Global Service Robotics Market

Service Robotics Market Size, Share, Growth Analysis, By Type(Professional, Personal & Domestic), Application (Domestic, Medical, Defence, Entertainment & Personal, Inspection, Logistics, Others), Environment(Aerial, Ground, Marine), Component, and Region - Industry Forecast 2024-2031


Report ID: SQMIG45J2161 | Region: Global | Published Date: June, 2024
Pages: 197 | Tables: 135 | Figures: 77

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.  

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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FAQs

Global 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). 

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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Global Service Robotics Market

Report ID: SQMIG45J2161

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