Service Robotics Market was valued at USD 15.87 billion in 2022
Global Service Robotics market size is anticipated to reach US$ 187.33 billion by 2030, according to the report. It is not a novel concept to use robotics technology to increase industrial output and operational effectiveness. As the global service sector struggles to keep up with quickly changing consumer trends and a variety of external factors, such as labor shortages, trade concerns, and supply chain disruptions, some are looking to new and cutting-edge technologies, like service robots, as a solution. Businesses and organizations of all sizes use robotics technology in a variety of applications. The most frequent use of service robots is to relieve human workers of routine tasks so they can concentrate on the most important patient- and customer-centered work.
At the end of the day, productivity is increased by both partial- and full-service robots. While some service robots collect and analyze data, others perform well in hazardous environments. Another class of service robots increases productivity. Using a service robot is always intended to increase productivity, regardless of the task they are performing. The increased productivity that robots provide to people and businesses justifies the cost of the service. Most of these service robots are beneficial to businesses and industries and are currently employed to automate risky and labor-intensive jobs in a number of fields, including retail, hospitality, healthcare, space, and security, like policing, storage and warehouse, demolition and rehabilitation, agricultural, and more.
Global service robotics market is projected to grow at a CAGR of 36.15% between 2022 and 2030
The professional service robots market is continuously thriving due to the robotics industry, which is experiencing a fast-paced technological rise converging into automation, artificial intelligence, engineering, and machine learning. Due to the introduction of robots, there's been an extreme transformation of the task-performing capacity of humans, and this is the most beneficial outcome. It is estimated that the number of robots has increased threefold in recent decades, according to the International Federation of Robotics. The advancing trends in robotics are predicted to aid in the development of robots over the next 20 years.
The use of robotics will lead to higher productivity and better economic conditions in developing countries. It is also anticipated that commercial service robots market will significantly broaden the range of industrial sectors in developing countries. A lack of skilled labor is causing these countries to lag behind. However, the use of robotics and automation will open up a variety of opportunities in the industrial and residential sectors. Robotics has been in use for a very long time, which has helped it become more developed. As a result, these devices are extremely safe for use by workers and can improve how the industry operates as a whole.
Service robots are expected to benefit from the introduction of edge artificial intelligence chips and the rollout of 5G in telecom facilities. These developments will be more advantageous for the professional service robots. Professional service robots would exhibit high performance while using less energy. In order to deliver improved, integrated, and thorough designs for a variety of robotic solutions, the major market players are also working to provide a technological breakthrough. Qualcomm apportioned the first 5G and artificial intelligence-established platform in the world. It was designed for use with business-to-business and industrial service applications. However, the service robot market was valued at USD 15.87 billion in 2022.
The increasing adoption of surgical robots is one of the predominant motives for the increase of the medical service robotic market
Based on Segment, the global service robotics market is divided into Transportation and Logistics, Professional Cleaning, Medical Robotics, Hospitality, Agriculture, and fields. Medical robots, renowned for their accuracy in such procedures, are becoming increasingly popular due to the rising demand for minimally invasive surgery. The demand for minimally invasive surgery and potential cost savings increased research funding, further supporting this development. A further factor in the demand for medical robots for pain management, mobility enhancement, and chronic disease management is the aging population. The interaction of these elements, along with the widespread adoption of robotics technologies across industries, rising patient and healthcare provider awareness, and growing regulatory support, positions the medical robotics market for significant volume growth in the upcoming years.
United States service robotics market is growing at a steady pace and expected to register high CAGR in upcoming years
The North American countries of the United States, Canada, Mexico, and Others make up the majority of the global market for service robotics. The main robotics companies like iRobot, Boston Dynamics, and Intuitive Surgical are located inside the US, a country that fosters innovation and has fantastic studies and improvement (R&D) abilities. Due to its significant and affluent customer market, the US has an excessive demand for service robots, propelled with the aid of factors like an aging populace, growing healthcare fees, and comfort needs. A supportive regulatory environment encourages the improvement and adoption of latest technologies, which makes it less complicated for agencies to introduce and market provider robots within the US. An expertise pool of rather qualified engineers and technicians has been created due to the USA army's widespread use of service robots, which has also accelerated the improvement of those technologies.
