Service Robotics Market

Market Leadership - Service Robotics Market

The service robotics market is projected to grow from USD 36.2 billion in 2021 and is projected to reach USD 103.3 billion by 2026; it is expected to grow at a CAGR of 23.3% from 2021 to 2026.

The growing adoption of robots for new applications providing high returns on investment coupled with rising use of IoT in robots for cost-effective predictive maintenance is the key factors driving the service robotics market. In addition to this, in the wake of the COVID-19 pandemic, there is an increasing need to reduce hospital-acquired infections to regularly, which has fueled the need for adoption of robots for the purpose of disinfection and sanitation.

Key strategies adopted by these players to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and partnerships and acquisitions.

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For instance, in May 2021, CYBERDYNE announced a capital and business alliance with Rehab for JAPAN Co. Ltd. The two companies have done work together to identify the needs of scientific nursing care and to accelerate the creation of the Cybernics Industry. In April 2021, iRobot (US) launched the iRobot H1 handheld vacuum, which rounds out a Roomba or Braava robot users cleaning routine by tackling difficult spaces such as couches and stairs. In July 2020, DeLaval (Sweden) acquired Milkrite InterPuls (UK). This acquisition is expected to help DeLaval in gaining expertise in the field of animal health and milking.

iRobot is the leading global consumer robots company. It has sold more than 25 million robots worldwide as of October 2019. The company operates through one operating segment: Consumer Robots. The key products offered include Roomba Vacuum, Braava Mops, Tera Mows, and Root. iRobot collaborates with companies such as Google and Amazon, which use and offer high-end technologies and have a good market reach by using joint technologies and new, innovative products in the market. The collaboration with Amazon helps the company to expand its product reach worldwide through Amazon’s e-commerce channel. iRobot has made many partnerships, acquisitions, and collaborations to accelerate its growth, which is an excellent strategic move. In January 2020, iRobot partnered with If This Then That (IFTTT)— a leading integration and discovery platform for web services— to enable new embedded smart home integrations. Through IFTTT, iRobot wants to integrate devices and services such as smart thermostats and lighting and home security directly within the iRobot HOME App. Apart from this, iRobot is considering shifting its focus on products for commercial and industrial sectors from the domestic sector. It has offices in Hong Kong, India, China, the US, and the UK. iRobot Holdings LLC (US), Puresight Systems Pvt Ltd. (India), and Guangzhou iRobot Technology Consulting Company Limited (China) are some of its subsidiaries. The company has a presence in the Americas, Europe, Middle East, and Asia Pacific, with offices in Pasadena, California, London, Shanghai, Guangzhou, Hong Kong, and Tokyo.

Diafuku has expertise in providing AGVs for cleanroom applications, indicating a good hold of the company in this field. DAIFUKU is the world’s leading provider of automated handling systems, with annual sales of USD 4.2 billion in 2019. Moreover, financial figures confirm that with annual sales of more than USD 4.9 billion (GBP 2.9 billion), this is the third consecutive year that the Japanese headquartered business has topped the global automation leader board. The products offered by the company include automated storage and retrieval systems (ASRS), vehicle systems, conveyors & sorters, picking systems, rack systems, and warehouse management systems. Under the vehicle system, the company offers automated guided vehicles (AGVs), rail-guided systems, and sorting transfer vehicles (STVs). The company offers its solutions to various industries such as manufacturing, distribution, cleanroom, automotive, aviation, and the public sector. The company operates its business through subsidiaries: Daifuku Co. (Japan), Contec (Japan), Daifuku North America (US), Clean Factomation (Korea), and Daifuku Plusmore (Japan). In August 2019, Daifuku has acquired Scarabee Aviation Group B.V which enables the Daifuku Group to enter the airport security checkpoint and information management fields for the growth of the company.

Related Reports:

Service Robotics Market with COVID-19 Impact Analysis, by Environment, Type (Professional, Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Education, Personal), and Geography - Global Forecast to 2026

Mr. Aashish Mehra
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Service Robotics Market Size,  Share & Growth Report
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