"Catapult Your Business to Fore, Gain Competitive Advantage "

Service Robotics Market Size, Share & Industry Analysis, By Type (Professional and Personal) By Application (Domestic and Industrial/Commercial), and Regional Forecast, 2023-2030

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI101805

 

Service Robotics Market

Play Audio Listen to Audio Version

The global service robotics market size was valued at USD 16.35 billion in 2022 and 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. The Asia Pacific dominated the service robotics market with a share of 34.86% in 2022.


Service robots are machines that help humans by performing useful tasks for them. They are majorly classified as robots used for professional use and personal use. Further, according to application, they are categorized as domestic and industrial. The domestic segment consists of all the robots used for personal applications and indoor uses. The use of IoT-based devices in homes and the introduction of precise and more affordable home-use robots are the reasons behind the increasing adoption of domestic robots across geographies. The industrial/commercial segment deals with the equipment used in the industrial environment to perform industry-related tasks. Constant efforts toward the inculcation of automation at industrial facilities and reducing the expenditure on labor wages by reducing human intervention in industrial operations are driving the growth of this market.


Furthermore, these robots find their applications in transportation & logistics, medical, defense, construction & demolition, agriculture, and retail sectors.


COVID-19 IMPACT


Outbreak of COVID-19 Pandemic to Create High Demand for Medical Robots


The global market was subject to a considerable decrease in market growth due to the repercussions of economic downfall across numerous prominent countries. However, increasing demand for automation and increased social distancing practices across the globe were the two sustaining factors for the development of the sales of service robots during the pandemic. After the COVID-19 pandemic period, the introduction of robot-based operations and the advancement of automation increased the demand for industrial robotics to increase integration automation across industries.


An evolution of this technology and the application of Artificial Intelligence (AI) and Big Data systems in robotics is collectively spurring the demand for service robots throughout the forecast period. Further, post COVID-19 the incorporation of technologically advanced robots with robust built quality is projected to attract heavy demand, especially from the healthcare and hospitality sectors.


LATEST TRENDS


Request a Free sample to learn more about this report.


Inception of Intuitive Technologies in Robotics Solutions to Accelerate Market Growth


Technological advancement is exponentially expanding the capabilities of service robots and has increased their ability to carry out multiple tasks in minimum duration.


The adoption of these robots across a diverse range of sectors such as healthcare, defense, logistics, agriculture, and others has radically changed the workflow process.


For instance, the deployment of service robots in the healthcare sector has allowed surgeons to perform minimally invasive surgeries. These robots are used as tools to achieve more precise incisions or movements that are difficult for human hands to achieve. For instance, a U.S. based medical device company, Johnson & Johnson’s launched a new robot-assisted surgical system for laparoscopic application as well as open surgery in 2020.


DRIVING FACTORS


Availability of Affordable Service Robots to Drive Market Growth


Due to rapid technological advancements and rise in production of robots, the cost of making robots has gone down significantly. Over the past 30 years, the average cost of a robot has reduced by half in real terms, and even further when compared to labor costs. Furthermore, owing to the rising demand for robots from emerging economies, it is anticipated that the production of robots will shift to low-cost regions, further reducing the manufacturing cost. In addition, rising labor costs as compared to the cost of robots in major manufacturing economies also contribute to increasingly attractive pricing dynamics, thus helping market growth.


Improved capabilities of robots as a result of the advancement of technology along with better productivity and quality achieved with the use of service robots aided the market growth.


RESTRAINING FACTORS


High Initial Cost of Investments to Hamper Market Growth


The initial capital expenditure required for procurement, programming, integration, and other accessories is quite high, and thus it is a challenging factor for the service robotics market growth. Further, as per the Robotic Industries Association, the maintenance cost of service robots is around USD 2,50,000 and USD 10,000 per annum. This creates a hindrance for enterprises, especially small and medium businesses to invest in these robots, as they find it hard to raise large amounts of capital due to the low volume of production and less ROI. The cost of upgrading software, replacement of sensors as well as other devices increases the cost of ownership of service robots, which then results in lowering the market growth rate. Hence, by virtue of all these factors, there has been a slowdown in the market growth of service robots.


SEGMENTATION


By Type Analysis


To know how our report can help streamline your business, Speak to Analyst


Professional Robots Segment to Show Higher CAGR Backed by Rising Labor Costs


Based on type, the market is bifurcated into personal and professional.