While the robotics industry continues to grow, it is likely that Germany will continue to be a pacesetter in this area
France, Germany, Italy, Spain, and other countries make up the European part of the service robotics market. The German government actively supports the robotics industry with measures like tax breaks for R&D and investment for robotics research. Strong instructional establishments, a large and skilled exertions pressure, and an excessive demand for robotics engineers all want Germany. Since many pinnacle robotics agencies have their headquarters in Germany, the country has a strong song document of robotics innovation. The nation's getting old populace, growing healthcare wishes, and demand for comfort are all using up the demand for carrier robots. Furthermore, Germany continues a welcoming and open regulatory environment that promotes the creation and adoption of latest technologies and makes it easier for agencies to launch and market provider robots.
China is currently in a golden age of service robot expansion. Looking ahead, factors encompassing capital, society, and technology are set to sustain and fuel this growth
The China, India, Japan, the Republic of Korea, Thailand, and Others are holding a prominent share for service robots in the Asia Pacific robotics market. The China massive and swiftly developing populace gives an intensive marketplace for provider robots, at the same time as its rapid-paced financial system drives the demand for technologies that enhance performance and productivity. Chinese coverage, such as tax breaks for R&D and investment for robotics research, strongly supports the robotics industry.
Furthermore, as compared to different nations, China advantages from a massive and less expensive labor force that makes production of provider robots at a finances. Production of provider robots is permitted by the United States’ robust engineering and production capabilities, supported by using a massive pool of qualified engineers and technicians. Furthermore, Chinese businesses continuously broaden new technologies to improve the overall performance and competencies of service robots, way to China's fame as a substantial hub for technological innovation.
Competitive Landscape
Global service robotics market is home to corporations like KUKA, iRobot, Intuitive Surgical, Panasonic, Fanuc, ABB Ltd., and Stryker Corporation.
In September 2022, Canada-based Avidbots, a robotics business, raised USD 70 million in its Series C funding spherical. The enterprise specially creates autonomous cleaning robots, and it has produced Neo 2, a robotic ground cleanser made for business settings like warehouses, airports, and purchasing centers.
This latest report “Global Services Robotics Market, Segments (Transportation & Logistics, Professional Cleaning, Medical Robotics, Hospitality, and Agriculture & Field), Countries (Americas (United States, Canada, Mexico, and Others), Europe (France, Germany, Italy, Spain, and Others), Asia Pacific (China, India, Japan, Republic of Korea, Thailand, and Others), and Rest of the World), Companies (KUKA, iRobot, Intuitive Surgical, Panasonic, Fanuc, ABB Ltd., and Stryker Corporation)” provides a detailed analysis of Global Services RoboticsMarket.
Segments - Global Services Robotics Market has been covered from five viewpoints:
1. Transportation & Logistics
2. Professional Cleaning
3. Medical Robotics
4. Hospitality
5. Agriculture & Field
Countries - Global Services Robotics Market has been covered from four viewpoints:
1. North America
1.1 United States
1.2 Canada
1.3 Mexico
1.4 Others
2 Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 Others
2.6 China
2.7 India
2.8 Japan
2.9 Republic Of Korea
2.10 Thailand
2.11 Others
3. Asia Pacific
4. Rest of the World
Company Insights:
- Overview
- Recent Development
- Sales Analysis
Company Analysis:
1. KUKA
2. iRobot Corporation
3. Intuitive Surgical, Inc.
4. Panasonic Corporation
5. Fanuc
6. ABB Ltd.
7. Stryker Corporation
Table of Contents
Companies Mentioned
- KUKA
- iRobot Corporation
- Intuitive Surgical, Inc.
- Panasonic Corporation
- Fanuc
- ABB Ltd.
- Stryker Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 160 |
| Published | August 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 15.87 Billion |
| Forecasted Market Value ( USD | $ 187.33 Billion |
| Compound Annual Growth Rate | 36.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
