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Service Robotics Market Worth USD 41.49 Billion by 2027 | Service Robotics Industry Exhibiting CAGR of 15.9% During 2020-2027

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Pune,India, April 27, 2022 (GLOBE NEWSWIRE) — The global Service Robotics Market is set to gain traction from the increasing adoption of these robots in a wide range of sectors, such as agriculture, defense, logistics, and healthcare worldwide. This information is given by Fortune Business Insights™ in a new report, titled, “Service Robotics Market Size, Share & Industry Analysis, By Type (Professional, Personal), By Application (Domestic, Industrial/Commercial), and Regional Forecast, 2020-2027.” The report further states that the service robotics market size was USD 12.88 Billion in 2019 and is projected to reach USD 41.49 Billion by 2027, exhibiting a CAGR of 15.9% during the forecast period.

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Regional Analysis-

Rapid Industrialization & Globalization to Favor Growth in Asia Pacific 

Geographically, Europe procured USD 4.21 billion in terms of revenue in 2019. This growth is attributable to the increasing demand for personal and professional robots in the region. Also, the urgent need of service robots from retail, medical, defense, and logistics sectors in this region would accelerate growth.

Asia Pacific, on the other hand, is anticipated to showcase the highest CAGR throughout the forthcoming years because of the rising government investments in AI, robotics, and automation. Besides, the increasing standards of living of people in China and India would surge the demand for automation. Rapid industrialization and globalization would also contribute to growth in this region.

Key Industry Developments:

  • September 2020: Yatharth Hospital, Noida, deployed Mitra, a customer-service robot to patrol the ward and help COVID-19 patients contact their loved ones. It also counsels patients to keep their anxieties away.
  • April 2020: Avidbots unveiled a novel sweeper option for its best-selling autonomous floor-scrubbing robot named Neo. The new product is called Side Sweeper. It will allow Neo to clean up to 33% more floor space. It can also clean hard-to-reach places, such as corners and baseboards.

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Major Players Profiled in the Report:

  • Lely International (Headquarters: – South Holland, Netherlands)
  • Aethon Inc. (Headquarters: – Pennsylvania, United States)
  • Honda Motor Co. Ltd. (Headquarters: – Shizuoka, Japan)
  • KUKA AG (Headquarters: – Bavaria, Germany)
  • Northrop Grumman Corporation (Headquarters: – Virginia, United States)
  • iRobot Corporation (Headquarters: – Massachusetts, United States)
  • Kongsberg Maritime AS (Headquarters: – Kongsberg, Norway
  • Intuitive Surgical, Inc. (Headquarters: – California, United States)
  • Parrot SA (Headquarters: – Paris, Ile-de-France)
  • DJI (Headquarters: – Shenzhen, China)

Report Scope and Segmentation:

Report Coverage Details
Forecast Period 2020 to 2027
Forecast Period 2020 to 2027CAGR 15.9 %
2027 Value Projection USD 41.49 Billion
Base Year 2019
Market Size in 2019 USD 12.88 Billion
Historical Data for 2016 to 2018
No. of Pages 120
Segments covered By Type, By Application, By Region
Growth Drivers Ongoing Advancements in Robotic Technology to Propel Growth
Pitfalls & Challenges Massive Investments at Initial Stage and High Maintenance Cost May Hinder Growth

COVID-19 Pandemic to Boost Demand for Medical Robots to Prevent Transmission

Many industries are shutting down their manufacturing facilities owing to the outbreak of the COVID-19 pandemic worldwide. But, the demand for service robotics is surging from the healthcare sector rapidly. Several companies are developing medical robots to help prevent transmission of the coronavirus and to check body temperatures. Our elaborate reports would help you find the right strategy to gain business confidence.

Browse Summary of this Research Report:

https://www.fortunebusinessinsights.com/industry-reports/service-robotics-market-101805

This Report Answers the Following Questions:

  • Which segment is expected to dominate the market?
  • How will service robotics providers intensify competition?
  • Will the COVID-19 pandemic affect the market severely?
  • What are the ongoing innovations and developments in the market?

Drivers & Restraints-

Rising Integration of AI & Machine Learning to Bolster Growth

Service robots are experiencing high demand across the globe on account of the rising technological developments. This is further resulting in the integration of machine learning, artificial intelligence (AI), engineering, and automation. It is aiding in the transformation of the task-performing capacity of humans. The International Federation of Robotics (IFR) declared that since the past two decades, the number of robots have surged three-folds. However, service robots require high initial investment for programming, procurement, accessories, and integration processes. This factor may hamper the service robotics market growth in the near future.

Segment-

Defense Sub-segment to Grow Rapidly Backed by Rising Usage of UAVs

Based on application, the market is bifurcated into industrial/commercial and domestic. The defense sub-segment under the industrial/commercial segment held 17.4% in terms of service robotics market share in 2019. This growth is attributable to the increasing deployment of unmanned aerial vehicles (UAVs) in the industry because of their ability to protect soldiers from harm.  

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Competitive Landscape-

Key Players Focus on Developing Novel Service Robots to Intensify Competition

Numerous service robotics vendors present in the market are mainly focusing on developing state-of-the-art robots by integrating them with innovative technologies. Currently, the COVID-19 pandemic is compelling healthcare agencies to deploy unique robots to help patients with their medical requirements.

Table of Content

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Market Share Analysis and Matrix, 2019
  • Key Market Insights and Analysis, By Segments
  • Global Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Type (Value)
      • Professional
      • Personal
    • By Application (Value)
      • Domestic
      • Industrial/Commercial
        • Transportation & Logistics
        • Medical
        • Defense
        • Construction & Demolition
        • Unmanned Vehicles
        • Agriculture & Forestry
        • Others (Retail, Public Relations etc.)
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America

TOC Continued…!

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https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/service-robotics-market-101805

Have a Look at Related Research Insights:

Digital Textile Printing Market Size, Share & COVID-19 Impact Analysis

Hydraulic Cylinders Market Size, Share and Industry Analysis

Air Compressor Market Size, Share & Regional Forecast

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

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Pune-411045, Maharashtra, India.        

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GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

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LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
https://www.kiwidesign.com/
https://www.facebook.com/KIWIdesignOfficial
https://www.instagram.com/kiwidesignins/

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Artificial Intelligence

WIO Taps Gracenote to Revolutionize Television Broadcast Reporting

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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.

By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility

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BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.

Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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