Service robotics market size is expanding at USD 155.49 bn by 2030

Ottawa, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global service robotics market size will reach at USD 40.18 billion in 2023. Service robots are the robots aimed to help humans and accomplish useful tasks, substituting the industrial and manufacturing automation processes.

Regional Snapshots

North America leads the service robotics market pertaining to the rising demand from the health care services for therapeutic purposes. Moreover, the growing demand by hospitals for robots performing surgeries, affordable investment options regarding research on supportive tech, and availability technologically advanced robotic systems shall boost the growth of the service robotics market in this region during the forecast period.

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Asia-Pacific is anticipated to observe a noticeable growth pertaining to the developments taking place in the automobile sector which make heavy use of robots. Additionally, the requirement for robots providing services is projected to rise in the developing nations as a result of the increasing units and plants for manufacturing appliances.

Report Highlights

On the basis of the type, the professional robot segment holds a larger market share and it is expected to grow well during the forecast period. The growing demand for service robots in industries like construction, logistics, defense, medical and other industries is the main reason for the growth of this segment. Due to an increasing cost of Labor, increasingly investments for research and development purposes and the unavailability of skilled labor is further creating a demand for this segment. The personal robot segment is also expected to grow significantly during the forecast period due to its use in the residential sector. These robots are useful for lawnmowing pool cleaning, entertainment etc. The potential for the growth of these personal robots is high in the countries like America and many other countries in the European region.

On the basis of application, the industrial or the commercial segment is expected to establish its supremacy during the forecast period. Robots have extensive use in various industries like transportation and logistics, medical, construction and demolition, defense, agriculture etc. the logistics sector is expected to have the largest market share as there's an increased automation for moving and storing of goods. The medical service robots are also expected to show significant growth as there is an increased use of robotic solution for critical medical operations.

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Scope of the Report

Market Dynamics

Drivers

Elements such as the growing adoption of the robotics system for producing higher returns pertaining to the rising use and application of IoT to improve analytical management and the increasing investment for research on the robots is foreseen to additionally propel. Moreover, the insurance facilities provided mainly for the robotic surgeries is estimated to push the market growth for the robotics services market during the future.

Restraints

The issues pertaining to the data secrecy and the guidelines are among the factors most likely anticipated to impede the growth of the service robotics market in the timeline period. As per the RIA, the management expenses for robots are around 2,50,000 US dollars. This develops a limitation for companies, mainly average sized enterprises who have to stretch beyond their capacities to make an investment. These companies very commonly struggle hard to create funds for investment pertaining to the scanty production and poor demand seen in the market. Besides, the costly maintenance charges is another factor forcing the market downwards.

Opportunities

The increase in the application of robots for handicap help, the aid for the elderly population and companionship, the focus on improvising the endurance and the range of operation capability of the robots and the adoption for the swarm intelligence technology permitting the robots to perform various complex operations with ease will further propel profitable opportunities for the growth of the service robotics market during the forecasted years.

Challenges

The imprecise results which prove to be an obstacle and the utilization in critical operative procedures may further challenge the growth of the service robotics market in the coming future. High initial cost associated with the production of the robots and the high maintenance cost proves to be a challenge for the market. Technical challenges which are faced during the procedures performed by these automated machines proves to be an obstacle for the human mind for taking further decisions. Lack of awareness regarding the procedures and systems carried out by these automated machines hinders the market growth. Lack of standardization of operating procedures of these robots and their functions may lead to a decline in the market during the forecast period.

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Recent Developments

• February 2020 - ABB Limited and Covariant declared a partnership deal to introduce AI-enabled robotics solutions to market, beginning with a completely autonomous warehouse order fulfillment solution, and the association brings together the two companies having a common motive for robotics enabled by AI, in which intelligent robots work parallel to humans in collectively learning, dynamic environments and improving with every task accomplished.
  
  

Market Segmentation

By Type

• Professional
• Personal and Domestic
• COVID-19 Impact on market for various types
  
  

By Application

• Domestic
• Industrial/ Commercial
  • Transportation & Logistics
  • Medical
  • Défense
  • Construction & Demolition
  • Unmanned Vehicles
  • Agriculture $ Forestry
  • Others (Retail, Public Relations etc.)
    
    

By Component

• Hardware
  • Airframe
  • Sensors
  • Cameras
  • Actuators
  • Power Supply
  • Control Systems
  • Navigation Systems
  • Propulsion Systems
  • Others
• Software
  
  

By Environment

• Aerial
• Ground
• Marine
• Impact of COVID-19 on the Service Robotics Market for various environments

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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