Service Robotics Market expected to be worth $103.3 billion by 2026

(IT-NEWSWIRE.COM, August 24, 2021 ) According to a research report "Service Robotics Market with COVID-19 Impact Analysis, by Environment, Type (Professional, Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Education, Personal), and Geography - Global Forecast to 2026" published by MarketsandMarkets, the service robotics market is projected to grow from USD 36.2 billion in 2021 and is projected to reach USD 103.3 billion by 2026; it is expected to grow at a CAGR of 23.3% from 2021 to 2026. The growing adoption of robots for new applications providing high returns on investment coupled with rising use of IoT in robots for cost-effective predictive maintenance is the key factors driving the service robotics market. In addition to this, in the wake of the COVID-19 pandemic, there is an increasing need to reduce hospital-acquired infections to regularly, which has fueled the need for adoption of robots for the purpose of disinfection and sanitation.

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“Hardware component of service robots is expected to have a larger share of the market compared to software component in 2021”

The hardware component will dominate the service robotics market in 2021. This can be attributed to the innovative designs needed on the hardware side. Sensors and control units on both domestic and commercial type service robots remain expensive. Operating costs for drones are often high because the batteries have to be frequently replaced if the drones are flown on a frequent basis. Batteries often contribute to a major portion to the running costs of a drone, especially when used for commercial applications. Exoskeletons remain very expensive for personal use unless some coverage is provided by the insurance. Even pool cleaning robots remain expensive today for majority of urban households. Although hardware component will have the larger share of the market, it is expected to decrease over time due to economies of scale.

“Market for domestic application is projected to grow at a significant CAGR during the forecast period”

Over time, the application of domestic robots has expanded in areas such as pools and lawns. New use cases, such as robotic kitchens and robotic laundry, are now being explored. The domestic application includes sub-applications such as floor cleaning, lawn mowing, and pool cleaning. Although these robots were expensive when initially introduced to the market, they are becoming more affordable now due to increased adoption and economies of scale in manufacturing. Also, increasing ageing population and less willingness of the working population to perform household chores is driving the growth of the market for domestic applications. Countries such as China and Japan are expected to be the two major countries fuelling market growth for use of service robots in domestic application.

“Ground service robots to dominate the market in 2021”

The ground service robots are expected to account for the largest market share in 2021. Ground robots are used for a wide range of applications such as surgeries, cleaning, and elderly care and communication through telepresence and assistance. Due to increase in nuclear families and world population, the demand for household robots for cleaning, education, elderly assistance, entertainment, and hobby purposes has increased. According to the World Economic Forum 2018, “The world needs to build 2 billion new homes over the next 80 years.” Also, the increase in the aging population worldwide has increased the demand for assistive robots, particularly in countries such as China and Japan, and affordable prices are driving the market for vacuuming robots.

“North America to hold the largest share of service robotics market throughout forecast period”

North America is expected to account for the largest share of the service robotics market during the forecast period. The factors driving the service robotics market in the US include the high per capita income, ongoing research programs, increasing aging population, and shortage of labor due to stringent immigration laws. According to the Organization for Economic Co-operation and Development (OECD), the US has the highest average household net adjusted disposable income per capita among its 40 member countries. Due to this, the demand for costly robots used for surgeries is also expected to surge. Also, the wages in the US are high and have been increasing over the years. According to the Federation of American Scientists, wages in the US increased from USD 38.44 to USD 52.88 (a 37.6% increase) over the 39 years between 1979 and 2018. Therefore, it is estimated that demand for service robots would increase significantly in the US, especially for domestic applications. Mexico is still a developing country, and many service robots have not penetrated Mexico due to their high cost. Mexico can offer a good opportunity for service robots owing to a strong agriculture industry and various free trade agreements signed by the country.

Key players in the service robotics market include iRobot (US), SoftBank Robotics Group (Japan), Intuitive Surgical (US), DeLaval (US), Daifuku (Japan), CYBERDYNE (Japan), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman (US). Apart from these, Exyn Technologies (US), XAG (China), AMP Robotics (US), UVD Robots (Denmark), Diligent (US), HARVEST CROO (US), Starship Technologies (US) are among a few emerging companies in the service robotics market.

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Service Robotics Market expected to be worth $103.3 billion by 2026