The market for service robotics, which was estimated to be worth around USD 33 Billion in 2022, is expected to garner an overall market value of USD 40 Billion in 2023. As per the global service robotics market analysis report of FMI, it is predicted to register an impressive CAGR of 21% between 2023 and 2033, finally concluding at a market value of USD 267 Billion by 2033.
Due to growing automation in modern industries, where professional service robots are employed to carry out different types of functions, the services robotics technology has come a long way in assisting individuals at the household level. Moreover, super smart service robotics is widely employed in high-tech working and testing facilities where human intervention can be fallible making it an indispensable unit of the whole setup.
Greater labor expenses brought on by a shortage of trained workers have also played a major role in the greater adoption of service robotics for professional as well as personal requirements. Other than that, more expenditures in Research and Development by the market players, and increased knowledge of common people about the possibility of deploying service robots for industrial automation are the other factors in the expansion of the service robotics market key trends and opportunities.
The healthcare, military, logistics, and retail market sectors have remarkably increased the demand for service robotics from such businesses. As the use of robotic inspection helps to save a lot of time and ensures effective operation, autonomous security robots have emerged to be a very lucrative business in developed countries.
Complex software that takes digital identification and machine learning (ML) into account may be the new endeavor for service robotics operations and solution providers. As a result of such advancements, the market for services robotics in general and its software segment, in particular, is anticipated to witness exponential growth throughout the forecast years.
Interestingly enough, newly introduced public relations robots have emerged as the flag bearers of the services robotics market and are majorly employed to aid clients in locating a product or finishing a job. Such Intelligent service robots for sale are used in the retail sector, banks, shopping malls, as well as public amusement locations to generate curiosity among the people and expand the business.
| Attributes | Details |
|---|---|
| Service Robotics Market Share (2022) | USD 33 Billion |
| Service Robotics Market Size Value (2023) | USD 40 Billion |
| Service Robotics Market Size Value (2033) | USD 267 Billion |
| Service Robotics Market Growth Rate (2023 to 2033) | 21% |
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In the upcoming years, numerous newly industrializing economies are anticipated to have a strong requirement for the supply chain and distribution procedures consequently boosting the demand for remote control robots.
The regional service robotics market is also anticipated to benefit from an increase in expenditures made by government organizations to modernize current healthcare systems that require reform.
Many people in emerging countries are now enjoying higher standards of living, which is anticipated to help fuel the demand for personal service robots. However, the development of service robotics market players would be a little slower in the regions with limited technological development and lower literacy rate.
Unfortunately, issues including the rising cost of raw materials and semiconductor chips have had a detrimental effect on the market expansion. Moreover, the expansion of the service robotics business has been constrained by large upfront investment and maintenance costs.
The industrial or commercial services robotics sector should dominate over the forecast years and indeed capture the bigger market share until the year 2022. Again, in this segment, the sub-segments of medical, construction, and demolition activities, defense, logistics & transportation, and agricultural sectors would remain the major buyers of industrial service robots.
Contrarily, due to a growing trend among people of using integrated robotic solutions for numerous crucial processes, the personal or domestic service robotics segment is anticipated to grow significantly throughout the forecast years. Service robotics for education and medical care at home or elder care robots are the two rapidly growing sub-segments at present time.
In addition to these two sectors, the restaurant service robot sub-segment is anticipated to exhibit consistent growth over the forecast years. There has been a significant rise in the popularity of humanoid service robots in the restaurant and hospitality business due to the rise in theme restaurant projects throughout the world. The proliferation of such ideas is anticipated to create more opportunities for service robotics market players in the coming days.
Since the implementation of commercial as well as home service robots are going to be more application-specific, the market demand and value for service robotics software components is predicted to be greater than the hardware component in particular.
Whereas through the forecast years, the market segment of aerial drones is anticipated to register the highest CAGR. It can be attributed to the growing use of industrial drones for tasks like inspecting farmlands and tracking traffic, as well as the greater cost of these drones in comparison to general-purpose consumer drones.
