USD 26.42 billion
Service Robotics Market Size, Share, Growth Analysis, By Component(Hardware, and Software), By Type(Professional, and Personal), By Application(Industrial, and Domestic), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2161 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
135
|Figures:
77
Service Robotics Market Insights
Service Robotics Market size was valued at USD 26.42 Billion in 2022 and is poised to grow from USD 30.69 Billion in 2023 to USD 134.64 Billion by 2031, growing at a CAGR of 16.60% during the forecast period (2024-2031).
Use of robots to perform multiple services including personal and industrial applications is rising on a global level. High emphasis on eliminating human errors to maximize productivity in individual and business operations is promoting the demand for service robotics. Delivery robots are projected to be in high demand around the world as e-commerce activity booms and emphasis on better last-mile delivery increases. Integration of robotics with other advanced technologies is also opening new avenues of opportunities for robotics service providers in the long run. Labor shortages and the implementation of machines for hazardous tasks will also boost sales of robotics service in the future. However, resistance to change, workforce displacement concerns, and high development and deployment costs are also predicted to slow market growth.
US Service Robotics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Software
Growth Rate
16.60% CAGR
Global Service Robotics Market ($ Bn)
Country Share for North America Region (%)
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Service Robotics Market Segmental Analysis
Global Service Robotics Market is segmented based on Type, Application, Component, and Region. Based on Component, the market is further sub-segmented into Hardware and Software. Based on Type, the market is further sub-segmented into Professional and Personal. Based on Application, the market is further sub-segmented into Domestic and Industrial. Based on Region, North America, Europe, Latin America, Asia-Pacific, Middle East and Africa.
Service Robotics Market Analysis by Application
Industrial applications are estimated to bring in the most revenue for service robotics companies going forward. High use of robotics in industrial settings to promote automation and enhance efficiency will help this segment maintain a high market share over the coming years. Adoption of the Industry 4.0 trend and rising acceptance of robots in industrial settings will also promote market growth over the coming years. Growing demand for efficiency and productivity in industries will also boost sales of service robotics in this segment.
On the other hand, the demand for service robotics in domestic applications is slated to rise at a notable pace over the coming years. The growing affordability of robots has made them accessible to the general population hence helping this segment pack a lot of potential for the future. High adoption of service robots from medical care to hospitality applications will also help this segment boost market development going forward.
Service Robotics Market Analysis by Type
The professional segment are projected to be highly popular and account for a prominent share of the global market. The rising use of robots in industrial and commercial settings is a key factor helping this segment bring in a substantial amount of revenue. From precise welding operations to meticulous surgeries, professional robots can handle various critical operations making them a highly attractive choice for all kinds of industries.
However, the demand for personal segment is projected to outperform sales of professional robots by the end of the forecast period. This can be attributed to the rise in disposable income of people, growing affordability of robots, and wide availability of personal robots to choose from. Personal robots can easily perform repetitive and routine tasks such as cleaning and cooking thereby freeing people up to do more of what they love. This is a key factor that makes this the fastest-growing segment.
Global Service Robotics Market By Type
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Service Robotics Market Regional Insights
The strong technological background of the North American region makes it the top market for service robotics companies. The presence of several robot manufacturers and high investments in the development of advanced robotics are estimated to help this region maintain its dominance in the future. High demand for automation in commercial sectors and rising acceptance and use of service robots by general people will also boost service robotics demand in this region. The United States is estimated to be the most opportune market for service robotics companies in this region followed by Canada.
Asia-Pacific region is slated to be known as the fastest-expanding regional market for service robotics companies in the world. Presence of key robotics companies in countries such as China, Japan, and South Korea is what helps this region bring in substantial service robotics sales. Surging labor costs in this region and dearth of skilled professionals in some Asian countries is promoting sales of service robotics. High acceptance of robots and government support to promote their adoption will also boost service robotics market development in this region going forward.
