USD 19.76 billion
Global Service Robotics Market Size, Share, Growth Analysis, By Type(professional and personal robots), By Application(domestic and industrial) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2161 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
59 |
Figures:
75
Global Service Robotics Market Insights
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).
Service robotics are now more enticing thanks to developments in cognition, interface, and manipulation technology. The advancement of the robotics ecosystem has been greatly aided by the development of technology and other component suppliers.
A huge market for service robotics is being created in the Asia-Pacific area as a result of the region's ageing population, which is driving expansion in the medical technology industry in nations like China and Japan. Service robots are used for domestic tasks including vacuuming and floor cleaning, helping the elderly, and providing entertainment.
Ageing populations in Asia-Pacific nations like China and Japan are fueling the rise of the medical technology industry and opening up a sizable market for service robots. The COVID-19 epidemic will only accelerate the deployment of service robots for carrying out numerous functions like contactless delivery, disinfecting, providing food and medicine, and helping border procedures. As a result, the market is anticipated to see several deployments, particularly in the healthcare industry. Additionally, robots are essential in the fight against the SARS-CoV-2 coronavirus.
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
personal robots
Fastest Growth
personal robots
Growth Rate
16.60% CAGR
Global service robotics market, 2022-2030(Bn)
Country Share for Europe Region- 2022 (%)
Global service robotics market size by type, 2022-2030(Bn)
Global service robotics market size by type, 2022-2030(%)
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Global Service Robotics Market Segmental Analysis
Service Robotics Market is segmented into type and application. By type Service Robotics Market is segmented into professional and personal robots. On the basis of application Service Robotics Market is segmented into domestic and industrial. Based on region the Service Robotics Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Service Robotics Market Analysis by Type
The market is divided into professional and personal robots depending on the type of service robotics being used. During the projected period, a bigger market share is anticipated for the professional service robot category. In recent years, the professional market has experienced strong expansion. The market has experienced good development as a result of a rise in the need for service robots across several sectors, including logistics, defence, construction, and healthcare. During the anticipated period, the personal robot market is anticipated to expand favourably. In the residential sector, personal robots are deployed. Worldwide, there is an increasing tendency toward supporting people's education in their homes.
Service Robotics Market Analysis by Application
The service robotics market is divided into two segments based on application: domestic and industrial. The industrial or commercial segment should dominate during the projected period and have the biggest market share. In the upcoming years, it will increase rapidly.
Global service robotics market size by type, 2022(%) , 2023 (%)
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Global Service Robotics Market Regional Insights
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.
Global service robotics market size by geography, 2022-2030, 2024-2031
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Global Service Robotics Market Dynamics
Service Robotics Market Drivers
Rapid Development to Bolster Market Growth
- 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.
- The effects of the arrival of robots have changed how well humans can do tasks. Furthermore, the effects of the development of robotics will increase the economic growth and productivity of developing nations.
Service Robotics Market Restraints
Shortage of Skilled Labour to Hinder Market Growth
- Additionally, because skilled labour is in short supply in developing nations, service robots can create huge potential across a range of industries.
- The COVID-19 epidemic has prompted an increase in the use of service robots for a variety of jobs, including cleaning, contactless delivery, delivering food and medicine, and helping border procedures. These technologies can assist in addressing the severe personnel shortages in industry, supply chains, healthcare, and diagnosis and treatment.
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Global Service Robotics Market Competitive Landscape
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.
Service Robotics Market Top Player's Company Profiles
- 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.
Service Robotics Market Recent Developments
-
In March 2024, Bear Robotics, a Silicon Valley manufacturer of service robotics and artificial intelligence solutions, completed a $60 million Series C funding round exclusively led by South Korea’s LG Electronics.
-
In March 2024, Munich Airport launched an innovative service robot JEEVES. For the first time in the world, such a robot is being used as a “snackbot” at an airport.
-
In March 2024, Uber Eats Japan, collaborating with Mitsubishi Electric and delivery robotics firm Cartken, announced the launch of the autonomous delivery robot service.
Global Service Robotics Key Market Trends
- 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.
- Rapidly driving the market trends for service robots are technology developments in automation, engineering, artificial intelligence, and machine learning.
Global Service Robotics Market SkyQuest Analysis
SkyQuest’s ABIRAWA (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Service robots are anticipated to gain ground as a result of developments in edge artificial intelligence processors and the rollout of 5G in telecom services. There is an increasing need to monitor the environment we live in, which creates workloads and data flows that are challenging to manage. Robots will be a key component of maintenance and security to meet these needs. A small number of mass market goods, such as floor cleaning robots and entertainment robots, have helped drive the tremendous global expansion of robotics in personal and domestic applications. Future product visions predict household robots with increased levels of capacity, value, and sophistication, such as assistive robots.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 19.76 billion |
| Market size value in 2031 | USD 78.72 billion |
| Growth Rate | 16.60% |
| 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 Global 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 Global 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 Global 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 Global 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 Global Service Robotics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 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.
Global Service Robotics Market Report Snapshots
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