Pune, India, June 27, 2023 (GLOBE NEWSWIRE) -- The global service robotics market size was valued at USD 16.35 billion in 2022. The market is projected to grow from USD 19.08 billion in 2023 to USD 62.35 billion by 2030, exhibiting a CAGR of 18.4 % during the forecast period. Service robots are devices that assist people by carrying out necessary chores on their behalf. They are primarily classified as robots used for both personal and professional purposes. The expansion of the service robotics market is being driven by ongoing efforts to introduce automation at industrial facilities and lower labor costs by minimizing human interaction in industrial operations. Fortune Business Insights presents this information in their report titled "Service Robotics Market, 2023–2030.
COVID-19 Impact:
Increased Demand for Medical Robots Due to COVID-19 Pandemic
Due to the effects of the economic downturn in various well-known countries, the growth of the worldwide market was significantly reduced. The two sustaining causes for the growth of the sales of service robots during the pandemic, however, were the increasing need for automation and the increased social distance practices around the world. The adoption of robot-based operations and the development of automation after the COVID-19 epidemic period enhanced the demand for industrial robotics to improve automation integration across industries.
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Segments:
Growing Labor Costs Will Support a Higher CAGR for the Professional Robots Segment
Based on type, the market is bifurcated into personal and professional. Between these two categories, professional service robots currently hold a larger market share and are expected to expand quickly over the coming years, largely due to the rising demand for service robots in industries like logistics, building, defense, and medicine.
During the Forecast Period, the Industrial/Commercial Segment will Display the Majority Share
Based on application, the market is segmented into domestic and industrial/commercial. Over the forecast period, the industrial/commercial segment is predicted to consolidate its position as the market leader and experience rapid growth. Agriculture and forestry, military, transportation and logistics, unmanned vehicles, construction and demolition, medical, retail, and other subsectors, such as public relations, are further broken down into this segment. Transportation & logistics segment is expected to have prominent share due to automation in the process of storing and moving goods.
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
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Drivers & Restraints:
Affordable Service Robots are Available, Driving Market Growth
The cost of manufacturing robots has considerably decreased as a result of the quick development of technology and increase in robot production. The average cost of a robot has decreased over the past 30 years by half in real terms and even more when compared to labor expenses. Additionally, it is anticipated that production of robots will move to low-cost regions, further reducing the manufacturing cost, due to the increasing demand for robots from emerging economies. Major industrial countries' rising labor costs relative to the price of robots also contribute to an increase in the attractiveness of pricing dynamics, which supports market expansion. These factors will result in an increase in the service robotics market share.
For procurement, programming, integration, and other accessories, a significant financial investment is needed, which may stifle the service robotics market growth.
Regional Insights
Asia Pacific Dominates the Market due to Presence of Influential Economies in this Region
Due to the development of technology and rising levels of automation in industrial manufacturing across all sectors in the area, Asia Pacific is predicted to experience significant growth. The driving factors behind the Asia Pacific market are the significant and influential economies of South Korea, Japan, China, and India. In addition, the two major growth drivers for industrial automation are encouraging government policies in the manufacturing sector and increased attention to economic diversification in emerging economies.
Competitive Landscape
Important Players in the Industry Emphasize Integrating Cutting-Edge Robotic Technology
Major market participants have been seen to be concentrating on expanding the potential of interactive robots which is propelling the demand for service robotics. For instance, to increase the intelligence of interactive robots, TDK Company integrated ultra-compact Micro Electro Mechanical Systems (MEMS) microphones in September 2019. Also, the market for service robots is experiencing a fresh surge thanks to the integration of acoustic sensors and Application Specific Integrated Circuits (ASICS).
Key Industry Development:
March 2022 - KUKA and Wiksfors Technology announced a strategic partnership with an objective to work together in the modular house construction industry.
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List of Key Players Profiled in the Market Report:
- 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.)
- Fetch Robotics, Inc. (U.S.)
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints and Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Service Robotics Market Key Players Market Share Insights and Analysis, 2022
- Global Service Robotics Market Size Estimates and Forecast (Quantitative Data), By Segment, 2019-2030
- Key Findings
- By Type (USD)
- Professional
- Personal
- By Application (USD)
- Domestic
- Industrial/ Commercial
- Transportation & Logistics
- Medical
- Defence
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Retail
- Others (Public Relations, etc.)
- By Geography (USD)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Service Robotics Market Size Estimates and Forecast (Quantitative Data), By Segment, 2019-2030
- Key Findings
- By Type (USD)
- Professional
- Personal
- By Application (USD)
- Domestic
- Industrial/ Commercial
- Transportation & Logistics
- Medical
- Defence
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Retail
- Others (Public Relations, etc.)
- By Country (USD)
- U.S.
- By type
- Professional
- Personal
- By type
- Canada
- By type
- Professional
- Personal
- By type
- U.S.
- Europe Service Robotics Market Size Estimates and Forecast (Quantitative Data), By Segment, 2019-2030
- Key Findings
- By Type (USD)
- Professional
- Personal
- By Application (USD)
- Domestic
- Industrial/ Commercial
- Transportation & Logistics
- Medical
- Defence
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Retail
- Others (Public Relations, etc.)
- By Country (USD)
- Germany
- By type
- Professional
- Personal
- By type
- U.K.
- By type
- Professional
- Personal
- By type
- France
- By type
- Professional
- Personal
- By type
- Rest of Europe
- Germany
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