Service Robotics Systems Market is projected to reach USD 193.17 Billion by 2032, with Top Key Players -Northrop Grumman, iRobot Corporation, Delaval Group, Amazon, Kuka, Yaskawa Electric, Lely Group, Adept Technology, Honda Motor, Kongsberg Maritime, Aet

Market Research recently published a report, "Service Robotics Market" By Service Type (Professional, Personal), By Application (Domestic, Industrial/Commercial), By Environment (Aerial, Ground), and By Geography. According to Verified Market Research, the Service Robotics Market size was valued at USD 32.57 Billion in 2021 and is projected to reach USD 193.17 Billion by 2032, growing at a CAGR of 24.25% from 2022 to 2032.

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Some of the Top companies Influencing this Market include:

Northrop Grumman, iRobot Corporation, Delaval Group, Amazon, Kuka, Yaskawa Electric, Lely Group, Adept Technology, Honda Motor, Kongsberg Maritime, Aethon, Geckosystems Intl, Google, Bluefin Robotics, ECA Group

Global Service Robotics Market Overview

Because of the rapid technological advancements in automation, engineering, artificial intelligence, and machine learning, the robotics industry is rapidly stimulating the service robotics market trends. The consequences of the introduction of robots have resulted in a shift in human task-performing capacity. Furthermore, the implications of robotics' growth will boost developing countries' productivity and economic expansion. Additionally, because underdeveloped economies lack skilled labor, service robots can open up significant opportunities in various industries.

Data ownership raises ethical concerns, particularly with the rise of robotics software services. There is always a significant difference between the data collected by ground drones and by sky drones. Third parties, such as marketing and database agencies, frequently purchase this data, putting individuals' privacy at risk. Because most equipment manufacturers use their in-house interface protocols for communications, the lack of standardization in robotics technologies such as AI and machine vision complicates system integration. In healthcare and military & defense industries, the consequences of a data breach are significant, necessitating regulations that do not suffocate robotics-related technologies.

Key Developments

In September 2020, SoftBank Robotics Group and Bear Robotics collaborated to form a service robot for the food and hospitality industry. The service robot was named SERVI.
In February 2020, Intuitive Surgical completed the acquisition of Orpheus Medical.
Key Players

The major players in the market are iRobot, Intuitive Surgical, Honda Motor, Panasonic Holdings, Aethon, Yujin Robot, Samsung Electronics, DeLaval, Robert Bosch, Electrolux, and Others.

Service Robotics Systems Market Types:

Ground Service Robotics System, Aerial Service Robotics System, Underwater Service Robotics System, Mobile Service Robotics System, Others.

Service Robotics Systems Market Applications:

BFSI, Consumer Goods and Retail, Manufacturing, Healthcare, Government, Others

Service Robotics Market: Competitive Analysis

Some of the major service robotics companies are iRobot, SoftBank Robotics Group, Intuitive Surgical, DeLaval, Daifuku, CYBERDYNE, DJI, Kongsberg Maritime, Northrop Grumman. Apart from these, Exyn Technologies, XAG, AMP Robotics, UVD Robots, Diligent, HARVEST CROO and Starship Technologies. The global service robotics industry key players are innovating and trying to constructively use the market particularly the drones for different operations. This is going to be one of the key uses of this applications and the companies which can cash in on this growth will show a great amount of growth going forward.

Service Robotics Market: Key Drivers

Service robotics market size growth drivers includes the growth in the IoT or the internet of things which is the digital networking of various systems and machines into a creation of an integrated process. The predictive maintenance is a process of forecasting the potential issues before them even happening. The IoT based solution allows the storing of terabytes of data and parallel machine learning which is a running algorithm on different computers that forecast the hazards that can potentially happen and pinpoint when the industrial equipment might fail and thereby assist in the predictive maintenance.

The data from many sensors in the robots like heat and voltage sensors get gathered on a cloud and the data then gets analyzed by the machine learning algorithms. The machine learning algorithms get applied for the revelation of hidden correlation in the datasets and the detection of abnormal data patterns. The maintenance of activities was historically based on the time from the previous checking and equipment's age.

Recent Developments

RedZone Robotics Introduced a New Technology for Manhole Condition Assessment
On April 12th, 2021; RedZone Robotics, a robotics company based in the United States, has introduced new technology to reduce the risk of sanitary sewer overflow (SSO) events triggered by damaged manholes. It announced the launch of VertueTM, a cutting-edge multi-sensor inspection (MSI) tool for manhole inspections. Because of Virtue, utility operators are able to capture full multi-sensor data, including 360o high definition imagery, laser, and positioning of their manholes in a reliable way. The level of detail are able to produce in interactive 3D models is better than anything out there on the market. If the manholes in the city's network are in poor condition, this could lead to significant infiltration of clear water during wet weather events. Since the release of untreated or partially treated waste from a municipal sanitary sewer, sanitary sewer overflow events (SSOs) pose a significant challenge for utilities in the United States. These incidents may result in substantial fines for a utility due to environmental concerns, health risks, and even property damage. With Vertue, RedZone Robotics will now assist utilities in ensuring the condition of manholes in their network.

