Global Service Robotics Market Reports give a Key study on the industry status of the Service Robotics Industry Manufacturer with the specific statistics, meaning, definition, SWOT Analysis, expert opinion, and recent development across the globe. The research report also covers the Market Size, Price, Sales, Revenue, Market share, Gross Margin, growth rate, and cost structure. The report aims to give an additional sample of the latest scenario, economic slowdown, and Covid-19 impact on overall Industry.
The Global Service Robotics Market Size Was Valued At USD 16.95 Billion In 2021. The Market Is Projected To Grow From USD 19.52 Billion In 2022 To USD 57.35 Billion By 2029, Exhibiting A CAGR Of 16.6% During The Forecast Period.
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The COVID-19 pandemic has been shocking and has never happened before. As a result, the demand for service robots is lower than expected in all areas compared to before the pandemic. According to the research we did, the average drop in the global market from 2019 to 2020 was 14.6%.
Service robots are machines that do useful things for people to help them. Most of them can be put into two groups: work robots and play robots. They can also be split into two groups based on how they are used: in homes and in factories.
In the domestic segment, all of the robots that are used for personal and indoor tasks are put together. Two things that are making domestic robots more popular around the world are the use of Internet of Things (IoT) devices in homes and the release of more accurate and less expensive robots for home use. In the industrial/commercial segment, they talk about the tools that factories use to do factory-related work. Efforts to automate industrial facilities and cut down on labour costs by reducing the amount of human involvement in industrial operations are driving the market for industrial service robots.
Competitive Landscape and Global Market Share Analysis:
Ricoh (Japan), Honda Motor Co., Ltd. (Japan), iRobot Corporation (U.S.), KUKA AG (Germany), Intuitive Surgical (U.S.), Daifuku Co., Ltd. (Japan), SoftBank Robotics Group Corp. (Japan), Aethon (U.S.), Boston Dynamics (U.S.), Lely (Netherland), Fetch Robotics, Inc. (U.S.), GreyOrange (U.S.), Geekplus Technology Co., Ltd. (China), Youibot Robotics Co., Ltd. (China), Sirius Robotics (Portugal), Others
Market Segmentation:
By Type:
- Professional
- Personal
- Others
By Application:
- Domestic
- Other
The report on the Service Robotics market covers the following region (country) analysis:
- North America (U.S., Canada)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Southeast Asia, Rest of Asia Pacific)
- South America (Mexico, Brazil, Argentina, Columbia, Rest of South America)
- Middle East & Africa (GCC, Egypt, Nigeria, South Africa, Rest of Middle East and Africa)
Regional Insights:
Asia-Pacific is expected to grow a lot because technology is getting better and more factories in all parts of the region are becoming more and more automated. The big and important economies of Japan, China, and India drive the Asia-Pacific market. Industrial automation is also driven by two of the biggest growth drivers: good government policies in the manufacturing industry and a greater focus on economic diversification in emerging countries. Because of this, there is more demand for this type of robotics. The best sign that the market will grow a lot in the region over the next few years is that the number of robots on the market is growing.
China is expected to grow a lot, and over the period of the forecast, its CAGR is expected to be the highest. The country is at the top of the market because it has invested a lot of money in its manufacturing sectors. China is a hub for manufacturing because it has low costs for manufacturing, labour, and raw materials. Because of this, suppliers think they can make a lot of money by making a lot of electronic products and selling them in other parts of the region. But domestic manufacturers who sell to local customers have a very weak position on the market, even though they have a sustainable and profitable manufacturing model that has helped them build a large manufacturing cluster in the market of the country.
For example, by the end of 2017, local manufacturers’ share of the Chinese market had dropped from 31% in 2016 to almost 25%. The fact that global giants are making more of their products in China is the main reason why local vendors aren’t doing well on the market in that area. In 2020, ABB Ltd. decided that by the end of 2020, they would have built a factory.
Europe had the second largest share of the world market, after Asia-Pacific. This was mostly because a lot of countries in Europe wanted robots for work and for personal use. The International Federation of Robotics says that the most service robots are made in Europe. This is because they are being used more and more in fields like medicine, logistics, retail, and defence. Also, the U.K., Italy, France, and Germany are expected to grow a lot during the forecast period, which will make more people use service robots in the region.
Many of the biggest manufacturers in the world are based in North America, so it has a good share of the market as well. Even though ABB Ltd., FANUC, KUKA AG, and Yaskawa are the top four automation solution providers, their home markets are not in North America. However, their high level of technological innovation means that their products are in high demand in North America, which is pushing these companies to work more efficiently across the region. The work that these companies do to make technology better also helps North America grow. They do this by putting a lot of money into important things like research and development, strategic partnerships, acquisitions, collaborations, and joint ventures.
Following are the major TOC of the Service Robotics Market:
Chapter 1: Service Robotics Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Global Service Robotics Market Competition by Manufacturers
Chapter 4: Global Production, Profits (Value) by Region
Chapter 5: Global Supply (Production), Import, Export, Consumption, by Regions
Chapter 6: Global Price Trend by Type, Revenue (Value), Production
Chapter 7: Manufacturing Cost Analysis
Chapter 8: Global Market Analysis by Application
Chapter 9: Industrial Chain and Downstream Buyers, Sourcing Strategy
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Global Service Robotics Market Forecast
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Key Reasons to Purchase Service Robotics Market report:
The report provides a thorough examination of the manufacturing methods, as well as ideas to reduce development risk, major market growth challenges and strategic inputs to overcome the market threats.
In-depth market analysis and an overview of the global Service Robotics Market trend and commercial landscape are included in the report. In addition, the report discusses the effect of COVID-19 on the market.
Reader can acquire a better interpretation of the Service Robotics Market forecast’s future view and opportunities from the report.
The report contains an analysis of recent developments as well as profiles of important market leaders and key players.
To gain an understanding of the market strategies by the leading market players in the Service Robotics
The report analyses the most important driving and restraining factors in the industry, as well as their impact on global market growth.
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