Mobile Service Robots Market Size Forecast to Reach $53.8 Billion by 2025


Posted February 16, 2021 by Blessy_Joy

Growing implementation of artificial intelligence (AI), internet of things (IOT), virtual reality (VR) by professional service mobile robots enhances the market growth.

 
Mobile Service Robots Market Overview
The Global market for mobile service robots is forecast to reach $53.8 billion by 2025, growing at a CAGR of 26.3% from 2020 to 2025. The market growth is attributed to the factors such as technological advancements in robotics, growing application in end user verticals including military and defence, logistics and warehousing, healthcare and others. Moreover improving the working efficiency across industrial sector also leads to increase in demand for robotic system thereby enhancing the market growth of mobile service robots.

Key Takeaways
Increasing ageing population across the globe is fuelling the demand for mobile robots and concentrates on designing advance robotics with special functions that could be deployed prominently which in turn boosts the market growth.
North America region dominated the global mobile service robots market in 2019 owing to the presence of advanced technologies, large number of manufacturers and the increasing domestic and commercial demands for mobile service robots.

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By Product type- Segment Analysis

Unmanned ground vehicle (UGV) product type segment held the highest market share of mobile service robots in 2019. Moreover, it is anticipated to witness the significant market growth during the forecast period 2020-2025. The market growth is due to increasing demand for application in defence and military. Furthermore, rising applications of unmanned ground vehicle (UGV) in the commercial field, such as manufacturing, agriculture, transportation and others is propelling the market growth in the current schenario. In February 2020, the fifth generation Unmanned ground vehicle THeMIS was launched by Milrem Robotics at the Singapore Airshow for supporting territorial-army on the battleground while augmenting their combat efficacy. Such product launches by the manufacturer supports the market growth.

By Component type- Segment Analysis 
Mobile service robots market is segmented into hardware and software on the basis of components. The hardware segment further divided into power unit, control unit, motor, sensor and others. The market of control unit is anticipated to hold the highest market share during the forecast period 2020-2025. Control unit is an essential component of robotic system as it is useful for the operation of drive of the system. Developments in the control unit of any type of robot improves the functionality and efficiency of the robots. In July 2019, an operating system for robots was launched by SE4 Inc. with the combination of virtual reality, computer vision, and artificial intelligence for augmented remote robotic control. Consequently with the development of the control unit market the market for mobile service robot also flourishes.

Geography - Segment Analysis
North America held the highest market share of the mobile service robots market in 2019. The market growth is attributed to the factors such as presence of advanced robotics technology and large number of manufacturers in this region. Moreover growing demand in different verticals including medical, education, defence, marine, and others boosts the market growth. In March 2020, RG group entered into a partnership with Auto-Guide Mobile Robots. This partnership benefited in development of service assistances to both manufacturers and distributors market sectors though addition of heavy payload capacity by Auto-Guide AMR. Additionally, in March 2020, Twin-lode Automation entered into a partnership with Korber Supply Chain for facilitating the growth of smarter, effectual integrated warehousing and logistics processes by overwhelming the complication of the supply chain. Such partnerships and adoption of the mobile service robots for various applications in different verticals enhances the market growth. Furthermore, APAC region is anticipated to observe the significant market growth during the forecast period 2020-2025. The market growth is attributable to factors including rising application for industrial work to enhance the operational efficiency and to reduce the jeopardies involved for workers. However growing per capita income in developing countries and rising knowledge of their use of farming activities, border security and government agencies are contributing to the development of the demand for mobile service robots.

Drivers – Mobile service robots market 
Growing demand for defence and commercial 
Relevant regulatory laws and regulations along with growing capital expenditure in the defence industry for mobile robotics adoption are expected to thrive mobile service robot market over the forecast period 2020-2025. Moreover rapid industrialisation and deployment of technologically developed mobile robots for domestic and commercial uses boosts the market growth.
Technological advancements
Growing implementation of artificial intelligence (AI), internet of things (IOT), virtual reality (VR) by professional service mobile robots enhances the market growth. Penetration of artificial intelligence has facilitated different verticals such as logistics and warehousing, medical and healthcare for ensuring risk-free operations and reducing the time involved.

Challenges – Mobile service robots market
High initial cost
High initial venture allied with the cost of installation is estimated to diminish the growth of global mobile service robot market over the forecast period 2020-2025. Moreover, high maintenance associated with mobile robotics further impede the growth of this market.

Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the mobile service robots market. As of 2019, the market for Mobile service robots market is consolidated with the top players including Northrop Grumman, Honda Motor, Softbank, iRobot, DJI, Lockheed Martin, Kongsberg Maritime, KUKA, Bluefin Robotics, Samsung Electronics, GeckoSystems, and among others.

Acquisitions/Technology Launches/Partnerships
In April 2018, the acquisition of mobile industrial robots (MiR) of Odensewas, Denmark for $148 million made by Teradyne, Inc. This acquisition benefited in expansion of their market in industrial autonomous mobile robots and providing customers with better services.
In January 2020, the acquisition of Robotic Process Automation (RPA) Company was made by Appian. This acquisition aided Apian in making it a one - step automation centre. 

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Issued By Blessy
Business Address Hyderabad
Country India
Categories Business
Tags Mobile Service Robots Market , Mobile Service Robots Market Size , Mobile Service Robots Market Share , Mobile Service Robots Market Growth , Mobile Service Robots Market Research
Last Updated February 16, 2021