The Global Service Robotics Market size is expected to reach $168.6 billion by 2028, rising at a market growth of 23.1% CAGR during the forecast period.
Service robots are semi-automated or fully automated robots that perform necessary as well as potentially harmful tasks for humans. These robots can significantly benefit humans in a variety of fields, including healthcare and medical, automation, construction, household, and entertainment. These robots are controlled by an internal control system, with the option to modify the operation manually. These service robots remove the possibility of human error, manage time, and increase production by lowering the workload of staff and labor.
Developments in edge artificial intelligence processors and the arrival of 5G telecom services are likely to propel the market for service robots to new heights. Professional service robots with excellent performance along with low Power consumption might benefit from it. In addition, the leading breakthrough technology vendors are also working on enhanced, integrated, and complete designs for a variety of robotics solutions. Qualcomm, for example, announced the world's first 5G and AI-based platform for professional and industrial service applications in June 2020. The CPU allows for heterogeneous computing, improved computer vision, and other features, making it perfect for low-Power robots and drones.
Agriculture service robotics is also a sort of service robotics. These service robots can spray herbicides to curb weed growth owing to the availability of technical sensors. The flexible and autonomous system boundaries that interconnect and give service to corporate customers are computerized by front office service robots. Data collection, hypothesis generation, and analysis are all common research tasks carried out by scientific robots. The advantages of service robotics to humanity include improving worker safety, accelerating production and efficiency, and managing cost and time savings. Various service robots can be programmed to create pictures, play music, scan colors, respond to touch and audio, scale whiteboard walls, and learn about robotics.
The outbreak of the COVID-19 pandemic had a significant economic impact, affecting manufacturing along with a variety of other businesses. The pandemic caused a severe impact on various economies all over the world. In addition, the governments of several countries were forced to impose lockdowns in their nations. As a result, the manufacturing units of numerous goods were temporarily shut down. Moreover, these lockdowns also caused a major disruption in the supply chain of various goods. Further, the COVID-19 led the worldwide healthcare industry to a significant failure due to the shortage of beds and oxygen in hospitals.
The capacities of these machines are being substantially expanded by technological advancements, which have enhanced their flexibility to execute various tasks in a very short amount of time. Robotics have transformed workflow operations in a variety of industries, including healthcare, logistics, defense, agriculture, and others. For instance, physicians are now able to perform precise and minimally invasive surgery due to the use of robots across the healthcare industry. Moreover, surgeons use these robots as a tool for achieving more accurate movements or incisions that are hard to emulate with human hands. Artificial intelligence for vision recognition, data analysis, predictive analytics, and other technologies are included in such robots.
Because of the rapid technical developments converging in artificial intelligence, automation, engineering, and machine learning, the robotics industry is rapidly fueling the service robotics market trends. The consequences of the advent of robots have led to a shift in human task-performing capabilities. As per the International Federation of Robotics, the number of robots has tripled in the last two decades. Additionally, new robotics developments would help the worldwide stock of robots to increase quickly during the next twenty years. Moreover, the consequences of robotics' progress will boost emerging countries' productivity and economic growth.
Data ownership raises ethical concerns, particularly with the advent of robotics software applications. The data collected by ground robots may differ significantly from that collected by drones. Individuals' private information is available on the cloud as the usage of domestic robots for home duties, education, and entertainment grows. Third parties, like marketing and database organizations, frequently purchase this data, putting individuals' privacy at risk. For example, Amazon and Google have, provided voice activation and smart response for robots like Lynx (humanoid) and Roomba (vacuum cleaner).
Based on Application, the market is segmented into Domestic, Medical, Public Relation, Entertainment, Education, & Personal, Inspection & Maintenance, Field, Logistics, Defense, Rescue, & Security, Construction & Demolition, Marine, and Others. In 2021, the medical segment garnered a substantial revenue share of the service robotics market. Because of the introduction of automation in the process of storing and moving commodities, service robotics is majorly facilitating a significant number of day-to-day tasks in numerous industries. In addition, service robots are in high demand in this industry to help streamline supply chain activities across sectors. Because of the growing trend of incorporating robotic solutions for key medical operations and the development of high-tech testing labs, medical service robots are estimated to observe significant growth. Unmanned aerial vehicles are used in the defense and agriculture industries because they can improve soldiers existing skills by shielding them from harm, detecting product ripeness, gauging soil fertility, and inspecting crops.
