"We Envision Growth Strategies Most Suited
to Your Business"

Service Robotics Market to Experience 18.4% CAGR during 2023-2030; Affordable Service Robots to Bolster Market

June 22, 2023 | Machinery & Equipment

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. Fortune Business Insights™ presents this information in its report titled “Service Robotics Market Size, Share & COVID-19 Impact Analysis, By Type (Professional and Personal) By Application (Domestic and Industrial/Commercial), and Regional Forecast, 2023-2030”


Robots that provide beneficial services to people are known as service robots. They mostly fall under the category of robots used for both personal and professional purposes. Additionally, they are separated into home and industrial categories based on application. Any robots used for home purposes and indoor environments are included in the domestic category. Domestic robot use is rising across all regions due to the increased use of Internet of Things (IoT)-based devices in homes and the development of more precise and inexpensive home robots. The service robotics market is expanding as a result of ongoing initiatives to promote automation at industrial facilities and lower labor costs by minimizing human interaction in industrial processes.


Rising Demand for Medical Robots Due to COVID-19 Pandemic


Due to the effects of the economic downturn in various well-known countries, the global market experienced a significant decline in market growth. Yet, the two variables that continued to support the growth of the sales of service robots during the pandemic were the global expansion in social distance practices and the rising desire for automation. Following the COVID-19 epidemic, the adoption of robot-based work processes and the development of automation boosted the need for industrial robotics to boost automation integration across industries.


Companies Concentrate on Developing Robots that can Assist Humans


The smart merchandise picker robot was developed and released in November 2022 by Smart Robotics Inc., a creator and provider of logistics and warehouse robotics solutions. This collaborative robot (Cobot) can manage light goods like office supplies and stationery.


Affordability of Service Robots to Fuel Market Growth


The price of making robots has decreased considerably as a result of the quick development of technology and the rise in robot production. In real terms, and even more so when compared to labor expenses, the average cost of a robot has decreased by half over the past 30 years. The production of robots is also anticipated to move to low-cost regions, further lowering the manufacturing cost, as a result of the increasing demand for robots from emerging economies. In addition, rising labor costs relative to the cost of robots in the world's main industrial countries also contribute to an increase in the attractiveness of pricing, which supports market expansion. These factors are expected to increase the global service robotics market growth.


On the contrary, purchases, programming, integration, and other accessories come with a hefty upfront financial expense, which may impede the service robotics market share.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/service-robotics-market-101805


Competitive Landscape


Leading Business Players Emphasize Integrating Cutting-Edge Robotic Technology


It has been noted that the main market players are concentrating on expanding the potential of interactive robots. For example, TDK Company integrated ultra-compact Micro Electro Mechanical Systems (MEMS) microphones in September 2019 utilizing cutting-edge semiconductors to enhance the intelligence of interactive robots. Also, a new wave in the market for service robots is being brought about by the combination of acoustic sensors and Application Specific Integrated Circuits (ASICS).


Notable Industry Development:



  • September, 2022 - Ricoh acquired 80% stake in PFU Limited from Fujitsu Limited a leading global document scanning business as a part of growth investment to achieve digital transformation (DX) for customers.


List of Key Players Profiled in the 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.)


Further Report Findings:



  • Asia Pacific is expected to experience significant development because of the region's growing industrial manufacturing levels of automation and the advancement of technology.

  • Due to the significant demand for personal and business robots across many European countries, Europe owned the second-largest share of the global market.

  • Due to the substantial presence of well-known international manufacturers in the area, North America also holds a respectable market share.

  • Extensive use of automation and modern manufacturing and warehouse management techniques in the developed Gulf nations, GCC has the largest market share for service robots in the Middle East and Africa.

  • Latin America is anticipated to steadily expand its presence in the service robots industry as a result of the region's modest technological development.


Table of 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)




Service Robotics Market
  • PDF
  • 2022
  • 2019-2021
  • 140

    CHOOSE LICENSE TYPE

  • 4850
    5850
    6850

Our Clients

3M
Owens
Roche
3M
The Japan Research
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X