Published on: May 2022
The future is Robots
From 2022 to 2027, the global professional service robots market is predicted to grow at a revenue-based Compound Annual Growth Rate (CAGR) of 41.0 percent. Professional service robots have been widely used across a variety of industries due to advantages such as high-quality service delivery, greater usability, reliability, and lower operational expenses and human errors. Furthermore, the sector is undergoing a technological revolution, with advances in machine learning, adaptive computing and vision systems, and artificial intelligence increasing professional service robot capabilities.
How does the pandemic affect the industry of Professional Service Robotics?
The coronavirus pandemic is predicted to spur the development of service robots and their greater use in professional settings. COVID-19's influence will spur more robotics research to combat the hazards of infectious diseases. To tackle COVID-19, mobile robots are being deployed to ease the stress of hospital staff and logistical workers. These robots are employed in public settings to take automatic temperature readings, track people's movements, and aid patients in isolation wards.
Regional Perspectives
In 2019, Europe had the most revenue of USD 59.9 billion and the highest volume share, with Germany leading the way. Nearly 42% of professional service robot manufacturers in the world are based in the region, and they serve a variety of industry verticals. Furthermore, European companies account for around half of the logistics system makers, indicating considerable growth in the logistics sector. With multiple robotics laboratories and spin-off firms, the region has interdisciplinary research skills in the field of robotics technology. The Bristol Robotics Laboratory, which was founded in 2006 as cooperation between the University of Bristol and the University of the West of England, is one such example. A research project targeting major areas of robot capabilities and applications is presently underway at the facility.
During the forecast period, the Asia Pacific region is expected to increase at the fastest rate. The presence of countries such as Japan, China, and South Korea, which account for a substantial portion of the region's population, is helping to drive regional growth. Furthermore, in the coming years, rising disposable income in fast-growing developing countries such as India and Singapore is expected to boost demand for professional service robots. Furthermore, the oil and gas industry in the region has grown significantly in recent years, resulting in a strong need for inspection robots such as autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). The growing trend of automation in Australia, India, and China is supporting the region's market growth.
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