A Service Robot is defined as a semi- or fully autonomous robot for automation of commercial tasks excluding manufacturing operations. A Service Robots for professional use is the introduction of the Robots-as-a-Service (RaaS) model of ownership. Service robots for professional use are experiencing a technological revolution. A rapid proliferation in robot capabilities driven by innovations in machine learning, artificial intelligence, adaptive computing and vision system is causing the market to nearly triple in value. The growing adoption of robots for new applications providing high returns on investment coupled with increasing funding for research on robots is the key factors driving the service robotics market.
In 2020 Market research firm Strategy Analytics estimated the scale of the global service robot market at US$31 billion as of 2020, with predictions that it would nearly quadruple in size to US$122 billion over the four years through 2024. According to MarketsandMarkets, the service robotics market is projected to grow from USD 36.2 billion in 2021 to reach USD 103.3 billion by 2026; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 23.3% from 2021 to 2026. Service robot market has been mentioned as a future source of revenue. World big IT and Hardware Companies are trying to explore Service Robotics Market. They are currently working overtime to broaden business.
The market for industrial robots used for manufacturing process automation and other purposes is already saturated, with global businesses like Japan’s FANUC and Yaskawa Electric Corp. and Germany’s KUKA accounting for more than half of its share. In the Year 2020, 383,500 industrial robots were installed around the world. It was an increase of 0.5% from 2019 when around 382,000 new robots were rolled out despite the COVID-19 pandemic. The top five robot buyers were China, Japan, the US, Korea and Germany accounted for 76% of the demand for robots around the globe. The total number of robots working around the globe rose to over 3,014,900 by the end of 2020, the first time there have been more than 3 million robots in operation. Traditionally, the automotive industry has had the highest demand for industrial robots. But as the pandemic forced people to spend more time working from home and less time in public last year, the electronics industry (109,000 units) pushed aside the automotive industry (80,000 units) to become the biggest buyer of robots.
The Service Robotics is a robot that operates semi or entirely autonomous to performing services that are useful to the wellbeing of humans and equipment. Based on application, the market is bifurcated into industrial/commercial and domestic. These robots can be personal service robots that can be used to perform tasks such as cleaning of homes, pools, mowing of lawns, among several others. Robots can also be used for the purpose of education or for providing the service of assisted living to those in need of it. Robotic pets are another segment that has been gaining popularity in certain countries across the globe. The use of robots for entertainment is also slowly picking up pace.
Now Service robots are being increasingly adopted in professional applications including healthcare as surgical robots in order to assist in delicate surgeries, dense monitoring and surveillance devices, agriculture for spraying fertilizers, construction, logistics, defense and more. Researchers and companies are working on advancing artificial intelligence systems to enable robots to work with a wider array of objects. Micah Green, the founder of Maidbot vacuuming robots, said he’s preparing to roll out wet-cleaning and disinfecting machines to further assist housekeepers in virus-proofing room surfaces among others. Who can ignore the increasing deployment of unmanned aerial vehicles (UAVs) in borders to marriage halls and functions?
The scientific robots carry out frequent research tasks such as data collection, analysis, and hypothesis creation. The benefits attained by service robotics to mankind are to improve the worker’s safety, and catalyzing productivity and efficiency, and to regulate the time and cost savings. The penetration of service robots in domestic markets is also rising to perform daily routine tasks more effectively which is helping the service robotics market to grow.
Finally one can say that there is an ample opportunity for India to explore Service Robotics Market as India is already a leader in software. If proper Hardware and Software synchronization happens India can become the next future Service Robots Market Manufacturer of the World. Also it is said that two technological advancements will likely propel the growth of professional service robots: improvements in wireless connectivity made possible by 5G network technology and the falling price and rising power of edge AI chips that can perform processor.
However, service robots require high initial investment for programming, procurement, accessories, and integration processes. Meanwhile lack of structure in operations with humans, lack of highly responsive sensors and human safety the requirement for the design of these robots are constrain factor for the growth of the Service Robotics Market.
The increase in the ageing population in world is driving the need for robotics in assisted living, as people tend to prefer to live alone, rather than staying in old age homes. There is also a lack of availability of skilled labor and robots seem to be a better choice is some cases from Driving, Logistics, Hotel Industry to more. With considerable amount of research and development being conducted across the globe, which is expected to bring down the high costs associated with robots. The Service Robots are the future. For India as India is world’s IT Software hub its match up with Hardware Industry by IT Software leaders can explore and utilize these manufacturing revolutions for the betterment of domestic demand and the world? When India could produce Billion’s of vaccines for world why not Service Robots which can also benefit from Agriculture, Medical, Defense, Service and more Sectors? At last one should not forget that in fiscal year 2021, India imported electronic products valued at over 3.7 trillion Indian rupees. The products include computer hardware, consumer electronics, electronic components and instruments and telecom instruments. Challenge is Service Robots should not also be imported and it should be manufacture here “Made in India” then others will also follow….