The global service robotics market involves various types of robots deployed across several industries for providing useful services without human intervention. Service robots are employed for applications such as cleaning, elderly assistance, hospitality services, defense, logistics, media, and inspection. Adoption of automation technologies, industrial internet of things, and artificial intelligence is driving the demand for service robots. Increased labor costs, safety concerns, shortage of human workforce and demand for high precision and accuracy are fueling adoption of service robots across industries. Furthermore, growing focus on automating repetitive and hazardous tasks is driving the Service Robotics Market Demand.
The service robotics market is estimated to be valued at USD 54.51 Bn in 2024 and is expected to reach USD 145.85 Bn by 2031, growing at a compound annual growth rate (CAGR) of 15.1% from 2024 to 2031.
Key Takeaways
Key players operating in the service robotics market are iROBOT Corporation, Kongsberg Maritime, Northrop Grumman Corporation, Amazon Robotics, Aethon, Intuitive Surgical, DEKA Development & Research Corp, Honda Motor Co. Ltd, Panasonic Corporation and Yujin Robot.
These players are focusing on developing innovative robotic solutions for enhancing productivity, safety, and efficiency in different industry verticals. Growing acceptance of automation technologies across industries, increasing demand for elderly assistance robots, and product innovations creating new use cases present significant growth opportunities in the market.
Advancements in artificial intelligence, computer vision, and robot hardware is further expanding potential areas of service robot deployment. Leading players are focusing on strategic collaborations and partnerships to expand their geographical footprint. For instance, in 2023 Amazon acquired iRobot to leverage its robotic technology and gain access to new international markets. Meanwhile, Asian players are actively focusing on the European and North American markets to tap into new revenue streams.
Market drivers:
Increased labor costs, shortage of human workforce, need for high accuracy and demand for safer working environments are major drivers accelerating adoption of service robots. Furthermore, demand to automate hazardous and repetitive tasks is fueling market growth.
Market restrains:
High initial investment costs associated with service robots, lack of standardization and technical challenges in simultaneous localization and mapping (SLAM) technology poses major challenges to growth. Concerns regarding job losses arising from replacement of human workforce with robots is another restrain. Regulation around robot safety, privacy and ethics also act as a barrier. The global service robotics market is poised to grow significantly owing to industrial automation and increased deployment across industries. Technological advancements expanding use cases and application areas will further drive adoption.
Segment Analysis
The service robotics market can be segmented based on type into professional and personal/domestic service robots. The professional service robot segment dominates the market currently due to high demand from industries such as defense & security, field robotics, logistics, medical and inspection & maintenance. Within professional service robots, defense & security robots account for the largest share as they are widely used by law enforcement agencies and militaries for bomb disposal, battlefield surveillance, and other applications in risky environments. Medical service robots are the fastest growing segment due to growing need for contactless solutions in hospitals and increasing investments in surgical and rehabilitation robots. Personal/domestic service robots include floor-cleaning robots, window-cleaning robots, lawn-mowing robots etc. Floor-cleaning robots dominate this segment currently due to advantages like hygienic cleaning and all-round coverage without human assistance.
Global Analysis
The North American region currently dominates the service robotics market owing to large investments in robotics technology by defense, medical and space exploration industries in the US and Canada. The Asia Pacific region is expected to grow the fastest in the coming years due to rising adoption of industrial and domestic robots in industries and homes across developing countries like China and India. Government initiatives and growing investments to leverage robotics solutions are supporting market growth in Asia Pacific. In Europe, the market is driven by expanding role of collaborative robots across factories and increased focus on automation by process industries in Western Europe. Meanwhile, service robotics adoption is also growing across Latin America and Middle East & Africa regions driven by requirements in oil & gas industries and increasing foreign investments in robotics.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
