As per comprehensive research carried out at Market Research Future Reports (MRFR), the global service robotics market is anticipated to value approximately USD 20 billion, prospering at a CAGR of 15% during the assessment period from 2016 to 2022. The growing demand for technological advancement and the high demand for automation is estimated to be the most considerable factor affecting the global service robotics market 2020. Besides, various organizations face challenges in finding skilled labours which are where robotics gains importance. Moreover, the increasing investment in R&D, along with the increasing concern of human safety, has propelled the market. In addition, advancement in IoT, computer-aided systems, and engineering technologies play a major role in market expansion. However, lack of awareness and dearth of investment for several companies is likely to be a factor of impediment.
On the other hand, the market dynamics are estimated to be affected significantly due to the outbreak of COVID-19. The daily operations in various regions were put to a halt which immensely affected the manufacturing cycle of the product. We will provide COVID-19 impact analysis report.
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The global service robotics market can be classified on the basis of end-user, type, and region.
On the grounds of end-user, the global service robotics market can be classified into automotive, agriculture, transportation, supply and logistics, healthcare, security, construction, media & entertainment, defence, and others.
On the grounds of the type, the global service robotics market can be classified into domestic and professional.
On the grounds of the region, the global service robotics market can be classified into the Asia Pacific, North America, Europe and Rest of the World (RoW).
The comprehensive analysis of Asia Pacific, North America, Europe and Rest of the World has been carried out. The market is estimated to grow significantly during the forecast period. As per the study by MRFR, the worldwide market is predicted to be dominated by North America. The second position is estimated to be dominated by Europe. The report also reveals that the APAC region is estimated to be the fastest-growing region during the review period.
The growing usage of robots in healthcare vertical is speculated to be a crucial factor of market growth in North America. Moreover, the rising adoption of surgical robots by hospitals in the region. In addition, the rising investment is likely to augment the market in the region. Besides, the region is technically advanced, which makes it easier to implement robotics technology. Among all nations in North America, the U.S. is estimated to make the most significant demand. The research shows that North America and Europe are estimated to show the same growth during the forecast period. Talking about the APAC region, owing to the technological evolution in the region, the market is estimated to grow significantly. Besides, the presence of developing countries like India, Japan, and China are projected to make significant expansion during the forecast period.
However, the market mechanism has been affected significantly because of the outbreak of coronavirus. Several regions halted their daily operations owing to the observation of worldwide lockdown. The lockdown severely impacted production and sales.
The notable market competitors of the global service robotics market are Samsung Electronics Co., Ltd. (South Korea), Honda Motor Co. Ltd. (Japan), GeckoSystems Intl. Corp. (U.S.), Adept Technology, Inc. (U.S.), iRobot Corporation (U.S.), KUKA AG (Germany), Kongsberg Maritime AS (Norway), Intuitive Surgical, Inc. (U.S.), DJI (China), Parrot SA (France), Fujitsu Frontech Limited (Japan), Grumman Corporation (U.S.), L.G. Electronics Inc. (South Korea), and a few others.