Service Robotics Market Is Expected To Reach at USD 19.52 Billion by 2022, at a CAGR Of 16.6% during Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.

Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Global Service Robotics Market Size Was Valued At USD 16.95 Billion In 2021. The Market Is Projected To Grow From USD 19.52 Billion In 2022 To USD 57.35 Billion By 2029, Exhibiting A CAGR Of 16.6% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. As a result, the demand for service robots is lower than expected in all areas compared to before the pandemic. According to the research we did, the average drop in the global market from 2019 to 2020 was 14.6%.

Service robots are machines that do useful things for people to help them. Most of them can be put into two groups: work robots and play robots. They can also be split into two groups based on how they are used: in homes and in factories.

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Recent Developments:

• In February 2022 – Ricoh acquired Axon Ivy AG as a part of its strategic investment with an objective to expand its digital process automation capabilities.
• In November 2021 – KUKA AG and MHP collaborated to work on Smart Intelligence Robotic Project Cockpit (SIRPCO).
• In November 2021 - iRobot Corporation acquired Aeris Cleantec AG, an air purification company with an objective to diversify the product portfolio with air purification systems.

Segment Analysis:

Type Insights

The professional segment has a larger share of the market, and over the next few years, it is expected to grow quickly. This is mostly because service robots are becoming more popular in fields like defence, medicine, construction, logistics, and others. Aside from this, the use of automation and mobility in industrial sectors is also having a big impact on the market share as a whole. This segment is growing even faster because labour costs are going up, R&D spending is going up, there aren't enough skilled workers, and more people are learning about service robots and industrial automation.

Application Insights

Over the next few years, the industrial/commercial segment is expected to become the most important, and it is also expected to grow a lot. This segment is further divided into agriculture and forestry, defence, transportation and logistics, unmanned vehicles, construction and demolition, medical, retail, and others, which includes public relations.

Regional Outlook:

Asia-Pacific is expected to grow a lot because technology is getting better and more factories in all parts of the region are becoming more and more automated. The big and important economies of Japan, China, and India drive the Asia-Pacific market. Industrial automation is also driven by two of the biggest growth drivers: good government policies in the manufacturing industry and a greater focus on economic diversification in emerging countries. Because of this, there is more demand for this type of robotics. The best sign that the market will grow a lot in the region over the next few years is that the number of robots on the market is growing.                                                                                                           

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Scope of Report:

Market Trends:

As technology gets better, service robots are getting more and more useful. They can now get more done in less time and at the same time.

The use of these robots in many different fields, such as healthcare, defence, logistics, agriculture, and others, has changed the way work is done in a big way.

Market Driving Factors:

The price of making robots has gone down a lot because technology is changing quickly and more robots are being made. In real money, the cost of a robot has gone down by half in the last 30 years, and even more when compared to the cost of labour. Also, because robots are becoming more popular in emerging economies, they are likely to be made in low-cost areas, which will make them even cheaper to make. Also, prices are becoming more attractive in big manufacturing economies where labour costs are going up faster than the cost of robots. This helps the market grow.

Key Segments Covered:

Top Market Players:
Ricoh (Japan), Honda Motor Co., Ltd. (Japan), iRobot Corporation (U.S.), KUKA AG (Germany), Intuitive Surgical (U.S.), Daifuku Co., Ltd. (Japan), SoftBank Robotics Group Corp. (Japan), Aethon (U.S.), Boston Dynamics (U.S.), Lely (Netherland), Fetch Robotics, Inc. (U.S.), GreyOrange (U.S.), Geekplus Technology Co., Ltd. (China), Youibot Robotics Co., Ltd. (China), Sirius Robotics (Portugal), and others.

By Type

• Professional
• Personal
• Others

By Application

• Domestic
• Industrial/Commercial
  • Transportation & Logistics
  • Medical
  • Defense
  • Construction & Demolition
  • Unmanned Vehicles
  • Agriculture & Forestry
  • Retail
• Others

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)
• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
• Latin America: (Brazil, Argentina, Rest of Latin America)
• Rest Of the World

Check out more related studies published by Contrive Datum Insights:

• Mobile Robotics Software Market - The global Mobile Robotics Software market size was valued at $4.27 billion in 2022, and is projected to reach $47.24 billion by 2030, growing at a CAGR of 27.3% from 2022 to 2030. 
• Motion Control Software in Robotics Market - The Global Motion Control Software in Robotics Market size is estimated to be worth around US$ 10.81 Bn in 2022. It is anticipated to grow at an impressive CAGR of 19.6% between 2022 and 2029, surpassing a valuation of US$ 37.86 Bn by 2029.
• Industrial Automation Service Market - The global Industrial Automation Service Market size was USD 205.86 Billion in 2022 and is expected to reach USD 395.09 Billion by 2030, with a CAGR of 9.8% from 2022 to 2030.

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