The global professional service robots market is expected to be valued at $109.91 billion by the end of 2027, growing at an annual rate of 24.5 percent from 2020 to 2027, as highlighted in a report published by Coherent Market Insights.
Rising funding for research and development in robotics is expected to drive growth of the global professional service robots market during the forecast period.
Since professional service robots are being used in a variety of fields, many sectors (both public and private) have started investing in robotics research and development.
The primary aim is to produce more efficient and highly intelligent robotic systems. For instance, in October 2019, the UK government announced £34 million funding for new robot development, focused on improving safety and public trust.
In December 2016, the US Department of Agriculture’s National Institute of Food and Agriculture (NIFA) announced $3 million in funding for robotics research, education, and application for agricultural systems.
Hence, such rigorous funding in robotics research and development is expected to propel the global professional service robots market during the forecast period.
Adoption of swarm intelligence technologies in robotics can present lucrative growth opportunities in the global professional service robots market, says CMI.
Swarm intelligence refers to the collective behavior of a decentralized, self-organized system, which can be natural or artificial. The application of swarm principles on robotics is referred to as swarm robotics, while swarm intelligence is more a general set of algorithms.
Swarm robotics is an approach to the coordination of multiple robots as a system, which is comprised of large numbers of simple physical robots. Swarm robotics have diverse applications including disaster rescue missions.
This means swarm robotics can reach places where rescue workers cannot. They are also used to detect the presence of life via infra-red sensors, mining, and agricultural foraging tasks.
Inaccurate results hindering use in critical operations is expected to hamper the global professional service robots market growth over the forecast period.
In many cases, it has been observed that robots give inaccurate results and thus they fail to complete the designated tasks. Many industrial applications such as aeronautic manufacturing and meteorological inspection require greater accuracy.
However, robotics has found to give inaccurate results due to several error sources such as active joint errors, kinematic errors, and non-kinematic errors. Such errors hinder the use of robots, which in turn, is expected to hinder the global professional service robots market growth over the forecast period.
Among regions, Europe is expected to witness significant growth in the global professional service robots market during the forecast period. This is owing to rising research and development activities in the field of robotics technology with several robotics laboratories.
Furthermore, growing investment in robotic R&D is expected to propel the regional market growth over the forecast period.
Asia Pacific trends
Asia Pacific is expected to register a robust growth rate in the global professional service robots market growth over the forecast period. This is owing to rise in disposable income in emerging economies such as India and Singapore.
Moreover, increasing demand for inspection robots such as autonomous underwater vehicles is expected to boost the Asia Pacific professional service robots market growth over the forecast period.
CMI says the major companies operating in the global professional service robots market are:
- Northrop Grumman;
- Boston Dynamics;
- AB Electrolux;
- Elbit Systems;
- Gecko Systems; and
- Yujin Robot.
Major market players are involved in product launches, in order to gain a competitive edge in the market. For instance, in January 2019, Kuka introduced a new generation KR Quantec robot, which can be used in the automotive industry and foundry sector.
Key players are focused on product launches, in order to gain a competitive edge in the market. For instance, in August 2020, iRobot launched a new intelligent platform named iRobot Home Genius Intelligence that aims to change the way customers interact with robots.