Global Service Robotics Market By Region
- Largest
- Fastest
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Service Robotics Market Dynamics
Service Robotics Market Drivers
Emphasis on Automation
- From industries to homes, automation is everywhere, and this is projected to bolster the demand for service robotics. Service robots can automate multiple tasks, which is why the high demand for automation is slated to benefit market growth in the coming years.
Dearth of Skilled Workforce
- Multiple professions and services require a certain expertise and people with such expertise diminishing by the day leading to skilled labor shortages. Service robots can resolve this issue of labor shortages as they can be programmed for multiple services and deliver them more efficiently than humans.
Service Robotics Market Restraints
Workforce Displacement Concerns
- Most people around the world are hesitant or straight up against the idea of robots doing work as they think it would increase unemployment. This resistance to change has negatively impacted on the overall market growth potential.
Regulatory Compliance
- Developing service robots that are compliant with all regulatory and safety mandates issued by different governments and regulatory bodies is a highly complex task. This adds up to the development costs of the company and thereby slows down service robotics demand outlook as well.
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Service Robotics Market Competitive Landscape
Service robotics providers are targeting the development of new robots to maximize their sales potential. New companies are estimated to focus on the development of affordable robots to expand their customer base and business scope. Collaborations, acquisitions, and partnerships are expected to be popular strategies among all service robotics companies over the coming years. Development of customized and autonomous robots will offer new opportunities for service robotics companies in the future.
Service Robotics Market Top Player's Company Profiles
- Amazon Robotics
- Starship Technologies
- Intuitive Surgical
- XAG
- Samsung Electronics Co. Ltd.
- JD.com Inc.
- Northrop Grumman
- DeLaval
- Exyn Technologies
- PARROT SA
- AMP Robotics
- Daifuku
- SoftBank Robotics Group
- DJI
- UVD Robots
- HARVEST CROO
- Kongsberg Maritime
- iRobot
- General Electric
- Diligent
Service Robotics Market Recent Developments
-
In January 2024, the Private equity firm Angeles Equity Partners bought robotics integrator firm Acieta from Mitsui & Co. based in the USA. No breakdown of financial arrangements of the investment was revealed. Mid-State Engineering had earlier informed Angeles that it sought to buy the firm as it expanded into the robotics integration sector for the fourth time by acquiring Mid-State Engineering, RōBEX, and +Vantage. Angeles noted that the Acieta agreement enhanced its capacity in equipment tending, welding, and palletizing for different sectors such as production and agriculture, foundry and die, welding and fabrication, together with construction and building products.
-
In May 2024, EveryBot, which initially specialized in robotic mop cleaners, acquired AI robotics firm Highcore to enter the personal mobility segment. Thus, this strategic decision was specifically oriented to broaden EveryBot’s offerings and consider new markets for growth. The integration of Highcore’s technology is expected to bring numerous benefits. EveryBot expected increased demand for AI-driven electric wheelchairs among disabled and other mobility-impaired groups, both domestically and internationally. By combining Highcore’s technological expertise with EveryBot’s strengths in sales, marketing, and research and development, the company foresaw significant synergies.
Service Robotics Key Market Trends
- Autonomous Robots: Service robot providers can focus on the development and sales of completely autonomous robots to maximize their business scope in the long run. Integration of AI and other advanced technologies will be essential in helping companies make their products fully autonomous over the coming years. Remote operation of robots is also a key feature that companies can offer to boost their sales potential going forward.
Service Robotics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the service robotics market is projected to be highly opportunistic for all companies. Growing demand for automation, advancements in robotic technologies, and shortage of skilled labor are key factors driving service robotics market growth. Meanwhile, high costs of implementation, regulatory hurdles, and technical complexities are estimated to impede service robotics sales outlook over the coming years. The Asia-Pacific region is expected to emerge as the fastest-expanding market for service robotics companies in the world as investments in robotic R&D increase in China and Japan. The creation of fully autonomous service robots will be the prime target of all service robotics providers across the study period and beyond.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 26.42 Billion |
| Market size value in 2031 | USD 134.64 Billion |
| Growth Rate | 16.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Service Robotics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Service Robotics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Service Robotics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Service Robotics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Service Robotics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Service Robotics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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