Between these two types, the professional service robots segment holds a greater market share and is anticipated to grow rapidly over the forecast period majorly owing to the increasing demand for service robots across sectors such as defense, medical, construction, logistics, and others. Apart from this, the adoption of automation and mobility across the industrial sectors is also creating a significant impact on the overall market share for the service robot industry. In the forecasted period, the growth of this segment is further strengthened due to increasing labor costs, rising investments in R&D, shortage of skilled labor, and increasing awareness regarding service robots and industrial automation.


The personal robots segment is anticipated to grow remarkably across the residential home sector. These robots are usually used to help, teach, and tutor individuals in home settings. Apart from that, personal robots are useful for floor cleaning, vacuuming, pool cleaning, lawn mowing, as well as for entertainment. These types of robots are expected to have a higher prospect across the European, ASEAN, and American regions over the forecast period. However, presently, the demand is limited, owing to its operability and battery capacity.


By Application Analysis


Industrial/Commercial Segment to Showcase Majority Share during Forecast Period


Based on application, the market is segmented into domestic and industrial/commercial.


The industrial/commercial segment is anticipated to establish its dominance over the forecast period and is also expected to grow significantly over the forecast period. This segment is further divided into agriculture & forestry, defense, transportation & logistics, unmanned vehicles, construction & demolition, medical, retail, and others that include public relations.


Amidst these, the transportation & logistics segment holds a prominent share due to automation introduced in the process of storing and moving goods. Also, this sector is showcasing increasing demand for service robots to optimize supply chain processes across various industrial sectors. Medical robots are expected to show remarkable growth due to the increasing transformation of people toward integrating robotic solutions for crucial medical operations and the initiation of high-tech testing labs. UAVs are deployed across the agricultural and defense sectors owing to their ability to increase the existing capabilities of soldiers by safeguarding them from danger, determining product ripeness, inspection of crops, and gauging land fertility, respectively.


Besides these, the construction & demolition sub-segment is predicted to grow steadily due to the increasing number of residential and commercial projects across developed and developing economies. Moreover, huge investments by governments to reorganize the existing infrastructure would assist the growth. The domestic sub-segment is also expected to hold a considerable share across the residential sector since there has been a rise in the adoption of service robots for personal use at home.


REGIONAL INSIGHTS


Asia Pacific Service Robotics Market Size 2022 (USD Billion),

To get more information on the regional analysis of this market, Request a Free sample


The market’s scope comprises five major regions, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.


Asia Pacific is projected to show major growth owing to the advancement of technology and rising automation at many industrial manufacturing levels across all the sectors in the region. The major and impactful economies of Japan, China, South Korea, and India are the driving forces of the Asia Pacific market. Besides, promising government policies in the manufacturing industry and increased focus on economic diversification in emerging countries are the two main growth propellers driving industrial automation. As a result, the demand for service robots has increased. The increasing robot density across the regional market can be identified as the most promising factor behind the substantial growth of the market over the forecast period in the region.


China is anticipated to showcase considerable growth and is also projected to showcase the highest CAGR over the forecast period. The country leads the market as a result of hefty investments conducted in the manufacturing sectors. As China is a manufacturing hub for low manufacturing costs, low labor cost and raw material costs, suppliers believe in mass production of electronic products and obtain a substantial profit yield from other parts of the region. However, despite having a sustainable and profitable manufacturing model, which helped them to develop an extensive manufacturing cluster in the market of the country, domestic manufacturers with local consumers as the target audience have a very weak position in the market.


For instance, by the end of 2017, the market share catered by local manufacturers in the market of China fell to nearly 25% from the earlier 31% in 2016. Increasing localized production of the global giants in the market of China can be cited as the main concerning reason behind the dismal performance of the local vendors in the regional market. In 2020, ABB Ltd. decided to build a manufacturing facility by the end of 2020.


Following Asia Pacific, Europe held the second highest part in the service robotics market share in the global market majorly due to the high demand for personal and professional robots across various nations in the region. As per the International Federation of Robotics, Europe has the highest presence of service robot manufacturers owing to a rise in demand from sectors such as medical, logistics, retail, and defense. In addition, the U.K., Italy, France, and Germany are anticipated to significantly grow over the forecast period, thus increasing the service robots’ adoption in the region.


