Service robot market size expands to reach USD 155.49 billion by 2030

Service robot market size expands to reach USD 155.49 billion by 2030

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According to Precedence Research, the global service robotics market size was US$ 33.12 billion in 2022 and is expected to grow by about US$ 155.49 billion by 2030 at a CAGR of 21.33% between 2022 and 2030.

OTTAWA, Dec. 12, 2022 (GLOBE NEWSWIRE) — Global Service robotics market It will reach $40.18 billion in 2023. Service robots are robots that aim to assist humans and accomplish useful tasks, replacing industrial and manufacturing automation processes.

regional shots

North America is leading the service robots market in terms of growing demand from healthcare services for therapeutic purposes. Moreover, increasing demand by hospitals for robots performing surgeries, affordable investment options in terms of research related to assistive technology, and availability of technologically advanced robotic systems will fuel the growth of the service robotics market in this region over the forecast period.

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The Asia-Pacific region is expected to witness significant growth in terms of developments in the robot-intensive automotive sector. In addition, the demand for service-providing robots is expected to increase in developing countries as a result of the increasing number of units and factories for manufacturing the devices.

Highlights report

On the basis of type, professional robot segment is holding larger share of the market and is expected to grow well during the forecast period. The growing demand for service robots in industries like construction, logistics, defense, medical industries, etc. is the main reason for the growth of this sector. Due to the high cost of labor, the increasing investments for research and development purposes and the lack of skilled labor leads to an increase in the demand for this sector. The personal robotics segment is also expected to grow significantly over the forecast period due to its use in the residential sector. These robots are useful for swimming pool cleaning, entertainment etc. The growth potential of these personal robots is high in countries like America and many other countries in the European region.

On the basis of application, the industrial or commercial sector is expected to establish its superiority during the forecast period. Robots are widely used in various industries such as transportation, logistics, medical, construction and demolition, defense, agriculture, etc. The logistics sector is expected to have the largest market share due to the increasing automation of goods transportation and storage. Medical service robots are also expected to show significant growth as there is increasing use of robotic solutions for critical medical processes.

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Report scope

Report attributes

details

market size in 2022

33.12 billion US dollars

Revenue projections by 2030

155.49 billion US dollars

compound annual growth rate

21.33% from 2022 to 2030

base year

2022

prediction year

2023 to 2032

The main players

iRobot, Intuitive Surgical Inc, and Honda Motor Co., Ltd. Panasonic Corporation, Aethon Inc. and Yujin Robot Co., Ltd. Ltd. and Samsung Electronic CO., Ltd. and DeLaval, Robert Bosch gmbh, AB Electrolux, and others.

Market dynamics

drivers

Elements such as the increasing adoption of the robotics system to produce higher returns related to usage, the growing application of the Internet of Things to improve analytical management, and the increasing investment in research in robotics are expected to drive. Moreover, it is estimated that insurance facilities primarily provided for robotic surgeries will drive the market growth of the robotics services market during the future.

restrictions

Issues related to data confidentiality and guidelines are among the factors that are most likely expected to hamper the service robots market growth in the schedule period. According to RIA, the expenses for running a botnet are about $2,50,000 USD. This places constraints on companies, especially medium-sized institutions that have to go beyond their capabilities to make the investment. These companies commonly struggle to generate funds for investment related to poor production and weak market demand. Besides, exorbitant maintenance fees are another factor driving the market down.

opportunities

The increase in the use of robots to assist the disabled, assist the elderly and companionship, focus on improving the endurance and range of operational ability of robots and the adoption of swarm intelligence technology that allows robots to easily perform various complex operations will drive more profitable opportunities for the growth of the service robots market over the forecast years.

challenges

Inaccurate results that are proven to be an obstacle and use in critical operational procedures may challenge the growth of the service robots market in the near future. The high initial cost associated with the production of robots and the high maintenance cost have proven to be a challenge for the market. The technical challenges faced during the actions performed by these automated machines prove to be an obstacle for the human mind to take further decisions. Lack of awareness of the procedures and systems implemented by these automated machines hinders market growth. Non-standardization of the operating procedures and functions of these robots may lead to a decline in the market during the forecast period.

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Recent developments

  • February 2020 – ABB Limited and Covariant announce a partnership agreement to bring AI-powered robotics solutions to market, starting with a fully autonomous warehouse order fulfillment solution, the association brings together the two companies that have a common drive for AI-enabled robotics, in which intelligent robots operate Parallel to humans in team learning, dynamic environments and optimizing with every task accomplished.

Market segmentation

by type

Depending on the application

  • home

  • Industrial / Commercial

    • Transportation and logistics

    • medical

    • defense

    • Construction and demolition

    • Unmanned vehicles

    • Agriculture $ Forestry

    • Other (Retail, PR, etc.)

by component

  • hardware

    • Airframe

    • tentacles

    • cameras

    • Motors

    • power supply

    • control systems

    • Navigation systems

    • Payment systems

    • others

  • Programming

depending on the environment

By geography

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