|The global service robotics market size is projected to exhibit a CAGR of 19.4% from 2019 to 2026 / Credits: TUM2282 via Shutterstock|
The rapid adoption of robots in industries is not only credited with the robotics industry alone. Several fast-paced technological advancements play a huge role in its growth, which includes automation, artificial intelligence, machine learning, and engineering. All of these have led to the transformation of humans’ task-performing capacity. The International Federation of Robotics (IFR) estimated that the number of robots increased by three-folds over the past 20 years.
Fortune Business Insights, the leading publisher delivers market research reports and custom services with a keen focus on the accuracy of data, reported that the global service robotics market size is projected to reach $46.13 billion by 2026 from only $11.25 billion in 2018. It exhibits a CAGR of 19.4% from 2019 to 2026. With that, it is expected that the trends introduced in robotics will multiply faster in the next two decades. Aside from that, the impacts of robotics growth will drive productivity and the economic expansion of developing countries.
Among all robot markets, the service robot market is projected to grow the most. The growth is mainly due to the demand for service robots across different industries such as logistics, defense, medical, construction, and more. It is also influenced by the revenue generated across Europe, North America, Asia Pacific, the Middle East and Africa, and Latin America. The report revealed that Europe currently leads the global service robotics market share. This is due to the high demand for professional and personal robots in the continent.
The IFR also reported that Europe had the largest presence of manufacturers at around 44%. This is because of the increasing demand in logistics, defense, medical, retail, and more. Meanwhile, Asia Pacific held the second-highest share. It is predicted that the service robot market in the continent will grow at the highest CAGR until 2026. The reason behind this is research and development across industrial sectors and rising government investments in robotics, AI, automation, and other technologies.