The global service robotics market is expected to rise with an impressive CAGR and generate the highest revenue by 2026. Fortune Business Insights™ in its latest report published this information. The report is titled “Service Robotics Market Size, Share & Industry Analysis, By Type (Personal Robots and Professional Robots), By Application (Domestic and Industrial/ Commercial) and Regional Forecast, 2019-2026”. The report discusses research objectives, research scope, methodology, timeline and challenges during the entire forecast period. It also offers an exclusive insight into various details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies.
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The report provides a 360-degree overview of the market, listing various factors restricting, propelling, and obstructing the market in the forecast duration. The report also provides additional information such as interesting insights, key industry developments, detailed segmentation of the market, list of prominent players operating in the market, and other service robotics market trends. The report is available for sale on the company website.
The International Federation of Robotics estimates that since 2000, the number of robots has grown three times from previous levels. Moreover, this uptake is fueled by the advent of even more advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML). These advancements will play a central role in boosting the Service Robotics Market demand in the forecast period.
The report contains thorough research into the overall industry outlook and provides a microscopic analysis of the various factors, trends, prospects, and other dynamics that are likely to influence the share, size, and growth of the market during the forecast period. This information will enable businesses to take important strategic decisions in a holistic manner and mark their place in this market.
List of Prominent Players:
- Kongsberg Maritime AS
- Northrop Grumman Corporation
- Lely International
- KUKA AG
- Parrot SA
- Honda Motor Co. Ltd.
- Intuitive Surgical, Inc.
- Aethon Inc.
Key Industry Developments:
- June 2019: iRobot Corporation launched its Root Coding Robot, which is an extremely easy-to-use educational robot that teaches coding in an innovative manner and provides methods to solve modern-day problems to children as young as 4 years old.
- June 2019: Honda introduced its novel 3E (Empower, Experience, Empathy) product line to advance its ideas of automation in daily life. For instance, the company launched the 3E-B18 which is a chair-type mobility machine for general outdoor and indoor uses.
“Europe to Hold Lion’s Share in the Market; Asia-Pacific to Follow Closely”
With a revenue generation of USD 3.65 billion in 2018, Europe is poised to dominate the global Service Robotics Market share during the forecast period. This will be owing to high demand for personal and professional robots in the region. Additionally, manufacturing processes in Europe are highly automated and there is a presence of well-established players in the continent as well. For example, according to the International Federation of Robotics, around 44% of the world’s manufacturers are based in Europe on account of high demand for logistics, retail, and other industries.
Asia-Pacific is anticipated to display the highest CAGR owing to increasing government investments in robotics and artificial intelligence, rising focus on R&D. Besides these, the growing demand for robotic-led automation across industries and the rapid rate of industrialization in China and India will supplement the growth of the market.
While North America is expected to have stable growth due to the widespread presence of companies in the region, Africa, Latin America, and the Middle East will experience moderate growth as a result of a low level of technological progress.
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Regional Analysis for Service Robotics Market:
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Major Table of Contents for Service Robotics Market:
- Executive Summary
- Market Dynamics
- Key Service Robotics Market Insights
- Global Market Analysis, Insights and Forecast, 2015-2026
- North America Market Analysis, Insights and Forecast, 2015-2026
- Europe Market Analysis, Insights and Forecast, 2015-2026
- Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
- The Middle East and Africa Market Analysis, Insights and Forecast, 2015-2026
- Latin America Market Analysis, Insights and Forecast, 2015-2026
- Competitive Landscape
- Global Service Robotics Market Revenue Share Analysis, By Key Players, 2020
- Company Profiles
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