The Future of Service Robotics….. COVID-19 & Its Impact….



The global service robotics market is projected to reach USD 15.69 billion by 2020, at an expected CAGR of 23.7% from 2014 to 2020. The demand for the global service robotics is anticipated to surpass 18 million units by 2020. The major factor driving the industry is the rising occurrences of supported living and the demand to fight against increasing costs of labor in the developed countries.
The exponential spread of COVID-19 worldwide has had an adverse impact on the semiconductor industry with manufacturing facilities temporarily shut, leading to a significant slowdown in the production. The outbreak could result in disruption across the ecosystem with several supply chain participants shifting their production facilities outside China, thereby reducing their over-reliance on China. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also hauled consumer demand for semiconductor devices. Our analysts predict a decline in semiconductor revenue by over 1% in 2020 as compared to that in 2012. The report will account for Covid19 as a key market contributor.
The foremost advantage offered by service robotics includes assistance in carrying out those tasks which would otherwise have been tough and risky. Moreover, the ordinary routine tasks can be effortlessly dealt with having a high degree of accuracy with the help of these devices.
The global industry has witnessed a massive growth in the number of companies trying to enter the industry and gain share by evolving and refining their automation techniques. The components involved in the manufacturing these machines include microcontrollers, actuators, manipulators, sensors, and power supply. The need to combat rising labor costs in developed nations and growing instances of assisted living are expected to give impetus to the global service robotics market. Since they help perform tasks that would otherwise be deemed risky or difficult, service robots are expected to witness growing demand. 
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In 2013, personal robots had the highest share of the market regarding volume. However, the highest revenue generating segment included professional robots. These professional service robots accounted for over 70% of the global market in that year. Professional service robots are further segmented into field, medical, defense, and logistic robots. Out of these, in 2013, the defense professional service robots led the global industry concerning revenue generation and accounted for over 40% of the total revenue. This was due to their utilization of unmanned aerial vehicles.
North America emerged as the largest market in 2013, accounting for more than 35% of the overall volume share. The U.S. was the primary revenue generator of North America. This high growth in the region can be attributed to the quick rise in the development of production capacities as well as industrialization. Furthermore, the rapidly growing automotive industry in North America is also projected to drive the demand for the overall industry.
The global service robotics industry is highly branded as there is intense competition between the specialized service robot manufacturers and the industrial robot manufacturers. The major corporations operating in the market include Samsung Electronics, Toyota Motor Corporation, Hanool Robotics Corp, Honda Motors Co. Ltd. Other participants include GeckoSystems, Yujin Robot, iRobot Corporation, AB Electrolux, Fujitsu Frontech Limited, LG Electronics Inc., and Sony Corp. Over the next six years, companies including Amazon, Google, and Apple are also expected to enter into the global service robotics market.
In addition, mundane everyday tasks can be easily handled with a high degree of accuracy by these computer-controlled devices. However, service robotics are in close proximity to humans; therefore, ensuring complete security and safety is of the utmost importance. An increasing number of companies have been developing and honing automation techniques in order to gain market share. Major components involved in service robotics include sensors, microcontrollers, power supply, actuators, and manipulators, of which sensors are the most critical.
Technology proliferation and innovation are expected to serve as a key driver for the market growth as a result of which the price for service robotics is expected to see a fall. In addition, an ageing population, mobile technology and other smart devices incorporating robotics, funds and favorable government grants, enhancement of complementary technologies and venture capital investments among others are expected to impact positively the market demand. In recent times, the use of service robotics in the automotive industry is also expected to spur the market growth. However, human safety, interaction with the unstructured real world and lack of sensors, network robots and users are likely to restrain the market growth.
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Grand View Research has segmented the global service robotics market on the basis of application and region:
Service Robotics Application Outlook (Volume, Thousand Units & Revenue, USD Million; 2012 - 2020)
·         Professional Robots
o    Defense
o    Field
o    Medical
o    Logistics
o    Mobile Platforms
o    Underwater Systems
o    Construction & Demolition
o    Others
·         Personal Robots
o    Entertainment
o    Household
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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