Service Robotics Market Trends

Growth Drivers

• Growing Construction Activities - Globally, there were projected to be 794,431 built-up areas (BUAs) in 2016. By 2022, this figure is predicted to reach to approximately 849,406 persons. Furthermore, it's projected that 2 million additional buildings will be constructed by 2050. Hence, with this the demand for service robotics is estimated to grow. Although construction robots are nevertheless in their early stages of development, a few key uses are beginning to take shape as the first commercially viable robots are entering the market. Bricklaying robots and the 3D printing of massive structures with a robotic arm and additive manufacturing processes constitute a couple of the emerging applications for construction robots. Furthermore, their popularity as an affordable automation solution is growing. Given the continued adoption of robotic automation in the construction industry, these robots have a huge potential market share.
• Surge in Adoption of Affordable Robots  - Although there are many excellent solutions available, the biggest challenge facing the robotics industry is not building the robots themselves but rather finding a large enough market for them. Therefore, the demand for affordable robots is set to rise. Furthermore, in an attempt to maximize their profits, big businesses monopolies the ability to fix their own equipment, which is harmful for consumers. Considering the parts for inexpensive robotics are often built for anybody to work with, anyone can learn how to fix it with any restriction.
• Rise in Government Initiatives for Robotics  - The primary driving force behind robotics' acceptance to this point has been economics, despite the fact that robotics is a transdisciplinary technology with the potential to disrupt and revolutionize a wide range of sectors and businesses. Robotics has the potential to drive significant societal transformation. Hence, to achieve this, government is planning various policies, and programmes in order to focus on priority sectors with significant socioeconomic impact. Additionally, testing and demonstration for robot’s verification have taken precedence in order to increase public confidence in the technology and guarantee its responsible and safe deployment by government in various nations.   

Challenges

• Growing Concern for Cyber Security
• Lack in Giving Appropriate Result
• High Investment for the Maintenance of Robots - The substantial upfront costs associated with programming, integration, procurement, and various other accessories pose a significant obstacle to the expansion of the service robots sector. This makes it challenging for companies, particularly small and medium-sized ones, to obtain significant sums of money due to the low volume of manufacturing and low return on investment associated with these robots. The cost of ownership for service robots rises due to the need to replace sensors, software, and other devices, which slows down the rate of growth in the industry. As a result, the market growth for service robots has slowed down due to all of these concerns.