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According to a new report by EMR titled, ‘Global Service Robotics Market Report and Forecast 2021-2026’ the market is being supported by the growing sales of service robots, which reached a value of about USD 20.4 billion in 2020. The sales value is further expected to grow at a CAGR 23% between 2021 and 2026 to reach USD 71 billion by 2026.
The global service robotics industry is witnessing a significant growth owing to the rising applications of service robots in the healthcare industry. The market is further being aided by the growing investments and innovations by the key market players. The safety and efficiency provided by the product is one of the major factors propelling the market growth.
The Asia Pacific accounts for a significant share in the global service robotics industry. Japan is one of the major Asian countries that provides efficient robotics solutions. North America is another significant market for the product and is expected to witness a considerable growth in the forecast period. The market in the region is bolstered by the rising applications of the product for personal and professional use.
Omron Corporation (TYO: 6645), Intuitive Surgical Inc (NASDAQ: ISRG), and KUKA AG (ETR: KU2) are some of the key market players. In India, NIT Jalandhar has recently developed a service robot for use in hospitals and security agencies. The robot is less expensive as compared to that of other countries and is likely to cost between 2 to Rs. 2.5 lakh after mass production. Such developments are expected to aid the industry in the forecast period.
Market Analysis by Product Type, Component, Application, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global service robotics market are Omron Corporation, Daifuku Co., Ltd., Dematic Holding S.à r.l., Intuitive Surgical Surgical, Inc., Kollmorgen Corporation, and KUKA AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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