Dublin, April 03, 2023 (GLOBE NEWSWIRE) -- The "Global Service Robotics Market by Environment (Aerial, Ground, Marine), Type (Professional, Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Education) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The service robotics market is projected to reach USD 84.8 billion by 2028 from USD 41.5 billion in 2023; it is expected to grow at a CAGR of 15.4% from 2023 to 2028.
Growing adoption of robots for new applications, surging use of IoT in robots for cost-effective predictive maintenance, and increasing use of disinfection robots due to rising cases of hospital-acquired infections (HAIs) are driving the growth of the service robotics market. Robots are increasingly being adopted for new applications due to advantages such as increased productivity, streamlined processes, and greater workplace safety.
The recession's impact on the service robotics market has been analyzed in this study. The short-term outlook for robot revenues is expected to be worse in the third quarter of 2023. Rising inflation, increasing interest rates, unemployment, and energy crises will lead to slow economic activity. As a result, end-user industries experience deterioration of their businesses, cash flow, and ability to obtain financing, delaying or canceling product purchase plans.
Camera market to hold a significant share of the market for hardware during the forecast period
Multispectral cameras capture image data within specific wavelength ranges across the electromagnetic spectrum. This technique is based on the principle that every material responds differently (reflection and absorption) to different wavelengths. Multispectral cameras are equipped in robots for various applications, such as remote sensing, pollution monitoring, field surveillance, food quality, agriculture, astronomy, geological mapping, and medicine. They find applications in laparoscopic telesurgical procedures to inspect organs, detect cancer, and identify pathogens. Surface Optics (US) and Resonon (US) manufacture LightShift and Pika series multispectral cameras, respectively.
Research and space exploration application for service robotics market is expected to grow at the highest CAGR during the forecast period
The market for research & space exploration is expected to grow at the highest CAGR during the forecast period. Drones are adopted for scientific research applications as well. Scientists worldwide have been adopting drones for scientific research on volcanoes and marginalized zones (transition zones between the ocean and sea ice). Maxar Technologies (US), Motiv Space Systems (US), Altius Space Machines (US), Northrop Grumman (US), Honeybee Robotics (US), Astrobotic Technology (US), Made In Space (US), and Effective Space Solutions Limited (UK) are some of the key players manufacturing space exploration robots.
Europe to hold a significant share of the service robotics market during the forecast period
Europe is projected to hold a significantly large share of service robotics market during the forecast period. An increase in investments for the development of robots for the healthcare and logistics industry is to drive the market in Europe. Aerocamaras, EGROBOTS, Exyn Technologies, and Helm.ai are a few startup companies based in France to have raised significant funding for the development of service robots for various industries. Germany is a pioneer in the adoption of precision farming technologies. 10% of the farmers in the country utilize drones, which indicates the role of robots in the digitization of the sector. The field size of these farms is often more than 50 hectares and is frequently larger than elsewhere in Europe. This has led to significant demand for agricultural robots in the country.
Market Dynamics
Drivers
- Growing Adoption of Robots in New Applications to Achieve High Returns on Investment (ROI)
- Rising Use of Internet of Things (IoT) in Robots for Cost-Effective Predictive Maintenance
- Increasing Need to Reduce Hospital-Acquired Infections
- Increasing Funding for Research on Robots
- Rising Insurance Coverage for Medical Exoskeletons and Robotic Surgeries
Restraints
- Concerns Regarding Data Privacy and Regulations
Opportunities
- Use of Robots for Companionship and Assisting Handicapped and Geriatric Population
- Focus on Improving Endurance and Capability of Robots
- Adoption of Swarm Intelligence Technology to Enable Robots to Perform Complex Tasks
Challenges
- Inaccurate Results Impeding Use in Critical Operations
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $41.5 Billion |
| Forecasted Market Value (USD) by 2028 | $84.8 Billion |
| Compound Annual Growth Rate | 15.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Service Robotics Market, by Component
6.1 Introduction
6.2 Hardware
6.2.1 Airframes
6.2.2 Sensors
6.2.2.6 Others
6.2.4 Actuators
6.2.5 Power Supply
6.2.6 Control Systems
6.2.7 Navigation Systems
6.2.8 Propulsion Systems
6.2.9 Others
6.3 Software
7 Service Robotics Market, by Environment
7.1 Introduction
7.2 Aerial
7.2.1 Commercial Drones
7.2.2 Consumer Drones
7.3 Ground
7.3.1 Automated Guided Vehicles (Agvs)
7.3.2 Cleaning Robots
7.3.3 Agricultural Robots
7.3.4 Surgical Robots
7.3.4.3.1 Developments in Robotic Neurosurgeries
7.3.6 Inspection Robots
7.3.7 Humanoid Robots
7.3.8 Powered Exoskeletons
7.3.9 Telepresence Robots
7.3.10 Others
7.4 Marine
7.4.1 Unmanned Surface Vehicles (Usvs)
7.4.2 Autonomous Underwater Vehicles (Auvs)
7.4.3 Remotely Operated Vehicles (ROVs)
8 Service Robotics Market, by Type
8.1 Introduction
8.2 Professional
8.3 Personal and Domestic
9 Service Robotics Market, by Application
9.1 Introduction
9.2 Domestic
9.3 Medical
9.4 Field
9.5 Defense, Rescue, and Security
9.6.1 Entertainment
9.7 Public Relations
9.8 Inspection and Maintenance
9.9 Logistics
9.10 Construction and Demolition
9.11 Marine
9.12 Research and Space Exploration
10 Service Robotics Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
Companies Mentioned
- 3Dr
- Amp Robotics
- Daifuku
- Delaval
- Diligent Robotics
- Dji
- Exyn Technologies
- General Electric
- Harvest Croo
- Intuitive Surgical
- Irobot
- Jd.Com, Inc.
- Kongsberg Maritime
- Kuka AG
- Lely
- LG Electronics
- Northrop Grumman
- Parrot SA
- Robotis Co. Ltd.
- Samsung Electronics Co. Ltd.
- Softbank Robotics Group
- Starship Technologies
- Stryker Corporation
- Uvd Robots (By Blue Ocean Robotics)
- Xag Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/cp88wv
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