Domestic Application to Make Significant Impact in the Adoption of Service Robots Market

Fri, 04 December 2020 6:15

Service robots refer to robots designed to assist humans and perform useful work except for manufacturing and industrial automation applications. Service robots are primarily designed to operate in fully automatic or semi-automatic modes and perform various tedious tasks, thereby offering safety and high efficiency in various applications. Additionally, it also reduces work pressure and enhances productivity.

The global service robot market is an emerging market and is presumed to grow during the forecast period. The global robotic refueling market was valued at USD 35.5 billion in 2019 and is presumed to grow at a CAGR of 21.3% during the forecast period. The growth is attributed to the growing adoption of new applications for high ROI. Furthermore, the rising use of IoT in robots for cost-effective solutions and increasing investment in robot research propels the market growth. However, growing concern over data privacy and regulations hinder market growth.

Additionally, post-COVID-19 is anticipated to boost service robots' demand because of increasing adoption for various applications such as; cleaning of hotels, airports, serving patients in hospitals, and security check, among others.

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Key Highlights

  • By type, personal and domestic robots hold higher CAGR and are anticipated to witness growth during the forecast period on account of its wider application.
  • By environment, ground robots hold higher CAGR and are presumed to grow during the forecast period. The growth is attributed to broad application in commercial applications.
  • By component, the hardware segment holds a dominant position. It is expected to witness growth during the forecast period based on a surge in innovative design required on the hardware side.
  • By application, domestic application holds a higher CAGR. It is presumed to grow during the forecast period on account of a decline in the cost of robots due to the availability of low-cost sensors.
  • By region, North America holds the largest market share and is anticipated to witness growth based on significant vendors offering service robots.
  • Asia-Pacific is the fastest-growing region in service robots on account of increasing investment in developing economies such as China, Japan, and India.

Service Robots Market: Segmentation

By Type

  • Professional
  • Personal & Domestic

 By Environment

  • Aerial
  • Ground
  • Marine

By Component

  • Hardware
  • Software

By Application

  • Domestic
  • Medical
  • Field
  • Defense, Rescue, and Security Entertainment,
  • Educational, and Personal
  • Public Relations
  • Inspection and Maintenance
  • Logistics
  • Construction and Demolition
  • Marine

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

Central and South America and the Caribbean

  • Colombia
  • Brazil
  • Chile
  • Peru
  • Argentina
  • The Rest of Central and South America and the Caribbean

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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