Service Robotics Market Insights:
Service Robotics Market was worth USD 36.5 Billion in 2021, and the market is anticipated to register a growth of USD 243.9 Billion by 2030 at a CAGR of 23.5% during the forecast period (2022-2030).
A service robot is a robot that behaves, interacts, and performs tasks similarly to humans. These robots are typically used as a substitute for humans to complete tasks on a professional and personal level. In addition, personal service robots provide self-help for commercial tasks such as housekeeping, personal mobility assistance robots, wheelchairs, and pet mobility robots. Professional service robots, however, are operated by trained professionals to perform tasks in business premises, public spaces, and offices. Tasks range from security robots in public spaces, to deliver robots, and fire brigade robots. Furthermore, the key players in the market are looking to achieve technology breakthroughs to improve integrated and comprehensive designs for various robotic solutions. The world’s first 5G and an artificial intelligence-based platform were provided by Qualcomm. This was intended for use in professional and industrial service applications. About 121,000 professional service robots were being sold in 2021, according to the IFR. Service robots are used in medicine and healthcare for a variety of applications, including diagnostic systems, robotic surgery or therapy, and rehabilitation systems.
Moreover, North America is expected to account for the largest market share during the forecast period. Growing demand in the healthcare sector for rehabilitation, increasing adoption of surgical robots in hospitals, and availability of technologically advanced robots are key factors increasing the demand for robots as a service market.
Market Dynamics:
Driver:
- Many industries are increasingly adopting advanced technologies such as artificial intelligence, automation, and machine learning.
- The high adoption of service robots, especially in healthcare and hospitality is expanding its presence in the service robotics market due to increased spending on product innovation by these industries.
- Advances in technology and the development of robots have significantly increased the use of robots by consumers. According to statistics from the International Federation of Robotics (IFR), professional service robot’s sales improved by 37% in 2021.
Restraint:
- Data protection and security is one of the most important issues in favor of the industry today.
- The high investment cost is a key restraining factor for enterprises. Small and medium-sized enterprises in particular find difficult to invest in these robots due to their low production volumes and low ROI. This makes difficult to raise large amounts of capital.
- The major restraining factor for the growth of this segment is the batteries capacity and robot’s operability.
Opportunity:
Service robots are also expected to create great opportunities in many industries in developing countries. These countries are lagging due to a shortage of skilled workers. However, the introduction of automation and the use of robotics will create great opportunities for both the industrial and private sectors. The medical device industry in the Asia-Pacific region is growing thus, creating a lucrative business opportunity. Moreover, South Korea, Japan, and China are expected to support the market growth in this region because of the increased globalization, industrialization, and the growing need for automation in many industries. Enhanced battery life and better operations will also help in creating better opportunities in the future.
COVID-19 Impact:
The Service Robotics Market has been severely impacted by the COVID-19 pandemic in various regions of the world. In the early days, widespread lockdowns imposed in most countries severely disrupted supply chains and made difficult for robot manufacturers to ramp up production. Moreover, the early impact of the pandemic in China was enormous. However, this was noted that the domestic situation remained stable and as a result, the overall impact of COVID-19 on the market was moderate. This will continue to benefit from the expansion of the Service Robotics Market after COVID-19, accelerating the market growth rate. Demand is trending upward, especially in the healthcare and personal use segments, and is expected to continue during the forecast period.
Service Robotics Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 243.9 Billion |
| CAGR (2022-2030) | 23.5% |
| By Type | Professional and Personal |
| By Application | Domestic (Robots for Household Tasks
Entertainment Robots Elderly and Handicap Assistance), Industrial/Commercial (Field Robots, Professional Cleaning, Inspection and Maintenance, Construction and Demolition, Logistics Systems, Medical Robots, Rescue and Security Robots, Defense Robots, Underwater Systems, Powered Human Exoskeletons, Public Relation Robots ) |
| By Geography | North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa |
| Key Players | iRobot Corporation, Intuitive Surgical Inc, Honda Motor Co., Ltd., Panasonic Corporation, Aethon Inc., Yujin Robot Co. Ltd., Samsung Electronic CO., Ltd., DeLaval, Robert bosch gmbh, AB Electrolux |
Market Segmentation:
By Type:
The type segment is divided into professional robots and personal robots. The professional service robot segment is anticipated to have a greater market share throughout the forecast period. The market is growing steadily due to the increasing demand for service robots in many industries such as logistics, defense, construction, and medical. Moreover, the adoption of automation and mobility in many other sectors is having a significant impact on the market share of the Service Robotics Market. The growth of the professional segment is attributed to rising labor costs due to a shortage of skilled workers, increased investment in research and development, and growing awareness of the availability of service robots for industrial automation.
