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Global Service Robotics Market to Witness a Healthy Growth During 2021-2026, Driven by the Increasing Sales of Service Robots

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:

  • On the basis of product type, the market is segmented into professional service and personal and domestic service. 
  • Based on component, the market is segmented into hardware and software.
  • On the basis of application, the market is divided into logistics, construction and demolition, medical, defence, rescue, security, others. 
  • Region-wise, the global service robotics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global service robotics market is driven by the technological advancements and innovations in the field of science and technology.
  • The improving healthcare infrastructure and the growing investments towards surgical systems are further propelling the market growth.
  • The market is further aided by the rising cost of labour and workforce employed in construction and demolition.
  • The increasing investments by the leading players to develop improved products and new technology are expected to enhance the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for service robotics for the period (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026)  markets for the product types, components, applications, and regions of service robotics.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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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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