Service Robotics Market Comprehensive Analysis, Development Strategy, Future Plans and Industry Growth with High CAGR by Forecast 2021-2030

The Global Service Robotics Market size is estimated to be USD 14.39 bn in 2019 and is predicted to reach USD 166.04 bn by 2030 with a CAGR of 24.9% from 2020-2030.

Service robots are the robots manufactured in order to assist humans and perform useful tasks for professional and personal applications. These robots can be operated in semi-automatic or fully automatically. They are skilled in performing monotonous & work consuming tasks and offers greater efficiency and safety.

They can enable people to perform different tasks excluding manufacturing operations. These robots are capable of decision making based on in real time and in unpredictable environments to execute the given tasks. The service robots are classified as home service robots or professional service robots. These services generally used for helping the users to reduce their workload in terms of both manpower and time-saving.

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Competitive Landscape:

Comprehensive competitive analysis and profiles of the major market players such as Amazon Inc., Honda Motors Co. Ltd., Kuka AG, Northrop Grumman Corporation, iRobot Corporation, Parrot SA, Redzone Robotics, GeckoSystems Intl. Corp., Adept Technology, Inc., ECA Group, Yasakawa Electric Corporation are provided in the Service Robotics market report.

Market Dynamics and Trends:

The rise in the use of service robots in professional services is increasing the market size of the professional sector of service. The major reason for the increasing popularity the service robots is it helps in reducing the human involvements in testing conditions. For instance, the service robots were used in Japan to send nuclear reactors after the tsunami for monitoring and measurement purpose. This has reduced the human effort and also enabled to have greater accuracy.

The factors including increasing popularity of networked robots, short-to medium-term payback period and high return on investment (RoI), and high demand from the medical and healthcare sector majorly driven the service robotics market. Further, rising demand for mobile-robotic solutions has led to rise in the demand of service robotics. However, high service cost, high R&D expenses, and irregular performance in untested environments, and lack of high level interfacing is hampering the growth of the service robotics market. The growing demand for drones from military and non-military applications will create new opportunities for the market growth in future. The service robotics market is segmented on the basis of type, operating environment, components, application, and geography.

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Market Segmentations and Scope of the Study:

Global Service Robotics Market share is analysed on the basis of type, the market is segmented into personal robots and professional robots. On the basis of operating environment, the market covers aerial, marine, and ground. On the basis of components, the market is classified into control systems, actuators, software, and sensors. On the basis of application, the market is divided into professional and personal. The professional segment is further segmented into entertainment, domestic tasks, education, and research & hobbyists. The personal segment is further divided into defense, rescue & security, telepresence robot, medical, field robotics, marine, and inspection & maintenance. The regional analysis of the market comprises of North America, Europe, Asia Pacific, and Rest of the World.

Geographical Analysis:

North America denotes a higher adoption of the service robotics and is anticipated hold the highest market share during the forecast period. This is attributable to the factors including technologically advancement, high consumer awareness, increased use of robot prototypes for cleaning offices, and security, and delivering packages.

It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to increasing demand for these robots in defense sector and focus towards R&D is leading to robots with more user-friendly features.

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