Press release
Service Robotics Market is Estimated to Reach $293087.3 Mn by 2032
Service Robotics Market
The service robotics market size was valued at $21084.5 million in 2020, and is estimated to reach $293087.3 million by 2032, growing at a CAGR of 24.3% from 2023 to 2032.
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Driving Factors:
The service robotics market has rapidly witnessed growth owing to advancement in automation and technologies. The arrival of 5G telecom services and advancement in AI processors are set to propel the service robotics market growth. In addition, the leading breakthrough technology suppliers work on integrated, enhanced, and advanced designs for a variety of robotics solutions.
Commonly found types of service robots in the market are professional service robotics, and personal service robotics. Among these the professional service robotics accounted for a larger market share in terms of revenue generated in 2020.
Professional service robots are increasing in the market as they offer various benefits to end users in a variety of industries, including agriculture, healthcare, distribution centers, and more. The demand for professional service robots has increased owing to surge in demand for automation in commercial sectors.
On the other hand, the personal service robotics segment is expected to dominate the service robotics market forecast by growing with a higher CAGR during the forecast period, owing to its versatility.
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Top Players:
Aethon Inc., Panasonic Corporation, Delaval, robert bosch gmbh, Samsung Electronic Co., Ltd., Yujin Robot Co. Ltd., iRobot Corporation, Intuitive Surgical Inc., AB Electrolux, Honda Motor Co., Ltd.
In 2020, Europe dominated the service robotics market, in terms of revenue. Furthermore, the service robotics market in Asia-Pacific is anticipated to witness growth at a higher CAGR during the forecast period. Asia-Pacific is a rapidly developing region, in terms of industrialization and urbanization. There is ample manpower in countries such as China and India. However, automation and robotics is gradually increasing in terms of professional and service robots. A large number of security and inspection robots have been deployed in public places in Japan and South Korea. For instance, in January 2021, Secom Japan-based company introduced autonomous security patrol robot Cocobo for maintaining harmony and peace in public places. It is equipped with security systems, camera, siren, headlights, and speakers. It has smoke bombs and robotic arms, which can be used to perform a variety of tasks including inspecting items and opening doors.
However, various businesses in the service robotics market are expected to witness a slow growth rate in the coming years, owing to the looming recession in major countries driven by the Ukraine-Russia war. The inflation has already led to higher prices of raw materials used in the construction sector, which has led to slow and delayed construction of new buildings, eventually leading to reduced demand for service robotics.
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