What is the global market size of Service Robotics Market?

Global Service Robotics Market size was valued at USD 19.76 billion in 2022 and is poised to grow from USD 23.04 billion in 2023 to USD 78.72 billion by 2031, at a CAGR of 16.60% during the forecast period (2024-2031).

Who are the key vendors in the Global Service Robotics Market?

The service robotics market is competitive, with Daifuku Co. Ltd, Dematic Corp., Swisslog Holding AG, and iRobot Corporation among the leading companies. The market is quite competitive and dispersed. The leading players in the sector are always putting different growth strategies into practice to keep a competitive edge. These players use innovations, mergers & acquisitions, collaborations, and partnerships to succeed in the cutthroat market. The top market players are constantly focusing on R&D to give industry the most efficient and cost-effective solutions. 'iRobot Corporation', 'KUKA AG', 'ABB Ltd.', 'FANUC Corporation', 'Yaskawa Electric Corporation', 'Kawasaki Heavy Industries Ltd.', 'Nachi-Fujikoshi Corporation', 'DJI', 'Intuitive Surgical Inc.', 'SoftBank Robotics Group Corp.', 'Parrot SA', 'Adept Technology Inc. (a subsidiary of OMRON Corporation)', 'Hanson Robotics Limited', 'Boston Dynamics', 'Blue River Technology Inc. (a subsidiary of John Deere)', 'ECA Group', 'PAL Robotics', 'Cyberdyne Inc.', 'UBTECH Robotics', 'Omron Adept Technologies, Inc.'

What is the key driver of Global Service Robotics Market?

Due to the robotics industry's rapid technological development into automation, artificial intelligence, engineering, and machine learning, the market for service robots is constantly expanding. The most advantageous result of the arrival of robots is the drastic modification of humans' ability to accomplish tasks.

What is the key market trend for Global Service Robotics Market?

In the next 20 years, the development of robots is anticipated to be aided by the evolving trends in robotics. The adoption of robotics will result in higher production and better economic conditions for emerging countries. Service robots are also anticipated to open up a wide range of industrial sectors in developing economies to enormous prospects.

Which region accounted for the largest share in Global Service Robotics Market?

In the European region, the market for service robotics is growing the fastest. In terms of the global service robotics market, Europe holds the largest market share due to the rising demand for personal and business robots in several of its member states. The location of several market participants in this area. In Europe, there are numerous manufacturing industries. The medical, defence, logistics, and retail sectors are increasingly in demand from these industries. Due to the increased acceptance of these robotic solutions in these nations, countries like Germany, the United Kingdom, France, and Italy are predicted to expand strongly during the forecast period. Following Europe, which is anticipated to increase significantly throughout the projected period, the Asia Pacific region is anticipated to have the second-highest share. The research and development activities in the industrial robot sector are the most significant driver of the rising use of service robotics in this region. Governments in the Asia-Pacific area are increasing their investments in technology like automation, artificial intelligence, and robotics. The key drivers of growth in this region are expected to be South Korea, Japan, and China. Increased industrialization, globalisation, and the growing need for automation in various industries are driving demand for service robotics. Many people in developing countries like China and India now enjoy higher standards of living, which will also fuel the expansion of this market. Africa, the Middle East, and Latin America are all anticipated to have strong growth. Their footprints in this industry are slowly growing. The growth of service robots will be a little slower in these areas due to the limited technological development.

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.

Service Robotics Market Report Snapshots

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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. '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'

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.

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.

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.

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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

Service Robotics Market Insights

Service Robotics Market Report Snapshots

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What is the global market size of Service Robotics Market?

Who are the key vendors in the Service Robotics Market?

What is the key driver of Service Robotics Market?

What is the key market trend for Service Robotics Market?

Which region accounted for the largest share in Service Robotics Market?

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