Service robotics market to rocket
Expect the global service robotics market to rocket says a new report.
New figures suggest it will hit USD43.780bn by the end of 2026, rising at a CAGR of 19.0 % between 2021 and 2026. This year it's likely to hit USD12.790bn.
Service robots are built to assist humans and perform ‘useful’ tasks. They are either semi, or completely automatic, and are designed to perform repetitive and dangerous tasks and provide improved productivity.
The report says that the introduction of service robots provide industrial customers with a high ROI, primarily due to the reduction in labour costs. This is one of the key reasons for the increase in service robotics market size.
Another key driver is the increase in the funding for research is expected to increase the demand for service robots.
Whilst these robots were highly-priced when first introduced to the market, they are now becoming more affordable due to increased adoption and manufacturing economies of scale. This reduction in cost and affordable pricing will increase the service robotics market size.
Personal and domestic robots include vacuum robots, lawnmowers, pool cleaning robots, window cleaning robots, duct cleaning robots, exoskeletons, toy robots, educational robots, assistive robots and elderly care robots. These are expected to grow at a fast pace in the service robots market.
Because of their growing adoption in the healthcare, security and field industries, professional service robots have a higher market share compared to personal service robots.
Demand from the healthcare sector for rehabilitation, growing hospital adoption of surgical robots in the area, a favourable funding scenario for assistive technology research and the availability of technologically advanced service robots, are some of the main factors driving growth in the North American service robotics market.
Asia Pacific has the second-highest share and is expected to rise at the fastest CAGR until 2026. It is largely due to industrial-sector research and development and increased government investments in automation, robotics, artificial intelligence and other developments. China, Japan, South Korea, and India are anticipated to be the main reason for this region's growth rate.
The report was published by Market Research Reports.