The global service robotics market size is anticipated to reach $54.4bn by 2026 growing at a CAGR of 17.3% from 2018 to 2026 according to a new report published by Polaris Market Research. The report provides insights on the current market scenario and the future prospects.
In 2017, the hardware segment dominated the global service robotics industry, in terms of revenue. Europe was to be the leading contributor to the global market revenue in 2017.
There has been an increase in the demand of service robotics solutions across the world owing to greater need for automation of services. With the increasing use of collaborative robots in service applications, the overall demand for robotics has increased drastically over the years.
The rising applications of drones, unmanned ground vehicles, unmanned surface vehicles, autonomous underwater vehicles, unmanned aerial vehicles in the military sector, use of delivery robots, personal assistance robots, inventory management bots in the healthcare & logistics sector coupled with reduction of hardware costs for the manufacturing of service robots are some stimulating factors for the global service robotics industry.
Technological advancements in vision software and assistive robots for patient care have further led to the development of innovative products to cater to the customized requirements and diversified applications of service robots in the healthcare industry. Growth of wireless technologies, smartphone adoption, rising trend of cloud computing, strong and stable economic growth in the growing economies, and untargeted potential markets provide lucrative opportunities for the market players in the market.
The advent of new technologies has led to the development of efficient and advanced medical robots for providing customized solutions. Consumer robots compatible with iPad/PC are developed for autistic children, which enable therapists and parents to guide them through their activities. Surgeons are able to perform operations from remote locations, allowing them to provide diagnosis through an interactive moving robot with the adoption of latest telesurgery and telepresence technologies. The da Vinci Surgical System, a surgical robot developed by Intuitive Surgical, Inc., holds a major share in the robotic surgery market.
Surgical robots are specifically designed to perform surgeries or assist surgeons during operation procedures. It is a significant revenue-generating category in the healthcare segment owing to its high precision. Companies have formed alliances to offer diversified solutions in this segment.
For instance, Verily Life Sciences LLC, a company by Alphabet Inc., has partnered with Johnson & Johnson’s Ethicon to manufacture surgical robots under jointly incorporated Verb Surgical, Inc. Another company, TransEnterix, Inc. recently launched the Surgibot Surgical System, which is capable of performing surgeries by creating only one incision for multiple instruments.
Europe generated the highest revenue in the service robotics industry in 2017. Growing demand for automation, technological advancements, and increasing labor costs encourage companies to invest in service robotics. Vendors in the service robotics industry deliver customized solutions for self-driving vehicles, surgical technologies, entertainment, and agriculture to cater to a wider audience.
Government initiatives such as launch of civilian research and innovation program in robotics in 2014 and incorporation of SPARC Robotics, a joint platform for robotics companies in Europe, help to drive the market growth in Europe. In addition, under the platform of Innovation Union, a Europe 2020 flagship initiative is formed to maximize Europe’s global competitiveness.