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According to the services robotics market report for the years 2023 to 2033 released by FMI, the USA leads the overall market with a substantial number of market players in the country. As per the report, it still has got sufficient groundwork and opportunities to retain its shareholding during the forecast years as well.
Most of the large players are also indulged in acquiring smaller players for expanding their regional influence to retain their competitiveness in the future service robotics market. Intuitive Surgical Inc. ended up buying Orpheus Medical in early 2020 to broaden its unified informatics platform since Orpheus Medical offers hospitals access to IT resources and knowledge about quickly processing and preserving surgical recordings.
In regards to the global service robotics market survey report, European Union holds the largest market share due to the rising interest in the home and personal assistant robots in several of its member states. Due to the increased acceptance of such robotic solutions in these nations, countries like Germany, the United Kingdom, France, and Italy are predicted to expand strongly throughout the forecast years.
Furthermore, there are several key market participants present in the region who are striving to advance in this sector by adopting cutting-edge technologies. For instance, in November 2019, the Italian business Piaggio staged Gita, which is a smart delivery robot that can carry groceries and cost almost USD 3,250 in the year 2019. Such an indoor delivery robot has a hands-free carrier to lift various articles, and can even follow its operator along the street.
Following Europe, China is anticipated to hold the second-highest position in the production and sales of service robotics in the global market. The Research and Development efforts put in by the industrial robot tech sector of the country are the most significant driver of the China service robotics market.
Governments in other Asia Pacific countries such as South Korea and Japan are also expanding their investments in technology like automation, AI, and vector robots. For instance, in South Korea, to assist senior citizens with safe and efficient walk training, Panasonic Corporation unveiled a mass-production version of its Walk Training Robot in April 2021. The Company also provides elder care robots for assistance services in homes, healthcare institutions, and other organizations.
Yaskawa India Pvt. Ltd., which is a division of Yaskawa Electric Corporation, and Wipro Limited confirmed their collaboration in February 2021 by signing an MOU that outlines their commitment to working together to pursue global automation and humanoid robot projects. Through this relationship, the business is capable of supplying Yaskawa service robots both domestically and internationally.
Besides, after building a humanoid service robot called Sona-1.5, in 2019, Modern Railway Coach Factory in India has brought industrial technology to new heights. In a busy setting, it is useful for moving items from place to place.
In the present time, major market participants are fiercely competing to attract customers to their service robots for a range of applications, and in order to expand their clientele and increase their skills, companies are acquiring and collaborating with top service robotics companies.
For instance, in January 2020, iRobot formed an alliance with If This Then That (IFTTT), which is a well-known platform for the integration and realization of web-based services that provide new integrated and smart home configurations. IFTTT is expected to assist iRobot to integrate products and services into its iRobot HOME application categories, including smart thermostats, scanners, and home security robots.
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The global service robotics market is to grow at a CAGR of 21% during the forecast period.
The global service robotics market is predicted to be valued at USD 267 Billion by 2033.
The global service robotics market was valued at USD 33 Billion in 2022.
The USA accounts for the largest revenue share of the global service robotics market.
China is predicted to witness the highest CAGR in the service robotics market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Hardware 5.1.1. Airframe 5.1.2. Sensor 5.1.3. Cameras 5.1.4. Actuators 5.1.5. Power Supply 5.1.6. Control System 5.1.7. Navigation System 5.1.8. Propulsion System 5.1.9. Others 5.2. Software 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Environment 6.1. Aerial 6.2. Ground 6.3. Marine 6.4. Other 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 7.1. Professional 7.2. Personal and Domestic 7.3. Other 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. South Asia 8.5. East Asia 8.6. Oceania 8.7. Middle East and Africa (MEA) 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. iRobot Corporation 18.2. Samsung Electronics 18.3. AB Electrolux 18.4. Toyota Motor Corporation 18.5. Fujitsu Frontech Limited 18.6. Hanool Robotics Corp 18.7. LG Electronics Inc. 18.8. Honda Motors Co. Ltd 18.9. Sony Corp 18.10. GeckoSystems International Corporation 18.11. Yujin Robot Co., Ltd. 19. Assumptions & Acronyms Used 20. Research Methodology
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Service Robotics Market
