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The service robotics market is projected to grow from USD 36.2 billion in 2021 and is projected to reach USD 103.3 billion by 2026; it is expected to grow at a CAGR of 23.3% from 2021 to 2026

·6-min read

The factors such as growing adoption of robots for new applications providing high returns on investment and increased funding for research on robots coupled with rising insurance coverage for medical exoskeletons and robotic surgeries as well as an increasing need to reduce hospital-acquired infections to regularly, by means of adoption of robots are driving the growth of the service robotics market.

New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Service Robotics Market with COVID-19 Impact Analysis, by Environment, Type, Component, Application And Geography - Global Forecast to 2026" - https://www.reportlinker.com/p03858922/?utm_source=GNW
However, concerns associated with data privacy and regulations is the key factor limiting the growth of the service robotics market.

Market for Research and Space Exploration application is expected to grow at the highest CAGR during the forecast period.
The market for research & space exploration is expected to grow at the second-highest CAGR during the forecast period.The adoption of robots for the space exploration application is driven by several factors, including the growing need for servicing existing geostationary satellites and debris removal, increasing number of technological advancements in autonomous systems, and the rising demand for on-orbit manufacturing and assembly in the International Space Station (ISS) from government agencies and commercial entities.

The demand for resupply and refueling missions for the International Space Station (ISS) and on-orbit satellite manufacturing is also driving the market.The growth of this application is accelerated by government funding.

For instance, in 2020, the US government provided USD 22.6 billion to NASA. In 2019, the European Space Agency received funding of USD 15.9 billion from its 22 member states. North America is expected to witness significant demand for space exploration robots. This can be attributed to the high demand for robotic space activities from prominent organizations, such as NASA and the Department of Defense, due to the increasing reliance on space assets and for enabling safety in space operations. Robots are also used to aid astronauts in lifting and handling heavy and large objects in space.

Market for professional robots to hold a larger share than that of Personal and Domestic robots during the forecast period
The professional service robots are expected to hold a larger market share during the forecast period.Professional service robots are high-tech, sophisticated, and expensive service robots that are increasingly being deployed in factories, hospitals, public buildings, and hazardous environments.

The service robots used for professional applications include drones, automated guided vehicles (AGVs), agricultural robots, inspection robots, humanoid robots, exoskeletons, construction robots, robotic kitchens, laundry robots, unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), inspection robots, telepresence robots, surgical robots, and cleaning robots.AGVs are generally used in warehouses for handling and transporting materials.

Due to wide-scale adaptability there is a growing demand for them.

Propulsion systems to hold a significant share of the market for hardware during the forecast period
The propulsion systems are expected to hold a significant chunk of market for hardware during the forecast period.For any type of service robot – whether it be ground-, aerial-, or marine-based, propulsion systems are often the most expensive components, as they need to be robust and require a greater degree of precision and quality control during manufacturing.

This includes all the different motors and actuators that drive these vehicles. Hence, propulsion systems are expected to contribute the largest to the hardware market compared to the rest of the components.

Europe to hold a significant share of the service robotics market during the forecast period
Europe is expected to hold a significantly large share for service robotics market during the forecast period.In Europe, the growth of the automotive, healthcare and electronics industries in Europe will lead to the growth of the service robotics market in the region.

Most of the countries in Europe are developed, have a high per capita income, and can afford the high cost of certain service robots.France and the UK have a strong research base supporting the service robotics market.

Due to the aging population in Germany, France, and the UK, the governments are focusing on the development of assistive robots for elderly care.The shortage of labor in Europe is the driving factor for domestic robots.

Additionally, European countries have been actively adopting robots to fight COVID-19. The European Commission has launched the AI-ROBOTICS vs. COVID-19 initiative to develop ideas for the deployment of artificial intelligence (AI) and robotics solutions, as well as information on other initiatives that could help face the ongoing COVID-19 crisis.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the service robotics market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
• By Designation: C-level Executives – 40%, Directors – 40%, and Others – 20%
• By Region: North America –40%, APAC– 30%, Europe – 20%, and RoW – 10%
The report profiles key players in the service robotics market with their respective market ranking analysis. Prominent players profiled in this report are iRobot (US), SoftBank Robotics Group (Japan), Intuitive Surgical (US), DeLaval (US), Daifuku (Japan), CYBERDYNE (Japan), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman (US), Exyn Technologies (US), XAG (China), AMP Robotics (US), UVD Robots (Denmark), Diligent(US), HARVEST CROO (US), Starship Technologies (US).

Research Coverage:
This research report categorizes the service robotics market on the basis of type, component, environment, application, and geography.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the service robotics market and forecasts the same till 2026 (including analysis of COVID-19 impact on the market).

Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the service robotics ecosystem.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:
1. This report segments the service robotics market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
4. The analysis of the top 25 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.
5. Patent analysis, trade data, and technological trends that will shape the market in the coming years has also been covered in this report.
Read the full report: https://www.reportlinker.com/p03858922/?utm_source=GNW

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