Service Robotics Market Size, Share, Growth Analysis, By Type(professional and personal robots), By Application(domestic and industrial) - Industry Forecast 2024-2031

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).

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.'

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.

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.

In the European region, the market for service robotics is growing the fastest. In terms of the 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.