Service Robotics Market – Global Industry Analysis and Forecast (2023-2029)

Service Robotics Market size is expected to reach nearly US$ 201.24 Bn by 2029 with the CAGR of 24.01% during the forecast period.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Service Robotics Market Current Scenario:
There are small & mid-sized Corporations across the United States, Japan, Korea, China, which are expected to adopt explicit efforts to increase their service robot market share. These efforts include high investment in R&D, M&A and advance marketing strategy. Of great importance to this market is the collaboration & coordination that is being observed within the industry. And the government, which is eventually increasing the service robot market demand. For instance, in Sep 2019, student from India initiated development of robots that can help society during critical occurrence like house fire.To know about the Research Methodology:- Request Free Sample Report
Service Robotics Market Dynamics:
Robots are now being increasingly adopted for service applications, both by consumers and professionals. The service robot market includes different types of robots, most of which can be used for applications in many industries. At a consumer level service robots are commonly used for deadly & repetitive tasks like domestic chores, or for leisure & entertainment purposes. At a professional level, service robotics often represents an investment which has potential to significantly increase efficiency & reduce costs by replacing traditional methods. Industries that will experience changing dynamics owing to the appearance of service robots include agriculture, construction, medical, logistics, hospitality, entertainment and domestic consumer goods.

Robotics in professional applications have significant effect in areas like agriculture, surgery, and logistics and is increasing in economic importance. There is rising demand to monitor everyday surroundings which results in difficult-to-manage workloads and data flows. To meet these demands, robots will play an important role in the maintenance, security. Robotics in personal & home applications has experienced strong global growth with a limited number of mass market products: floor cleaning robots, & robots for edutainment. Future product visions point to domestic robots of higher sophistication, capability & value like assistive robots.

The total number of professional service robots sold in 2019 rose by 85% to 109,543 units up from 59,269 in 2022. The sales value increased by 39% to US$ 6.6bn. The reason for this rather low increase rate is the considerable decrease of high valued defense robots.

The total number of service robots for personal and domestic use increased by 25% to about 8.5 million units in 2019. The value was up by 27% to US$ 2.1bn. In 2019, it is projected that nearly 6.1 million robots for domestic tasks, including vacuum cleaning, lawn-mowing, window cleaning & other types, were sold, an impressive 31% more than in 2022. The value was about US$ 1.6bn. Compared to 2022, this represents an increase of 30%.
Regional Insights:
Geographically, the Service Robotics Market is segmented by Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. European service robot manufacturers play significant role in the global market. About 290 out of the 700 listed companies supplying service robots come from Europe. North America positions second with about 240 manufacturers & Asia-Pacific third with 130. Further development will depend on entrepreneur’s actions which they are taking for new applications. In U.S, about 200 start-up firms are working on new service robots. The European Union & Switzerland count 170 corporations which are creating a new entrepreneurial culture for the service robotics industry followed by Asia-Pacific with 135 start-up corporations. Virtually all economies are trying to raise energetic entrepreneurial environment.

The objective of the report is to present a comprehensive analysis of the Global Service Robotics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Service Robotics Market dynamics, structure by analyzing the market segments and project the Global Service Robotics Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Service Robotics Market make the report investor’s guide.
Service Robotics Market Key Highlights:
Global Service Robotics Market analysis and forecast, in terms of value.

Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Service Robotics Market

Global Service Robotics Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.

The Global Service Robotics Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.

Global Service Robotics Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.

Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.

Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Service Robotics Market are also profiled.
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Global Service Robotics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 44.61 Bn.


Forecast Period 2023 to 2029 CAGR:
24.01%
Market Size in 2029:
US $ 201.24 Bn.


 Segments Covered:
by Type
Professional
Personal


by Application
Medical
Defence
Construction and Demolition
Transportation & Logistics
Agriculture & Forestry
Others


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



Service Robotics Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. Irobot
2. Softbank Robotics Group
3. Intuitive Surgical
4. Delaval
5. Daifuku
6. Cyberdyne
7. DJI
8. Kongsberg Maritime
9. Northrop Grumman
10. Neato Robotic
11. Kuka
12. Lely
13. ECA Group
14. 3DR
15. Stryker
16. Harvest Croo
17. Starship Technologies
18. Parrot Drones Sas
19. General Electric
20. Amazon Robotics
21. Aethon Inc.
22. GeckoSystems Intl. Corp.
23. Honda Motor Co. Ltd.
24. Adept Technology, Inc.
25. Samsung Electronics Co., Ltd.

Frequently Asked Questions:

1. Which region has the largest share in Global Service Robotics Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Service Robotics Market?
Ans: The Global Service Robotics Market is expected to grow at a CAGR of 24.01% during forecast period 2023-2029.

3. What is scope of the Global Service Robotics market report?
Ans: Global Service Robotics Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Service Robotics market?
Ans: The important key players in the Global Service Robotics Market are – Irobot, Softbank Robotics Group, Intuitive Surgical, Delaval, Daifuku, Cyberdyne, DJI, Kongsberg Maritime, Northrop Grumman, Neato Robotic, Kuka, Lely, ECA Group, 3DR, Stryker, Harvest Croo, Starship Technologies, Parrot Drones Sas, General Electric, Amazon Robotics, Aethon Inc., GeckoSystems Intl. Corp., Honda Motor Co. Ltd., Adept Technology, Inc., Samsung Electronics Co., and Ltd.

5. What is the study period of this market?
Ans: The Global Service Robotics Market is studied from 2022 to 2029.