NEW YORK, Jan. 20, 2020 /PRNewswire/ --
The global commercial service robot market is expected to grow at a CAGR of over 14% during the period 2019–2025.
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The global commercial service robot market is undergoing several transformations. The demand and utilization of commercial service robots are increasing on account of rapid urbanization, rising living standards, and high applications in military, agricultural, and commercial end-user segments. Over the past few decades, the market has witnessed the introduction of disruptive technology, along with hardware integration. Hence, the increasing emphasis on research and development, coupled with the adoption of smart techniques and automation, has expanded the scope of the robotics industry.
Continuous innovations and R&D are expected to unfold several opportunities for vendors. Vendors are focusing on promoting their products via online channels to gather maximum customer coverage. The continuous focus on research and development has pushed the global commercial service robot market to develop innovative, automated products catering to the healthcare sector. The high success rate of robotic surgeries has driven vendors to develop automated surgery solutions, thereby increasing the demand for service robots.
The following factors are likely to contribute to the growth of the commercial service robot market during the forecast period:
• Increasing Use of Robots in Education, Research, Defense and Security Sectors
• Growing Demand for Robotic Equipment in Military and Commercial Applications
• Persistent Innovations in the Service Robots Sector
The study considers the present scenario of the commercial service robot market and its market dynamics for the period 2019?2025. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Commercial Service Robot Market: Segmentation
This research report includes detailed segmentation by application, distribution, operation, and geography. The healthcare segment has witnessed significant growth in the past years. It is likely to continue during the forecast period due to the growing number of surgical robot addictions and the increasing demand for rehabilitation robots. Their services in hospitals help to minimize errors and follow prescribed regulations. Another key factor, which is likely to drive the segment, is the increased investment in healthcare automation. The increase in efficiency and productivity is a major factor in the adoption of robots in the logistics sector. The primary application is the use of mobile automated guided vehicles (AGVs) in warehouses and storage facilities to transport goods. Companies, nowadays, are emphasizing on the usage of smart and automated warehouse handling methods. Hence, major firms are focusing on these machines to boost factory and warehouse logistics. Agricultural robots have witnessed an increase in managing several agricultural processes effectively. The emergence of greater farmland in APAC is a significant driver for the growth of this segment.
Surface robots are observing high adoption in the operational segment. The segment is likely to witness innovations in the coming years, which is expected to push the demand across the globe. Further, the growing emphasis on adopting these devices in the entertainment and education sector is projected to propel the market worldwide. Aerial robots are heading toward significant growth as they can be used for searching, surveillance, mapping, and inspection and maintenance services and tasks inspection, etc. The growing investment in sophisticated equipment is likely to provide numerous opportunities to vendors, thereby accelerating growth prospects.
Commercial service robots are prominently sold through dealer distribution channels and retail stores. Well established retail channels have promoted the sale through indirect channels such as government agencies and distributors. In 2018, the indirect sales channel segment was the largest revenue contributor to the global commercial service robot market. The direct sales segment is facing intense competition from the retail segment. The online segment is witnessing high traction from the US and other APAC countries, particularly China and India.
Market Segmentation by Distribution
• Indirect Sales
o Government Dealers
• Direct Sales
o Mass Market Players
o Electronic Stores
Market Segmentation by Application
• Defense, Rescue, and Security
Market Segmentation by Operation
Insights by Geography
North America has been at the forefront of technological advancement and development. The region, which comprises the US and Canada, is expected to witness a stable growth rate in the next few years. The US is a key country with regard to the demand for commercial service robots. Considering the tech-savvy population and the highly embracing culture of technological advancements in the country, the demand can be expected to rise significantly in the times to come. In APAC, the increasing adoption of these automated machines is growing at a rapid pace due to the increasing infrastructure development, leading to the establishment of advanced commercial spaces. The major reason for the growth in Europe is due to the high adoption in new commercial sectors. In MEA, the major reason for the increase in demand is the continuous focus on compatible infrastructure development, leading to the development of advanced commercial spaces.
Market Segmentation by Geography
• North America
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
Insights by Vendors
The global commercial service robot market is currently witnessing intense competition. The rapidly changing market dynamics concerning product innovation and advancement is acting as a catalyst to intensify the competition among existing players. Consumers have several choices with respect to product availability. The present scenario is driving vendors to alter and redefine their unique value proposition to achieve a strong presence. The market showcases flexible behavior in terms of the adoption of new innovative products. The competition is expected to intensify further with an increase in product/service extensions, innovations, and M&As.
• Northrop Grumman Corporation
• KUKA AG
• Kongsberg Maritime
• GeckoSystems Intl. Corp
• Honda Motor Co. Ltd.
• Omron Robots and Safety Systems Inc.
• Bluefin Robotics Corp.
• ECA Group
• Aethon Inc.
• Delaval International
• Lely Holding
• Yaskawa Motoman
• Fanuc Corp.
• Panasonic Corp.
• Nachi Robotic System
• Robosoft System
• Fetch Robotics
• THINK Surgical Inc.
• Restoration Robotics Inc.
Key Market Insights
The analysis of the commercial service robot market provides sizing and growth opportunities for the period 2019–2025.
• Offers market sizing and growth prospects of the commercial service robot market for the forecast period.
• Provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market.
• Includes a detailed analysis of growth drivers, challenges, and investment opportunities.
• Delivers a complete overview of segments and the regional outlook of the commercial service robot market.
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain competitive advantage.
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