Based on Environment, the market is segmented into Ground, Aerial, and Marine. In 2021, the areal segment recorded a substantial revenue share of the service robotics market. The rising growth of the areal segment is owing to the growing use of business drones for a variety of critical tasks such as traffic monitoring and surveying farm fields, as well as commercial drones' higher selling costs compared to consumer drones. Reduced costs of UAV production and the advent of solar cells as a source of Powerr for drones can lower the cost of propulsion technology and contribute to an increase in the demand.
Based on Type, the market is segmented into Professional and Personal & Domestic. In 2021, the professional segment witnessed the largest revenue share of the service robotics market. Professional service robots are used in sectors such as military and security, forestry, healthcare, agriculture, construction, and logistics. Apart from that, the widespread use of mobility along with automation across industries is positively affecting this segment’s growth. The growth of this segment is aided by rising labor costs, increased research and development spending, a scarcity of skilled workers, and increased awareness of service robots along with industrial automation. This would play a major role in increasing the growth of this segment.
Based on Component, the market is segmented into Hardware and Software. Based on Hardware Type, the market is segmented into Sensors, Cameras, Power Supply, Control Systems, Airframes, Navigation Systems, Propulsion System & Actuator, and Others. In 2021, the hardware segment acquired the largest revenue share of the service robotics market. The rapidly rising growth of the segment is owing to the hardware's demand for novel designs. Sensors and control units for home and commercial service robots are the most essential components in the composition of service robotics. Exoskeletons are majorly being employed for personal use. Moreover, pool cleaning robots are more significantly being deployed due to the increasing number of tourist spots all over the world. Therefore, the growth of the segment is anticipated to increase throughout the forecast period.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 40.6 Billion |
| Market size forecast in 2028 | USD 168.6 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 23.1% from 2022 to 2028 |
| Number of Pages | 372 |
| Number of Tables | 643 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Environment, Component, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Asia Pacific garnered a significant revenue share in the service robotics market in 2021. This is due to the presence of countries like Japan, China, and Korea, which are few of the largest. Moreover, rising disposable income in developing nations such as the Philippines and India, as a result of increased industrialization, would boost demand for service robots. The regional oil and gas industry has grown significantly in the previous years, resulting in a higher demand for remotely operated vehicles and autonomous underwater vehicles. Furthermore, In India, Australia, and China, there is a growing trend of automation and globalization, which is supporting the APAC service robotics market. The regional market is flourishing owing to these factors.
Free Valuable Insights: Global Service Robotics Market size to reach USD 168.6 Billion by 2028
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; SoftBank Robotics Group Corporation is the major forerunner in the Service Robotics Market. Companies such as Kuka AG, Intuitive Surgical, Inc. and iRobot Corporation are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Kuka AG, Northrop Grumman Corporation, Intuitive Surgical, Inc., iRobot Corporation, General Electric (GE) Co., Cyberdyne, Inc., Daifuku Co., Limited, SoftBank Robotics Group Corporation, Tetra Laval International S.A., and Neato Robotics, Inc.
By Application
By Environment
By Type
By Component
By Geography
The service robotics market size is projected to reach USD 168.6 billion by 2028.
Developments across robotic technology are increasing are driving the market in coming years, however, data privacy risks and regulations growth of the market.
Kuka AG, Northrop Grumman Corporation, Intuitive Surgical, Inc., iRobot Corporation, General Electric (GE) Co., Cyberdyne, Inc., Daifuku Co., Limited, SoftBank Robotics Group Corporation, Tetra Laval International S.A., and Neato Robotics, Inc.
The expected CAGR of the service robotics market is 23.1% from 2022 to 2028.
The Ground segment is leading the Global Service Robotics Market by Environment in 2021; thereby, achieving a market value of $96.0 billion by 2028.
The North America market dominated the Global Service Robotics Market by Region in 2021, and would continue to be a dominant market till 2028.
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