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The cost analysis of the Global Service Robotics Systems Market has been performed while keeping in view manufacturing expenses, labor cost, and raw materials and their market concentration rate, suppliers, and price trend. Other factors such as Supply chain, downstream buyers, and sourcing strategy have been assessed to provide a complete and in-depth view of the market. Buyers of the report will also be exposed to a study on market positioning with factors such as target client, brand strategy, and price strategy taken into consideration.

Key questions covered in this report?

A complete overview of different geographic distributions and common product categories in the Service Robotics Systems Market.
When you have information on the cost of production, the cost of products, and the cost of production for future years, you can fix up the developing databases for your industry.
Thorough break-in analysis for new enterprises seeking to enter the Service Robotics Systems Market.
Exactly how do the most essential corporations and mid-level companies create cash within the Market?
Conduct a thorough study on the overall state of the Service Robotics Systems Market to aid in the selection of product launches and revisions.
Table of Contents

Global Service Robotics Systems Market Research Report 2022 - 2029

Chapter 1 Service Robotics Systems Market Overview

Chapter 2 Global Economic Impact on Industry

Chapter 3 Global Market Competition by Manufacturers

Chapter 4 Global Production, Revenue (Value) by Region

Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

Chapter 6 Global Production, Revenue (Value), Price Trend by Type

Chapter 7 Global Market Analysis by Application

Chapter 8 Manufacturing Cost Analysis

Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

Chapter 10 Marketing Strategy Analysis, Distributors/Traders

Chapter 11 Market Effect Factors Analysis

Chapter 12 Global Service Robotics Systems Market Forecast

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Key Market Trends
Professional Use of Robots to Account for a Significant Share in the Market
Professional robots consist of field robots, defense and security robots, medical assisting robots (MAR), public assistant robots, electrical industry robots, and robots for construction purposes.
The construction industry has adopted service robots to overcome heavy labor costs, labor shortages, and labor accidents. It also helps in constructing more reliable buildings since there is less chance of human errors. Technologies like 3D printing robots and demolition robots further act as catalysts in the adoption of robots in the construction sector.
Exoskeleton robots are used as public relations robots. Most public relations robots are used to assist customers in finding an item or completing a task. These robots are deployed in the retail sector to guide customers around a store and in the hospitality industry, banks, shopping malls, family entertainment centers, and more.
The medical and healthcare industry uses services robots as diagnostic systems, robot-assisted surgery or therapy, rehabilitation systems, and other medical robots.

Asia Pacific to Register a Significant Growth Rate Over the Forecast Period
The Asia Pacific is one of the fastest-growing regions across the world. It also holds the largest market over the forecast period, owing to the significant adoption of service robots in China, Japan, and India.
Regional governments are also a significant factor in the development of a regional robotics market. For instance, India plans to invest in military robotics, and the country is preparing to deploy advanced robotic soldiers by 2023.
The Chinese government has ambitious plans for the country's robotics industry. The government has listed the robotics industry, along with AI and automation, as one of the priority sectors for high-end development to push forward the transformation and up-gradation of the manufacturing industry. This push is expected to raise the global market share of Chinese-made robots.
Further, financial services companies in Asia are looking to streamline costs to boost dividends to shareholders, maintain profitability, and have a new tool at their disposal that also appeals to customers, e.g., service robots. For instance, HDFC, one of the largest Indian private banks, is looking to unveil a service robot to assist customers with everyday tasks, like transferring or withdrawing money or just finding the relevant department to get their task done. The robot is expected to be a part of the bank's Project AI program.

Recent Developments
July 2021 - ABB acquired ASTI Mobile Robotics Group for developing the next generation of flexible automation using autonomous mobile robots. The acquisition enhances Robotics and Machine Automation solutions, allowing the company to offer a unique automation portfolio and develop into new business categories.
April 2021 - Panasonic Corporation introduced a mass-production model of its Walk Training Robot, designed to provide safe and effective walk training for older adults. The company further offering a robot-assisted service to care facilities, hospitals, and other organizations.
February 2021 - Wipro Limited and Yaskawa India Pvt. Ltd., a subsidiary of Yaskawa Electric Corporation, announced the alliance by exchanging the signed Memorandum of Understanding (MOU) on co-operation commitment to target global automation projects jointly. The partnership enables the company to deliver supplies of Yaskawa robots in India and abroad (including an international warranty).
January 2021 - OMRON Corporation announced that it has started selling the i4 series SCARA robot, which automates high-speed, high-precision assembly and transportation while being simple to install.
February 2020 - Intuitive Surgical has acquired Orpheus Medical to expand its integrated informatics platform as Orpheus Medical provides hospitals with information technology connections and expertise in processing and archiving surgical videos easily.

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