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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

[June 21, 2019]

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

NEW YORK, June 21, 2019 /PRNewswire/ -- Market Overview
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.

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- 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.

Scope of the Report
Service robots are used to help human beings for the jobs that are performed repetitive, distant, dull or is dangerous. These robots are mostly autonomous and are operated by a built-in control system which also has a manual override system. The market is broadly segmented into professional and personal 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 dopted 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 a 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.

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