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(IT-NEWSWIRE.COM, October 29, 2019 ) Service Robotics Market
• The International Organization for Standardization defines a ‘service robot’ as a robot that performs useful tasks for humans or equipment excluding industrial automation applications. Robots provide a great source of interaction. The market for service robotics is experiencing key changes that are driving growth. These include market readiness, technology maturity, delivered value, cost and availability, and the maturity of related technologies. Companies are increasingly looking at robotics as a mechanism to improve productivity and efficiency of their operation, improve scalability and flexibility, and address labor challenges. All these factors together drive a tremendous amount of interest in robotic technology.
Market Dynamics
• The growing demand of services robots for domestic applications, development in computer-aided systems, IoT and engineering technologies, rising demand for mobile robotic solutions across logistics and high demand from military and healthcare sectors are the key drivers for the market growth. Increasing demand for services robots in domestic appliances across various regions is one of the major driver of global service robotics market. In addition, the demand for service robotics for varied applications including entertainment, training, and individual applications will also significantly drive its demand in the forecast period.
• Demand for services robotics is increasing being used in military applicants in several countries across the world. Military laboratories around the planet are focusing on the development of compact and autonomous robots for use in welfare. In 2016, the U.S. Defense Advanced Research Projects Agency (DARPA) declared to invest nearly US$ 3 billion in the development of new military technologies, which include automated technologies and combat robot warriors.
• High capital investment, lack of awareness and scarcity of investment by the companies are the market restraints that are hampering the market growth. High capital investment required to start a robotics company and high R&D funds required by the companies in order to sustain the market. One of the most challenging activities in Robotics is innovating new designs and new applications for robots and robotic systems. New fields of applications are characterized by specific requirements that existing robot solutions may not be able to fulfill and therefore specific investigations and design activity are required.
Market Segmentation
• Based on components, the global market for service robotics is broadly segmented as sensors, actuators, control system, software, and others. Among these, software accounted for the largest market share of about 32.5%. The software architecture is based upon the Roblet-Technology, which is a powerful medium for robots. This technology introduces the possibility to develop, compile and execute an application on one workstation. Improved Natural Language Processing, integration of social cues in HRI, emotional state understanding, interaction with multiple agents, user-friendly design. Improved Natural Language Processing, integration of social cues in HRI, emotional state understanding, interaction with multiple agents, user-friendly design. The LEGO Mindstorms programme belonged to the higher quality products are offering software environments which reach well into high-tech robotics.
• On the basis of the operating environment, the global market for service robotics is broadly segmented as aerial, land and underwater. The underwater service robotics market is estimated to reach a market value of $XX million by 2026 from an initial market value of $940.51 million in 2018. The market is estimated to grow at a CAGR of 9.99% in the forecasted period 2019-2026. Underwater robots are being developed for various applications ranging from inspection to maintenance and cleaning of submerged surfaces and constructions. Underwater robots have shown significant attention through the Deepwater Horizon oil spill in 2010. These robots are capable to inspect sites which are inaccessible to humans.
• Based on type, the global market for service robotics is broadly segmented as personal application and professional application. Personal application is further classified into research robotics, domestic robotics, entertainment robotics, and others. Professional application is again divided into defense and security, field robotics, medical assisting robotics and logistics & UAV drones.
• Based on Verticals, the global market for service robotics is broadly segmented as government, logistics & transportation, agriculture & mining, healthcare, military & defenses and others.
Geographical Share
• The global service robotics market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa.
• The North America Service Robotics market is estimated to reach a market value of US$ XX million by 2026 from an initial market value of $3905.54 million in 2018. The market is estimated to grow at a CAGR of 13.42% in the forecasted period 2018-2026. Especially, The US, one of the leading military power, is taking special efforts toward modernizing their armed forces. They have already started using weapons that utilize robotics and artificial intelligence capable of performing, or even outperforming, human soldiers. The US government is spending huge on the US military. In 2017, the American military allocated approximately $4.61 billion to drone-related spending. Combat robots will rapidly become an inherent part of the US fighting forces within the next 10-15 years, as per defense experts.
• The Europe Service Robotics market is estimated to reach a market value of $XX million by 2026 from an initial market value of $2255.19 million in 2018. Europe held the second largest market share globally in 2018. The Europe service robotics market is growing due to rising demand for robotics in various applications along continuous research and development in the field of technology. Agriculture is an important part of the European economy. The use of robotics technology in agriculture has been growing steadily for some time. A wide range of application areas are currently under consideration from crop monitoring to livestock management and harvesting. Robotics technology also has significant potential to impact on the European Societal Challenges concerned with the ageing society, improving health and wellbeing.
Competitive Analysis
• Some of the market players are Hanool Robotics Corporation, KUKA AG, Northrop Grumman Corporation, ECA Group, iRobot Corporation, Gecko Systems Corporation, RedZone Robotics, Yaskawa Electric Corporation, Honda Motors Co. Ltd., SZ DJI Technology Co., Ltd., SIASUN Robot & Automation Co Ltd, Ecovacs Robotics, Canny Elevator Co., Ltd. And Shanghai Xiaoi Robot Technology Co., Ltd.
• Globally mergers and acquisitions by robotic companies are expanding rapidly.
• The Kion Group, acquired Dematic Corp. for $2.1 billion. Kion’s biggest single shareholder is Chinese diesel-engine maker Weichai Power with a 38.3% stake. Kion has been on a tear acquiring all sorts of companies in the logistics sphere: Egemin, Linde, Retrotech and now Dematic.
• ThermoFisher Scientific acquired Affymetrix for $1.3 billion. Adding Affymetrix's products will help ThermoFisher expand its array of lab equipment and robots into biosciences and genetic analysis workflows.
• TDK Corporation acquired InvenSense, Inc. for $1.3 billion. InvenSense provides motion sensors, and is known for its six- and nine-axis motion sensors, which are used in some advanced consumer products and applications. Recently it has added inertial, environmental, microphone, and ultrasonic sensors to its product line.
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Source: EmailWire.Com 
Source: EmailWire.com
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