Service Robotics Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The “Service Robotics Market” report offers qualitative and quantitative insights and a detailed analysis of market size & growth rate for all possible segments in the market. The Global Service Robotics Industry presents a market overview, product details, classification, and market concentration. The report also provides an in-depth survey of key players in the market which is based on various competitive intelligence parameters like company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. The Service Robotics Market report provides an in-depth study of SWOT analysis i.e. Strength, Weakness, Opportunities, and Threat to the organization. Market Insights Report analysed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The service Robotics market was valued at USD 23577.1 million in 2020 and expected to reach USD 212619.7 million by 2026 and grow at a CAGR of 44.9% over the forecast period (2021 – 2026).
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Key Players of Service Robotics Market are: Daifuku Co. Ltd, Dematic Corp., Swisslog Holding AG, iRobot Corporation, among others.
– 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.
Key Market Trends
Professional Use of Robots to Account for a Significant Share in the Market
– Professional robots consist of field robots, defense and security robots, medical assisting robots (MAR), 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 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.
– The Chinese government has ambitious plans for the countrys 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.
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Service Robotics Market report studies the market in-depth and provides an all-inclusive analysis of the key growth factors, Service Robotics market share, latest trends, key players, and their projections for the future. Also, Service Robotics Market report provides growth rate, market demand, and supply, the market potential for each geographical region. The analysis provides an exhaustive investigation of the market along with the future projections to assess the investment feasibility. Furthermore, the report includes both quantitative and qualitative analyses of the Service Robotics Market throughout the forecast period. This report analyses the impact of the COVID-19 on the Service Robotics market share in the short and long term.
At the beginning of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Service Robotics industries have also been greatly affected. With the slowdown in world economic growth, the Service Robotics industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Service Robotics market size to maintain the average annual growth rate of 15 from 2015 to 2021, in the next few years, Service Robotics market size will be further expanded, we expect that by 2027.
The Study Objectives of Service Robotics Market Report Are:
- Focuses on the key Service Robotics manufacturers, to study the sales, value, market share, and development plans in the future.
- Focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.
- To define, describe and forecast the market by type, application, and region.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To identify significant market trends and factors driving or inhibiting the market growth.
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The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts. The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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