The global service robotics market size was accounted at US$ 27.3 billion in 2021 and it is projected to surpass around US$ 155.49 billion by 2030 with a registered CAGR of 21.33% from 2022 to 2030.
Due to the advances in the edge artificial intelligence chips and the introduction of 5G in the telecom services is expected to provide a boost to the service robots. The professional service robots will Heather greater benefit due to these developments. Professional service robots would show high performance with a lesser consumption of power. The major market players are also trying to provide a breakthrough in the technology in order to deliver enhanced integrated and comprehensive designs for the variety of robotic solutions. The world's first 5G and artificial intelligence based platform was provided by Qualcomm. It was for the use of the professional service applications and industrial service applications.
During the pandemic there was a huge economic impact on this industry. As the central manufacturing hub is China which was significantly slowed down during the pandemic there were major repercussions in the global chains. The capabilities of the machines have increased in terms of flexibility which are able to now perform multiple tasks in a limited period of time due to the various technological advancements. Due to the use of robots across many sectors like logistics, health care, agriculture and defense there is a revolution in the workflow process. The deployment of robots in the healthcare industry is helping the surgeons to perform the minimally invasive surgeries in a better manner. These robots are also used as a tool to gain more precise cuts or movements which are otherwise not possible for the humans. The use of technology in such robots including artificial intelligence for the analysis of data, predictive analysis and vision recognition are extremely helpful. There are many agricultural based robots which are equipped with graphic processing units and also 3D sensing capabilities in order to determine the ripeness of the crop for the correct picking and harvesting without crushing the crops.
The service robotics market is continuously growing due to the robotics industry which is having a fast paced technological advancement converging into automation, artificial intelligence, engineering and machine learning. Due to the introduction of robots there's an extreme transformation of the task performing capacity of the humans and this is the most beneficial outcome. It is estimated that the number of robots have increased 3 folds in the recent decades according to a the International Federation of robotics. The improving trends in the robotics are also expected to help in the growth of the robots in the next 20 years. There shall be an increased productivity and improved economic conditions of the developing nations due to the use of robotics. Service robots are also expected to create tremendous opportunities in many industrial sectors in the underdeveloped economies. Due to a lack of skilled labor these countries are lagging. But due to the introduction of automation and the use of robotics there shall be significant opportunities provided across the industrial sectors as well as the residential. Robotics has been used since the very long period of time which has helped in making it mature therefore making these devices extremely safe for use among the laborers which can create value addition in the overall operations of the industry. The medical technology sector in the Asia Pacific region is growing due to the aging population in these countries. Therefore there is a greater demand for service robotics in this region. These service robots are deployed for household purposes and personal purposes which are extremely useful.
Report Scope of the Service Robotics Market
|Market Size by 2030||USD 155.49 Billion
|Growth Rate from 2022 to 2030||
CAGR of 21.33%
|Fastest Growing Region||Asia Pacific|
|Forecast Period||2022 to 2030|
|Segments Covered||Type, Application, Component, Environment, Geography|
|Companies Mentioned||iRobot Corporation, Intuitive Surgical Inc, Honda Motor Co., Ltd., Panasonic Corporation, Aethon Inc., Yujin Robot Co. Ltd., Samsung Electronic CO., Ltd., DeLaval, robert bosch gmbh, AB Electrolux|
On the basis of the type of service robotics the market is segmented into the personal robots as well as the professional robots. The professional service robot segment is expected to have a larger market share during the forecast period. The professional segment had a good growth in the recent years. Due to an increasing demand for service robots in many industries like logistics, defense, construction and medical there is a good growth in the market. Due to the adoption of automation and mobility in many other sectors is creating a great impact on the market share of the service robotics market. The growth of the professional segment is attributed to the enhanced rise in the labor costs, due to a lack of skilled labor, increase in the investments for research and development and the increased awareness of the availability of service robots add industrial automation.
