• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer
  • Home
  • Subscribe
  • Your Membership
    • Edit Your Profile
  • Services
    • Advertising
    • Case studies
    • Design
    • Email marketing
    • Lead generation
    • Magazine
    • Press releases
    • Publishing
    • Sponsored posts
    • Webcasting
    • Webinars
    • White papers
    • Writing
  • Shop
    • My Account
    • Cart
  • About
    • Contact
    • Privacy
    • Terms of use
  • Events

Robotics & Automation News

Market trends and business perspectives

  • News
  • Features
  • Video
  • Webinars
  • White papers
  • Press releases
  • Featured companies
    • AMD Xilinx
    • BlueBotics
    • Elite Robot
    • RGo Robotics
    • SICK Sensor Intelligence
    • Vicor Power

Global service robots market forecast to reach $110 billion by 2027

February 18, 2021 by David Edwards Leave a Comment

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.

Market opportunity

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.

Market restraints

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.

Market trends

Europe Trends

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.

Competitive market

CMI says the major companies operating in the global professional service robots market are:

  • Northrop Grumman;
  • Boston Dynamics;
  • Daifuku;
  • Aethon;
  • AB Electrolux;
  • Kuka;
  • iRobot;
  • Bosch;
  • 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.

Print Friendly, PDF & Email

Share this:

  • Print
  • Facebook
  • LinkedIn
  • Reddit
  • Twitter
  • Tumblr
  • Pinterest
  • Skype
  • WhatsApp
  • Telegram
  • Pocket

You might also like…

Filed Under: Features, Service robots Tagged With: expected, forecast, global, growth, market, period, professional, robotics, robots, service, swarm

Join the Robotics & Automation News community

Reader Interactions

You must log in to post a comment.

Primary Sidebar

Latest articles

  • Jabil to manufacture Sarcos’ robotic systems
  • Smart Robotics launches new robotic mixed case palletizer
  • ForwardX Robotics launches competition to win free fleet of robots
  • Features Your E-commerce Business Must Have to Grow Sales
  • Counter-Strike: Global Offensive Pro Player Settings
  • Truly Free VPN Providers
  • Qualcomm releases ‘groundbreaking IoT and robotics’ platforms
  • Agility Robotics launches next generation of its humanoid worker robot
  • MasterMover partners with BlueBotics for AGV Navigation
  • Neubility raises 3 billion won investment from Samsung

Most Read

  • Stiga launches ‘world’s smartest’ autonomous lawn mower
    Stiga launches ‘world’s smartest’ autonomous lawn mower
  • Top 20 electric vehicle charging station companies
    Top 20 electric vehicle charging station companies
  • Agility Robotics launches next generation of its humanoid worker robot
    Agility Robotics launches next generation of its humanoid worker robot
  • Difference Between Three-Phase and Single-Phase Power
    Difference Between Three-Phase and Single-Phase Power
  • Top 20 programmable logic controller manufacturers
    Top 20 programmable logic controller manufacturers
  • DeepRoute.ai launches $1,000 ‘map-free’ self-driving solution
    DeepRoute.ai launches $1,000 ‘map-free’ self-driving solution
  • Scientists have found more water in space than they ever knew possible
    Scientists have found more water in space than they ever knew possible
  • What You Need to Know About Fixing an Engine Misfire
    What You Need to Know About Fixing an Engine Misfire
  • MobileDrive builds next generation ADAS with Siemens’ digital twin technology
    MobileDrive builds next generation ADAS with Siemens’ digital twin technology
  • Why is My Car Key Stuck in the Ignition?
    Why is My Car Key Stuck in the Ignition?

Overused words

ai applications automated automation automotive autonomous business companies company control customers data design development digital electric global industrial industry logistics machine manufacturing market mobile operations platform process production robot robotic robotics robots safety software solution solutions system systems technologies technology time vehicle vehicles warehouse work

Secondary Sidebar

Latest news

  • Jabil to manufacture Sarcos’ robotic systems
  • Smart Robotics launches new robotic mixed case palletizer
  • ForwardX Robotics launches competition to win free fleet of robots
  • Features Your E-commerce Business Must Have to Grow Sales
  • Counter-Strike: Global Offensive Pro Player Settings
  • Truly Free VPN Providers
  • Qualcomm releases ‘groundbreaking IoT and robotics’ platforms
  • Agility Robotics launches next generation of its humanoid worker robot
  • MasterMover partners with BlueBotics for AGV Navigation
  • Neubility raises 3 billion won investment from Samsung

Footer

We are…

Robotics and Automation News was established in May, 2015, and is now one of the most widely-read websites in its category.

Please consider supporting us by becoming a paying subscriber, or through advertising and sponsorships, or by purchasing products and services through our shop – or a combination of all of the above.

Thank you.

Independent

Archivists

February 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
« Jan   Mar »

Complex

Old-skool

This website and its associated magazine, and weekly newsletter, are all produced by a small team of experienced journalists and media professionals.

If you have any suggestions or comments, feel free to contact us at any of the email addresses on our contact page.

We’d be happy to hear from you, and will always reply as soon as possible.

Future-facing

Free, fair and legal

We support the principles of net neutrality and equal opportunities.

Member of The Internet Defense League

Copyright © 2023 · News Pro on Genesis Framework · WordPress · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT