Professional Service Robots Market Is Expected To Exhibit a CAGR of 24.5% during The Forecast Period (2020-2027)
The Global Professional Service Robots Market, By Application (Logistics, Customer Service, Field Robots, Military & Defense, Healthcare, Inspection & Maintenance, Construction and Demolition, Others), By Type (UAV, Unmanned Ground Based Vehicles, Demining Robots, Defense Robot, Construction Robots, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 109.91 Billion by 2027, exhibiting a CAGR of 24.5 % during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Overview
Professional service robots are a diverse group of commercial and industrial robots. These robots are either stationary or mobile and provide reduced operational cost, improved usability, accurate services, reliability, and no scope for human errors. Professional service robots find applications in various industries such as logistics, healthcare, military & defense, and construction. Professional service robots are either fully autonomous or semi-autonomous.
The global professional service robot market is estimated to account for US$ 109.9 Bn in terms of value by the end of 2027.
Market Drivers
Rising funding for R&D in robotics is expected to drive growth of the global professional service robots market during the forecast period
Since professional service robots are being used in a variety of fields, many sectors (both public and private) have started investing in robotics research and development. The primary aim is to produce more efficient and highly intelligent robotic systems. For instance, in October 2019, the U.K. government announced £34 million funding for new robot development, focused on improving safety and public trust. In December 2016, the U.S. Department of Agriculture’s National Institute of Food and Agriculture (NIFA) announced US$ 3 million in funding for robotics research, education, and application for agricultural systems. Hence, such rigorous funding in robotics R&D is expected to propel the global professional service robots market during the forecast period.
Market Opportunity
Adoption of swarm intelligence technologies in robotics can present lucrative growth opportunities in the global professional service robots market
Swarm intelligence refers to the collective behavior of a decentralized, self-organized system, which can be natural or artificial. The application of swarm principles on robotics is referred to as swarm robotics, while swarm intelligence is more a general set of algorithms. Swarm robotics is an approach to the coordination of multiple robots as a system, which is comprised of large numbers of simple physical robots. Swarm robotics have diverse applications including disaster rescue missions. This means swarm robotics can reach places where rescue workers cannot. They are also used to detect the presence of life via infra-red sensors, mining, and agricultural foraging tasks.
Market Restraints
Inaccurate results hindering use in critical operations is expected to hamper the global professional service robots market growth over the forecast period
In many cases, it has been observed that robots give inaccurate results and thus they fail to complete the designated tasks. Many industrial applications such as aeronautic manufacturing and meteorological inspection require greater accuracy. However, robotics has found to give inaccurate results due to several error sources such as active joint errors, kinematic errors, and non-kinematic errors. Such errors hinder the use of robots, which in turn, is expected to hinder the global professional service robots market growth over the forecast period.
Market Trends
- Europe Trends
Among regions, Europe is expected to witness significant growth in the global professional service robots market during the forecast period. This is owing to rising research and development activities in the field of robotics technology with several robotics laboratories. Furthermore, growing investment in robotic R&D is expected to propel the regional market growth over the forecast period.
- Asia Pacific Trends
Asia Pacific is expected to register a robust growth rate in the global professional service robots market growth over the forecast period. This is owing to rise in disposable income in emerging economies such as India and Singapore. Moreover, increasing demand for inspection robots such as autonomous underwater vehicles (AUVs) is expected to boost the Asia Pacific professional service robots market growth over the forecast period.
Competitive Section
Major companies operating in the global professional service robots market are Northrop Grumman Corporation, Boston Dynamics, Inc., Daifuku Co., Ltd., Aethon Inc., AB Electrolux, Kuka AG, iRobot Corporation, Robert Bosch GMBH, Elbit Systems Ltd., Gecko Systems International Corporation, and Yujin Robot Co., Ltd.
- Major market players are involved in product launches, in order to gain a competitive edge in the market. For instance, in January 2019, Kuka AG introduced a new generation KR QUANTEC robot, which can be used in the automotive industry and foundry sector.
- Key players are focused on product launches, in order to gain a competitive edge in the market. For instance, in August 2020, iRobot Corporation launched a new intelligent platform named iRobot Home Genius Intelligence that aims to change the way customers interact with robots.
Segmentation
Market Taxonomy:
- By Application
- Logistics
- Customer Service
- Field Robots
- Military & Defense
- Healthcare
- Inspection & Maintenance
- Construction and Demolition
- Others
- By Type
- UAV
- Unmanned Ground Based Vehicles
- Demining Robots
- Defense Robot
- Construction Robots
- Others
- By Region
- North America
- Europe
- Asia Pacific
- ROW
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