgical
technologies, entertainment, and agriculture to cater to a wider audience.
Government initiatives such as launch of civilian research and innovation
program in robotics in 2014 and incorporation of SPARC Robotics, a joint
platform for robotics companies in Europe, help to drive the market growth in
Europe. In addition, under the platform of Innovation Union, a Europe 2020
flagship initiative is formed to maximize Europe’s global competitiveness.
The well-known
companies profiled in the service robotics market report include Intuitive
Surgical, Inc., Adept Technology, Inc., Irobot Corporation, Kuka AG, Aethon
Inc., Bluefin Robotics, GeckoSystems Intl. Corp., Panasonic Corporation, Yujin
Robot, Co., Ltd., Robert Bosch GmbH, Parrot SA, and Kongsberg Maritime. These
companies launch new products and collaborate with other leaders in the market
to innovate and launch new products to meet the increasing needs and
requirements of consumers.
About Polaris
Market Research
Polaris Market Research is a global market research and
consulting company. The company specializes in providing exceptional market
intelligence and in-depth business research services for our clientele spread across
different enterprises. We at Polaris are obliged to serve our diverse customer
base present across the industries of healthcare, technology, semi-conductors
and chemicals among various other industries present around the world
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