The Personal robot segment is also expected to show good growth during the forecast period. These personal robots are also very useful for mowing lawns, cleaning pools, vacuuming, cleaning floors, and entertaining. The use of these personal robots for several functions in the home environment saves time and is cost-effective, so this is growing steadily. Additionally, these robots have great growth potential in Europe, the Americas, and Asia-Pacific during the forecast period.
By Application:
The application segment is divided into household and industrial/commercial. The industrial or commercial segment has the largest market share and should maintain its dominance over the forecast period. The industry segments are field robots, professional cleaning, inspection and maintenance, construction and demolition, logistic systems, medical robots, and others. Due to the increasing automation of this field service robot, the logistics sector of the trade segment holds the largest share. These robots are used to move and store goods, saving you time and allowing you to work more efficiently. This segment is expected to see high demand for supply chain processes across many industries during the forecast period.
Medical service robots are expected to register good growth during the forecast period owing to a shift in people using integrated robotic solutions for many critical operations. In the medical field, service robots are also used on a large scale in high-tech laboratories.
In addition to these two segments, steady growth is also expected in the construction and demolition sector during the forecast period. Due to the increasing number of residential and commercial projects worldwide, there is a great demand for service robots in the construction and demolition segment.
By Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. North America acquired the dominant position in the global Robot as a Service market in 2020, witnessing a 41.2% share in the market followed by Asia Pacific and Europe. Further, North America is anticipated to hold the largest market share during the forecast period. The growing demand from the healthcare sector for rehabilitation, increasing adoption of surgical robots in hospitals, and availability of technologically advanced robots are the key factors increasing the demand for the robot as a service market. The rapid increase in industrialization and development of production capacities in the North American region is likely to accelerate the growth of the service robotics market. Asia Pacific region holds the second highest share in the market and is expected to exhibit a good amount of growth during the forecast period. The most important factor for the increasing adoption of service robotics in this region is the research and development activities in the industrial robot sector. Also, the increasing investments in robotics, artificial intelligence, automation, and other technologies. South Korea, Japan, and China are anticipated to support the growth in this region due to increased industrialization, globalization, and the increasing demand for automation in many industries.
Service Robotics Market Competitive Landscape:
The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), various business strategies, and Deployment launches have accelerated the growth of the Sample Preparation market. Key players in the market include-
- iRobot Corporation
- Intuitive Surgical Inc.
- Honda Motor Co., Ltd.
- Panasonic Corporation
- Aethon Inc.
- Yujin Robot Co. Ltd.
- Samsung Electronic CO., Ltd.
- DeLaval
- Robert bosch gmbh
Recent Developments:
- In May 2020, a U.S. firm named IPSoft (Amelia) and a Canadian company named GlobalDWS, join forces in order to develop disinfection service robots (DSR) that are armed with high-pressure atomizers to eradicate the harmful viruses and bacteria from the target regions.
- In April 2020, a few Japanese companies also developed medical robots that measure the temperature of people and perform disinfection work in the hospital.
- February 2022 – A multinational imaging and electronics company named Ricoh, acquires Axon Ivy AG as a strategic investment to diversify its robotics capabilities in digital processes.
- In November 2021 – KUKA AG and MHP worked together on the SCORPIO acronym for Smart Intelligence Robotic Project Cockpit.
- In November 2021 – iRobot Corporation developed an air purification company called Aeris Cleantec AG, intending to expand the product portfolio with air purification systems.
- June 2021 – HYUNDAI MOTOR GROUP has an 80% share in Boston Dynamics to toughen its position in robotics.
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