The personal robot segment is also expected to show a good growth during the forecast period. The personal robots are used in the residential sector. In order to help in the education of individuals in the home settings is a growing trend across the world. These personal robots are also extremely useful for lawn mowing, pool cleaning, vacuum, floor cleaning and entertainment. Due to the usage of these personal robots across varied functions in the residential settings there's a good growth as it helps in saving time and also happens to be cost effective. These robots have a great amount of potential for growth across the European, American and the Asia Pacific region during the forecast period. The major restraining factor for the growth of this segment is the capacity of the battery and the operability of these robots. An enhanced battery life and better operations will help in creating better opportunities during the future
On the basis of component, the service robotics is estimated to be more for the software component as the deployment of service robots is expected to be more specific in terms of application. For instance, an AGV programmed to be used for swarm operation in a factory floor can also be programmed for food delivery. Delivery drones may require real-time software for operations, taking into account the environment. Hence, the market for software is expected to grow at a higher CAGR during the forecast period.
On the basis of application, the service robotics market is bifurcate did into industrial or commercial segment and the domestic segment the industrial or the commercial segment will have the largest market share and should hold supremacy during the forecast period. It shall grow exponentially in the coming years. The industrial segment can be further divided into the medical, construction and demolition, defense, agriculture, transportation and logistics. The logistics sector of the commercial segment will have the largest share due to the increased automation in this field service robots are used in order to move and store the goods which help in saving time and provides efficient functioning. This segment is expected to have high demand for the supply chain processes in many industries in the coming years. Apart from the use of service robots in logistics service robots are also used in the medical field.
Medical service robots are expected to show a good amount of growth during the forecast period as there will be a shift of people who use integrated robotic solutions for many critical operations. In the medical field service robots will also be extensively used for high tech testing labs. The use of service robots in the testing labs will also make the results more precise. Service robots are also used in the unmanned aerial vehicles. These vehicles are deployed by the defense and agricultural sectors. These workers have the ability to improve the performance of the soldiers and help to protect them from any harm. In the agricultural sector these unmanned aerial vehicles are able to determine the ripeness of the product, it is also useful in understanding the fertility of the land and it helps inspecting the crops.
Apart from these two segments the construction and demolition segment is also expected to show a steady growth during the forecast period. Due to the increasing number of residential projects and the commercial projects across the globe there is a great demand for service robots in the construction and demolition segment. There's an increase in the investments by the government bodies in order to restructure the currently existing infrastructures which need or change period this is expected to provide a boost to this segment. The residential sector is also expected to show a good growth as the service robots are used for the well being of these humans.
On the basis of geography, the service robotics market See the highest growth in the European region. Europe has the maximum market share in terms of the global service robotics market as there is an increasing demand for the personal robots and the professional robots in many countries of this region. A large number of market players are situated in this region. There are many manufacturing industries situated in Europe. There's an increasing demand from these industries for the medical, defense, logistics and retail sectors. Countries like Germany, UK, France and Italy are estimated to grow well during the forecast as there's an increase in the adoption of these robotic solutions in these countries.
Asia Pacific region is expected to have the second highest share followed by Europe which will exhibit a good amount of growth during the forecast period. The most important factor for the increasing adoption of service robotics in this region is the research and development activities in the industrial robot sector. The government in the Asia Pacific region or increasing the investments in robotics, artificial intelligence, automation and other technologies. South Korea, Japan and China are anticipated to be the main reasons for the growth in this region increased industrialization, globalization and the increasing need of automation in many industries is creating a demand for service robotics. There's an improved standard of living of many individuals across the developing nations like India and China and this shall also propel the growth of the market in this region. Latin America, Middle East and Africa are also expected to grow well. They are slowly extending their Footprints in this market. Due to the moderate technological growth in these regions they shall be a slightly slow growth of the service robots.
Key market players in the service robotics
Key market developments
Segments covered in the report
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