Furthermore, North America also has a decent market share due to the strong presence of prominent global manufacturers in the region. Although the top four automation solution providers, ABB Ltd., FANUC, KUKA AG, and Yaskawa have a domestic market outside the region of North America, strong demand for their products in the regional market due to heavy technology innovation quotient is encouraging these manufacturers to operate more effectively across North America. Additionally, the implicit efforts of these companies regarding technological developments through strong investments in research & development operations, strategic partnerships, acquisitions, entering into collaborations, and joint ventures are identified as pivotal factors boosting the development potential of North America.


In the Middle East & Africa region, GCC holds the highest service robots market share due to the heavy application of automation and modernized techniques in manufacturing and warehouse management systems in the developed Gulf countries. Going forward, the increasing adoption of service robots in the healthcare and automotive sectors in the regional market is expected to emerge as the prime contributor to the market development prospects over the course of time.


To know how our report can help streamline your business, Speak to Analyst


Latin America is expected to gradually extend its footprint toward the service robots sector owing to the moderate technological advancement in the region. Moreover, Brazil is projected to have majority of the market share. Further, the key growth factor of the Latin America market is the significant shift of consumers in the market toward automated solutions.


KEY INDUSTRY PLAYERS


Key Industry Players Are Emphasizing Integrating Advanced Robotic Technology


It has been observed that major market players are focusing on broadening the possibilities of interactive robots. For instance, TDK Corporation, in September 2019, integrated ultra-compact Micro Electro Mechanical Systems (MEMS) microphones using advanced semiconductors for improving the intelligence of interactive robots. Also, the integration of acoustic sensors and Application Specific Integrated Circuit (ASICS) is bringing a new wave in the service robots market.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • November 2022 - Smart Robotics Inc. which is a designer and provider of logistics and warehouse robotics solution developed and launched a smart merchandise picker robot. This collaborative robot (Cobot) can handle lightweight merchandize such as office stationery and office supplies. 

  • February 2022 – Ricoh acquired Axon Ivy AG as a part of its strategic investment with an objective to expand its digital process automation capabilities.

  • November 2021 – KUKA AG and MHP collaborated to work on Smart Intelligence Robotic Project Cockpit (SIRPCO).

  • November 2021 - iRobot Corporation acquired Aeris Cleantec AG, an air purification company with an objective to diversify the product portfolio with air purification systems.

  • June 2021 - HYUNDAI MOTOR GROUP acquired 80% stake in Boston Dynamics to strengthen its position in the field of robotics.


REPORT COVERAGE


An Infographic Representation of Service Robotics Market

To get information on various segments, share your queries with us



The research report provides a detailed analysis of the type, application, and region. It provides information about the leading service robots provider companies and their business overview, types, and leading applications of the product. Besides, it offers insights into the competitive landscape, SWOT analysis, and current market trends and highlights key drivers and restraints. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the market's growth in recent years.


Report Scope & Segmentation
















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 18.4% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Type



  • Professional

  • Personal



By Application



  • Domestic

  • Industrial/ Commercial





    • Transportation & Logistics

    • Medical

    • Defense

    • Construction & Demolition

    • Unmanned Vehicles

    • Agriculture & Forestry

    • Others (Retail, Public Relations etc.)





By Region



  • North America (By Type, By Application, By Country)

    • U.S. (By Type)

    • Canada (By Type)



  • Europe (By Type, By Application, By Country)

    • Germany (By Type)

    • U.K. (By Type)

    • France (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, By Application, By Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific (By Type)



  • Middle East & Africa (By Type, By Application, By Country)

    • GCC (By Type)

    •  South Africa (By Type)

    • Rest of the Middle East and Africa (By Type)



  • Latin America (By Type, By Application, By Country)

    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of South America (By Type)








Frequently Asked Questions

Fortune Business Insights says that the market was valued at USD 16.35 billion in 2022.

In 2030, the market is expected to be valued at USD 62.35 billion.

The global market is estimated to have a noteworthy CAGR of 18.4% during the forecast period.

Asia Pacific is expected to hold a major market share in the market. The region stood at USD 5.70 billion in 2022.

Increasing use of cordless charging in automobile vehicles is the key trend in the global market.

The surge in demand for simultaneous charging technology is driving the market growth.

Within the type segment, professional segment is expected to be the leading segment in the market during the forecast period.

Ricoh, Honda Motor Co., Ltd., iRobot Corporation, KUKA AG, Intuitive Surgical, Daifuku Co., Ltd., SoftBank Robotics Group Corp., Aethon, Boston Dynamics, Fetch Robotics, Inc., and others are the top companies.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2030
  • 2022
  • 2019-2021
  • 140

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X