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DUBLIN–(BUSINESS WIRE)–The “Service
Robotics Market – Growth, Trends, and Forecast (2019-2024)”
report has been added to ResearchAndMarkets.com’s
offering.

The global service robotics market is valued at USD 11.48 billion in
2018 and is expected to reach USD 50.90 billion by 2024, at a CAGR of
25.34% over the forecast period of 2019-2024.

  • Service robots, considered in this segment, include personal service
    robots for domestic, research, and entertainment applications.
    Professional service robots are used in defense and security, for
    medical assistance, and UAV drones.
  • Some of the major examples of service robots are – iRobot’s Roomba, a
    personal robot, Amazon Robotics’s Kiva, a logistics/warehouse robot,
    and Intuitive Surgical’s DaVinci, a medical robot.
  • Factors, like aging population and shortages of healthcare workers,
    are driving the demand for assistive technology robots. Companies,
    like KUKA (healthcare subsidiary Swisslog), are specializing in robots
    for healthcare applications. For instance, Swisslog’s Relay is
    designed for inpatient and outpatient services, like transporting
    medicines, and in other hazardous medications, including chemotherapy.
  • Fully automated solutions act as a driver for the service robot market
    which provides a huge opportunity for various applications. For
    instance, at the warehouse MiR’s warehouse robot, MiR 500, a flexible-
    easy-to-program robot equipped with a laser-scanning technology.
    Service robots, across military and defense sectors, are gaining
    popularity for new applications like bomb disposal.
  • The major restraint for the service robotics market would be, it needs
    very skilled hands to operate. It requires a very deep understanding
    of programming, which helps in programming the robots.

Key Market Trends

Professional Use of Robots to Account for a Crucial Share in the Market

  • Professional robots consist of field robots, defense and security
    robots, medical assisting robots (MAR), UAV drones, public assistant
    robots, electrical industry robots, and robots for construction
    purposes.
  • The construction industry has adopted service robots to overcome
    challenges like heavy labor cost, labor shortage, and labor accidents.
    It also helps in constructing more reliable buildings since there is
    less chance of human errors. Technologies like, 3D printing robots and
    demolition robots are further acts as a catalyst in the adoption of
    robots in the construction sector.
  • Exoskeleton robots are used as public relation robots. Most public
    relation robots are used to assist customers in finding an item or
    completing a task. These robots are being deployed in the retail
    sector, to guide customers around a store, as well as in the
    hospitality industry, in banks, shopping malls, family entertainment
    centers, and more.
  • The medical and healthcare industry uses services robots as diagnostic
    systems, robot-assisted surgery or therapy, rehabilitation systems,
    and other medical robots.

Asia-Pacific to Register Significant Growth Rate Over the Forecast Period

  • Asia-Pacific is one of the fastest growing regions across the world.
    It also holds the largest market over the forecast period, owing to
    the significant adoption of service robots in China, Japan, and India,
    among others.
  • Regional governments are also a major factor for the development of a
    regional robotics market. For instance, India plans to invest in
    military robotics, and the country is preparing for deploying advanced
    robotic soldier by 2023. Also, a New Delhi-based company is building
    robots for the Indian Army.
  • The Chinese government has ambitious plans for the country’s robotics
    industry. The government has listed the robotics industry, along with
    AI and automation, as one of the priority sectors for high-end
    development, to push forward the transformation and up gradation of
    the manufacturing industry. This push is expected to raise the global
    market share of Chinese-made robots.
  • Further, financial services companies in Asia are looking to
    streamline costs to boost dividends to shareholders, maintain
    profitability, and have a new tool at their disposal that also appeals
    to customers, e.g. service robots. For instance, HDFC, one of the
    largest Indian private banks, is looking to unveil a service robot,
    which will assist customers with everyday tasks, like transferring or
    withdrawing money or just finding the relevant department to get their
    task done. The robot is expected to be a part of the bank’s Project AI
    program.

Competitive Landscape

The service robotics market is being dominated by major players,
including Honda Motor Co. Ltd, Northrop Grumman Corporation, iRobot
Corporation, Daifuku Co. Ltd, SZ DJI Technology Co. Ltd, Intuitive
Surgical Inc., and others. This market is consolidated.

  • October 2018 – Dematic planned to implement a robotic order
    fulfillment system for the Drakes Supermarket, an independent grocery
    retailer based in Australia. The robotic system was used to pick
    inventory items for retail store replenishment, by using a
    goods-to-robot configuration.
  • Jan 2018 – Honda introduced its new 3E (Empower, Experience, Empathy)
    Robotics Concept at CES 2018, demonstrating a range of experimental
    technologies engineered to understand people’s needs and make their
    lives better.

Key Topics Covered

1 INTRODUCTION

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Introduction to Market Drivers and Restraints

4.3 Market Drivers

4.3.1 Increasing Demand for Automated Solutions from Dynamic Industries

4.3.2 Stringent Government Policies and Regulations for Employees &
Machinery Safety

4.3.3 Increasing Demand for Professional Robots in Healthcare

4.4 Market Restraints

4.4.1 High Initial Costs Challenge the Market Growth

4.5 Value Chain / Supply Chain Analysis

4.6 Industry Attractiveness – Porter’s Five Force Analysis

5 MARKET SEGMENTATION

5.1 By Type

5.1.1 Professional

5.1.2 Personal

5.2 By Professional Robots – End-user Industry

5.2.1 Logistics

5.2.2 Military & Defense

5.2.3 Medical & Healthcare

5.2.4 Public Relations

5.2.5 Construction

5.2.6 Agriculture

5.3 By Personal Robots – End-user Industry

5.3.1 Household

5.3.2 Entertainment

5.4 Geography

5.4.1 North America

5.4.2 Europe

5.4.3 Asia-Pacific

5.4.4 Latin America

5.4.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Honda Motor Co. Ltd.

6.1.2 Daifuku Co. Ltd.

6.1.3 Dematic Corp.

6.1.4 Swisslog Holding AG (KUKA)

6.1.5 Northrop Grumman Corporation

6.1.6 Seegrid Corporation

6.1.7 Murata Machinery Ltd.

6.1.8 Omron Adept Technology Inc.

6.1.9 Bastian Solutions Inc.

6.1.10 JBT Corporation

6.1.11 SSI Schaefer AG

6.1.12 Grenzebach GmbH & Co. KG

6.1.13 Smith & Nephew PLC

6.1.14 Stryker Corp.

6.1.15 Intuitive Surgical Inc.

6.1.16 Knightscope Inc.

6.1.17 SZ DJI Technology Co. Ltd.

6.1.18 Kollmorgen Corporation

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/xxpsin

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