Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, the global professional service robots market size was valued at USD 12.3 billion in 2019 and is expected to expand at a revenue based Compound Annual Growth Rate (CAGR) of 41.0% from 2020 to 2027.
The globalprofessional service robots marketsize is expected to reach USD 182.0 billion by 2027, registering revenue based CAGR of 41.0% over the forecast period, according to a new report by Grand View Research, Inc. Increase in demands from logistics, manufacturing and healthcare sectors is one of the most important factors, causing the rise in market growth rate. Profession service robots are bound to be common occurrence on manufacturing sites like assembly lines and construction sites among others. The market is expected to have a strong growth not only in the high-risk industry sectors but also in lifestyle and healthcare applications.
With rising geopolitical tensions among countries, military expenditure has seen a big jump all over the world. This has led to higher procurement of armaments and greater stress on R&D. Robots are deployed in combat scenarios to gain tactical advantages over the enemy. They also help minimize the involvement of soldiers and reduce the number of victims in military actions. Unmanned ground vehicles (UGV) is the most used robot in defense and military applications. UGV is capable of operating outdoors, over a wide variety of terrain, and in high risk areas. Unmanned robots are actively being developed for both military and civilian use to perform complex and hazardous activities.
Another area of rising interest is Mobile Service Robot, as much research has gone into it. Due to advanced sensors and processes applied in robots, it is gaining recognition all over. It is gaining prominence, as it is able to help humans by performing complex assistance tasks with autonomous navigation. Sophisticated user interfaces have been developed, which consider the entire range of communication channels. As a result, there has been a rapid growth of mobile service robots in inspection and maintenance applications.
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Nowadays, these robots have made their mark in several fields such as:
- Logistics
- Healthcare
- Military & Defense
- Inspection & Maintenance
- Customer Service
- Field Robots
- Others
COVID-19 Effect:
With the rising spread of contagion world over, demand for professional service robots in healthcare has seen a massive jump as it helps humans ensure social distancing while taking care of the patients. Also, as the manufacturing activities are restarting in several countries, demand from them is expected to see an uptick as well.
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Further key findings from the report suggest:
- Logistics automation has gained traction in recent years and the growth of the industry is presumed to open numerous opportunities for the robot vendors
- The demand for robots in the healthcare industry is expected to see an upward trend owing to the recent pandemic situation
- The customer service robots are expected to find its primary application in the retail industry in assisting and guiding the customer around a store
- Asia Pacific is expected to lead the market growth over the forecast period, with China playing a crucial role in the development of the regional market
Major Market Players:
- Daif*cku Co. Ltd.
- Northrop Grumman Corporation
- iRobot Corporation
- Kuka AG
- Robert Bosch GmbH
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Some Recent Market Developments
- In 2019, Amazon announces new amazon robotics innovation hub and plans to create 200 tech and advanced manufacturing jobs in Massachusetts. Opening in 2021, the company plans to invest more than $40 million in the new site to allow Amazon Robotics to continue to grow its engineering, manufacturing, support and test teams in the state. The new 350,000 square feet facility, developed by Atlantic Management of Framingham, MA, will feature corporate offices, research and development labs, and manufacturing space and will be in addition to Amazon Robotics’ current site in North Reading — together serving as the company’s epicenter of robotics innovation. This investment will be essential for the growth of professional service robotics market in USA.
- In April 2020, Blue Ocean shipped 2000 units of healthcare specific tailor-made mobile robot, designed for disinfecting the wards and enable healthcare workers fight COVID-19. This highlights the boost in demand received by the professional service robot market due to the pandemic.
- In 2019, iRobot announced the acquisition of Root Robotics, in order to support iRobot’s plans to diversify its educational robot product offerings, further demonstrating its commitment to make robotic technology more accessible to educators, students and parents. This gives a push to the usage and demand of professional service robotics in education sector as well.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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