Service Robotics Market is Forecasted to Reach US$ 199.33 Billion in 2029, Says Stratview Research

The global service robotics market is projected to witness a growth rate of 20.8% annually from 2023 to 2029, with an anticipated size of US$ 199.33 billion by 2029, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global service robotics market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2029: US$ 199.33 billion
Growth (CAGR): 20.8% during 2023-2029
Forecast Period: 2023-2029
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 5
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Service Robotics Market:

The global service robotics market is segmented based on environment type, application type, component type, type, and region.

Based on environment type - The aerial robots market is to grow at the highest CAGR over the forecast period".
The market is segmented into aerial, ground, and marine. This growth can be attributed to the increasing adoption of commercial drones for various applications such as surveying farm fields and monitoring traffic. Additionally, commercial drones typically command higher selling prices than consumer drones, contributing to the market's growth.
Furthermore, the reduction in the cost of the unmanned aerial vehicle (UAV) manufacturing process and the development of solar cells as a power source for drones can help to reduce the cost of propulsion systems and further contribute to the market's growth rate.

Based on application type - "The personal and domestic robot market is expected to experience a higher CAGR than the professional robot market over the forecast period".
The market is segmented into domestic, medical, field, defense, rescue and security, entertainment, education and personal, public relations, inspection and maintenance, logistics, construction and demolition, marine, research, and space exploration. The adoption of domestic robots, such as robotic floor vacuums and mops, is increasing at a rapid pace. One of the main drivers of this growth is the availability of robots for rental purposes.
Cleaning robots, in particular, are widely used both in personal and professional capacities. SoftBank's humanoid robot, Pepper, is an example of a robot available for rental on a subscription contract of USD 360 per month for 36 months. With a discount, the total cost of the robot is approximately USD 14,000.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/3335/service-robotics-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia Pacific is expected to experience the highest growth rate during the forecast period. This growth outlook is majorly attributed to the following-

• This growth can be attributed to the presence of major manufacturing countries in the region, such as South Korea, Singapore, Japan, and China.
• According to the International Federation of Robotics (IFR), these countries were ranked first, second, third, and fifth, respectively, in terms of service robot manufacturing in 2022. Moreover, the rise in disposable income due to increasing industrialization in developing countries such as India and the Philippines is expected to increase the demand for service robots.
• The oil and gas industry in the region has also experienced significant growth in recent years, leading to high demand for autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). Furthermore, there is an increasing trend of automation and globalization in countries such as India, Australia, and China, which is further boosting the market in the Asia Pacific region.

Service Robotics Market Drivers:

Some of the key drivers listed in the report are given below.

Increasing use of IoT in robots in cost-effective predictive maintenance applications

The integration of machines and systems to create streamlined processes is what the Internet of Things (IoT) represents. Predictive maintenance involves the anticipation of potential issues before they arise. With an IoT-centered approach, it becomes possible to store massive amounts of data and utilize multiple computers to run machine learning (ML) algorithms concurrently.

These algorithms can identify potential hazards and determine when industrial equipment is likely to fail, which in turn aids in the predictive maintenance process. By collecting data from a variety of sensors in a robot, including those that measure heat and voltage, this information can be sent to the cloud for analysis using ML algorithms.

These algorithms help uncover hidden correlations within datasets and identify any unusual patterns in the data. In the past, maintenance tasks were typically scheduled based on the equipment's age and the amount of time that had passed since the previous inspection. However, a recent study conducted by the ARC Group (based in the US) indicates that only 18% of equipment failures occur due to aging. The majority of failures (82%) occur randomly.

Fortunately, the adoption of IoT technology in robots for predictive maintenance has led to a significant reduction in maintenance expenses and downtime. Companies such as iRobot (based in the US), Amazon Robotics (based in the US), and DJI (based in China) have integrated IoT into their service robots for predictive maintenance purposes, resulting in lower maintenance costs for their customers.

Top Companies in the Service Robotics Market:
Stratview Research has identified the following companies as the top market players.
• 3DR
• AMP Robotics
• Amazon Robotics
• Cyberdyne
• DJI
• Daifuku
• Delaval
• Diligent
• ECA Group
• Exyn Technologies.
• General Electric
• Harvest Croo
• Intuitive Surgical
• iRobot
• KUKA
• Kongsberg Maritime
• Lely
• Neato Robotics
• Northrop Grumman
• Parrot Sa
• Softbank Robotics Group
• Starship Technologies
• Stryker Corporation
• UVD Robots (By Blue Ocean Robotics)
• XAG

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Service Robotics Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Medical Robotics Market: https://www.stratviewresearch.com/1641/medical-robotics-market.html
• Domestic Robots Market: https://www.stratviewresearch.com/3299/domestic-robots-market.html

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This release was published on openPR.