Report Highlights
Global Service Robotics Market Size By Application, By Component, By geographic Scope and Forecast
According to Verified Market Research, the Global Service Robotics Market was valued at USD 11.62 Billion in 2018 and is projected to reach USD 35.67 Billion by 2026, growing at a CAGR of 14.98% from 2019 to 2026.
Modernization has compelled the market for contemporary services and has increased the connectivity along with several other advanced services. With ensuing expansions, the IT industry has boomed in the global market. Latest technological trends have been an affluent source for these expansions. Artificial Intelligence is one of the recent technological developments which has been pursued by various industries such as education, automotive, construction, etc. Artificial Intelligence has helped our society grow in numerous ways such as daily chores, agriculture, education, etc.
There are few job types which are dangerous, repetitive and dull which can be done by the robots. Such robots who can perform these tasks are known as service robots. Service robots are categorized according to personal or professional use. They have many forms and structures as well as application areas.
The applications of service robots and the latest technological developments used to modify them is booming in the global market. Service robots are not a monotonous technology as there are various applications available in the market. Different vertical has different set of functions and requirements, thus, the latest technological developments in these verticals are expected to fuel the market for global service robots.
Moreover, growing application of service robots in end use market is expected to drive the global service robotics market. In spite of making sustainable progress, service robots suffer a potential threat of having technical errors and high initial R&D expenditure. This might hinder the overall market for service robotics at a global level.
On the basis of regional analysis, the Global Service Robotics Market is classified into North America, Europe, Asia Pacific and Rest of the world. The service robotics market in the Asia Pacific region is projected to grow at the highest CAGR over the forecast period owing to growing demand from emerging economies i.e. China and India.
The major players in the market are Northrop Grumman Corporation, Kuka AG, Irobot Corporation, Kongsberg Maritime, DJI, Intuitive Surgical, Inc., Parrot SA, Geckosystems Intl. Corp., and Honda Motor Co., Ltd. Apart from these, some of the other prominent players include Adept Technology, Inc., Bluefin Robotics, ECA Group and Aethon Inc. among others.
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