Mobile Service Robots Market Outlook, Development, Applications, Verticals, Strategies & Forecasts, Opportunities in 2021-2027.
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In addition to the global market, the mobile service robot market is expected to rise due to various factors. The development of new technologies and increasing capital expenditures have all contributed to the growth of the mobile robot market. Additionally, professional service mobile robotics has increased the demand for the product. In addition, artificial intelligence, which enables bots to perform many tasks, has also increased the application of mobile service robots in different verticals.
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The global market for mobile service robots is expected to reach USD 53.8 billion by 2025, growing at a CAGR of 26.3% from 2020 to 2025. The growing demand for mobile service robots is attributed to technological developments in robotics and improving the work efficiency of various industries. Additionally, the aging population is expected to drive the growth of the global market. Moreover, the development of advanced robotics for multiple applications is also likely to boost the growth of the industry.
The mobile service robot market growth is expected to be led by Asia-Pacific and Europe regions as these regions are focusing on the integration of advanced technologies such as 5G. North America is expected to show moderate growth over the next few years due to its focus on smart industries and factories. The Middle East is also expected to show a steady increase going forward. While North America is expected to remain the largest market, the Middle East is expected to experience a slow but steady growth rate.
In 2019, the North American mobile service robot market accounted for the highest share globally. The region’s growth is attributed to advanced robot technology, a large number of manufacturers, and an increase in demand for mobile service robots across all verticals. In March 2020, RG Group announced a partnership with Auto-Guide Mobile Robots to add heavy payload capability to their robots.
The mobile service robot market is segmented on the basis of applications, operating environment, components, type, and geography. Geographic segments include security, inspection, entertainment, and household chores. Each part of the market has its growth potential. In 2019, the North American region was expected to lead the global mobile service robot industry. The North American region is expected to remain the largest global mobile service robotics market over the coming years.
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The mobile service robot market is segmented into components and services. The most critical components are the software and hardware used to control the robots. Although software and hardware are the most common components, these systems are also necessary for proper operation. The operating system allows the robot to navigate the environment and operate autonomously. It can be programmed to perform various tasks and monitor and record the activity of mobile service robots.