Robot Rental Market By Component (Hardware, Software); By Type (Professional, Personal and Domestic); By Application (Domestic, Medical Field, Defense, Rescue, and Security, Entertainment, Education, and Personal, Public Relation); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Robot Rental Market Overview and Definition
The global robot rental market is expected to grow at a CAGR of around 19.2% over the forecast period 2022-2032.In the realm of robotics, robot rentals are a relatively recent phenomenon, yet they represent a significant shift in how robots are employed in industrial and factory settings.
In essence, robot rentals are precisely what they sound like: firms may rent robots for an hourly fee. The firm that hires out the robots is responsible for all maintenance and repair, as well as responding to any equipment failures. The manufacturer that rents the robots reaps the benefits of regular uptime and cheaper initial robot ownership expenses. Regional governments play an important role in the growth of a regional robotics market. India, for example, intends to invest in military robotics and is planning to deploy advanced robotic soldiers by 2027.
Robot Rental Market Drivers
The market for service robotics is being driven by the increasing acceptance of robots for novel applications that offer significant returns on investment, as well as increased financing for robot research. Furthermore, in the aftermath of the COVID-19 epidemic, there is a growing need to decrease hospital-acquired infections, which has increased the demand for robots to clean and sanitise.
The COVID-19 pandemic, a deadly respiratory disease, has now spread throughout the world. The COVID-19 pandemic has had a significant impact on the service robotics market's value chain. The United States, China, and Japan, which have all been hit hard by the pandemic, are expected to dominate the service robotics market. COVID-19 had a negative impact on many industries, including automotive and aerospace and defence, but they recovered by the end of 2020 and began 2021 with a slight increase in growth rate.
COVID-19 had an impact on the services sector as well, though a U-shaped recovery is expected with the global economy gradually improving. From 2022 to 2027, the market is expected to grow at a rate of 23.3 percent.
During the projection period, there is expected to be a significant growth in the utilisation of remote monitoring services. With the increased adoption of the Internet, businesses are changing their customer service delivery methods by providing online choices for customers to communicate with them and troubleshoot problems.
Hirebotics, for example, is leveraging the Internet of Things to move away from the traditional strategy of offering predictive maintenance through smartphone apps. It can monitor characteristics like temperature, CPU load, and the number of hours the robot has been active in real time to follow remotely situated robots and measure the state of robots and equipment. This allows for more efficient maintenance planning and scheduling. Continuous monitoring data is maintained in cloud servers for backup, reporting, diagnostics, and benchmarking purposes.
Robot Rental Market Segmentation
- Power Supply
- Control Systems
- Navigation Systems
- Propulsion Systems
- Personal and Domestic
- Medical Field
- Defense, Rescue, and Security
- Entertainment, Education, and Personal
- Public Relation
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Robot Rental Market Regional Insight
During the forecast period, the service robots market in APAC is predicted to grow at the fastest rate. This is due to the presence of countries like Japan, China, and Korea, who were the fourth, fifth, and sixth largest manufacturers of service robots in 2017, according to IFR. Furthermore, rising disposable income in developing nations such as India and the Philippines, as a result of increased industrialization, is predicted to boost demand for service robots.
The APAC oil and gas industry has grown significantly in the last two to three years, resulting in a high demand for autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). In India, Australia, and China, there is a growing trend of automation and globalisation, which is supporting the APAC service robotics market.
Robot Rental Market Key Players
- SMP Robotics
- Mahajan Automation
- Reliable Robotics LLC
- Robot Rentals
Leading robot manufacturers include:
- AMP Robotics
- ECA Group
- Exyn Technologies
- General Electric
- HARVEST CROO
- Kongsberg Maritime
- Neato Robotics
- Northrop Grumman
- PARROT SA
- SoftBank Robotics Group
- Starship Technologies
- Stryker Corporation
- UVD Robots
- In September 2020, SoftBank Robotics Group and Bear Robotics, a robotics and artificial intelligence firm, teamed together to develop SERVI, a new robot for the foodservice and hospitality industries.
- In February 2020, Intuitive Surgical purchased Orpheus Medical to expand its integrated informatics platform. Orpheus Medical offers hospitals information technology links as well as expertise in processing and preserving surgical films.
- In January 2020, To allow additional embedded smdart home integrations, iRobot teamed with If This Then That (IFTTT), a prominent integration and discovery platform for online services. iRobot plans to use IFTTT to connect devices and services like smart thermostats, lights, and home security to the iRobot HOME App.