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 News

  • 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.

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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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