Global Service Robotics Market to Reach $110.4 Billion by 2026
A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Service Robotics - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.To get more news about
GRS, you can visit glprobotics.com official website.
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Robots have become the mainstream technology in the manufacturing industry owing to their immense advantages in terms of cost, productivity, defective products and efficiency. Ongoing progress in robotics technology is expected to pave way for huge adoption of robots in the service industry. Driven by the advancements, service robotics market has transformed significantly and is now able to perform varied tasks ranging from highly complex surgeries to unmanning defense vehicles. While advanced technology is enabling robots to perform diverse tasks, latest concepts like biometric recognition, 5G and artificial intelligence are facilitating virtualization of service robots. Professional service robots are increasingly being commercialized, owing to their usefulness in specific purposes and clearly defined business objectives that can be realized with modest R&D efforts. Domestic or personal use robots are likely to be mass-produced, given their valuable ability to relive time stressed home owners/makers from everyday household chores like home vacuuming and floor cleaning.
Amid the COVID-19 crisis, the global market for Service Robotics estimated at US$45.5 Billion in the year 2022, is projected to reach a revised size of US$110.4 Billion by 2026, growing at a CAGR of 21.2% over the analysis period. Hardware, one of the segments analyzed in the report, is projected to record 20.7% CAGR and reach US$95.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the SOFTWARE segment is readjusted to a revised 22.8% CAGR for the next 7-year period. While the industrial robotics sector experienced an adverse impact due to tight cashflow amid a tough business climate in downstream industries, the service robotics sector witnessed strong pandemic induced demand in logistics and healthcare applications. Important growth areas for robots amid the pandemic include healthcare and public spaces for decontamination services and delivery services. In hospitals, physicians and nurses are making use of robots to interact with patients while maintain a social distance. The pressing need to protect humans or medical staff from unnecessary exposure to the virus while dealing with patients has established service robots as an effective resource in the COVID-19 fight. These robots are particularly useful during treatments, therapies and preventive actions. The need is prompting researchers and various companies to develop advanced service robots powered by emerging technologies such as artificial intelligence and the cloud to deal with catastrophic events like the COVID-19 pandemic.
The Service Robotics market in the U.S. is estimated at US$16.8 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.5 Billion by the year 2026 trailing a CAGR of 27.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 18.1% and 19.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 20.1% CAGR. In the US, rapid increase in capabilities and fast-paced adoption of automation in various industries is fueling demand for service robots in the defense and healthcare sectors. The presence of several leading vendors of service robots is enabling large-scale production of service robots in the region. In Asia-Pacific region, growth is being supported by rising demand for service robots in household, defense, security and rescue, and medical applications. The region also represents a strong market for domestic and entertainment robots.
