Service Robotics Market Size To Reach USD 59.65 Billion at
New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Service Robotics Market” Research Report: By Type, Region, End-Users - Forecast Till 2030, the market was valued US$ 19.5 billion in 2021; is anticipated to acquire a valuation of approximately USD 59.65 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 15% during the assessment timeframe.
Service robots are autonomous and/or operated by a built-in control system that can perform useful tasks for humans according to their intended application. They can perform tasks independently without requiring human interference by manipulating objects in their environment to achieve specific goals. Service robots are used in a number of industries and for personal/domestic use.
They have made human life easier by providing self-assistance for every activity. They offer highly reliable performance owing to their high efficiency in working and programming protocols. The advantages of using service robots are immense, such as higher flexibility in working, enhanced data collection activities, and the ability to perform analysis efficiently.
With their interoperability management software, they offer end-to-end deployment services. Service robots can significantly reduce labor costs and help solve skilled workforce shortage problems. Growing automation in both professional and personal sectors, alongside the rising awareness of service robots benefits, drives the market demand. The adoption rate of service robots is anticipated to accelerate significantly in the coming years.
Commercial applications of service robots include retail, agricultural, domestic, and industrial cleaning services. In hospitality and home care businesses, AI-enabled and autonomous service robots assist in serving food & drinks and clear tables, allowing the hotel and home care employees to focus on delivering outstanding service to customers and patients.
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Service Robotics Market Key Players
Key players leading the global service robotics market are
- Gecko Systems Intl. Corp. (US)
- Honda Motor Co. Ltd. (Japan)
- Adept Technology Inc. (US)
- KUKA AG (Germany)
- iRobot Corporation (US)
- Kongsberg Maritime AS (Norway)
- DJI (China), Knightscope, Inc. (US)
- SoftBank Robotics (US)
- Intuitive Surgical Inc. (US)
- Parrot SA (France)
- Grumman Corporation (US)
- Fujitsu Frontech Limited (Japan)
- LG Electronics Inc. (South Korea)
|Revenue forecast in 2030||USD 59.65 Billion|
|Growth Rate||CAGR of 15% from 2022 to 2030|
|Key Market Opportunities||Adopting swarm intelligence technology enables service robotics to perform various complex tasks easily.|
|Key Market Drivers||Rising use of IoT in robots for cost-effective predictive maintenance Growing investment in research on the service robotics|
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Currently, the market is witnessing enormous traction due to the increasing trend of automation in production and manufacturing processes. Moreover, rapid technological upgrades have sped up the development of autonomous service robots. Moreover, growing applications and adoption of service robotics in autonomous warehouses and logistics industries escalate the market value.
Conversely, government regulations and security concerns related to service robotics restrict the market's growth. In the current scenario, machines have been progressing from being entirely manual for having a fixed automatic function to becoming intelligent where they can deal with real-world situations themselves.
Service Robotics Market Segments
The service robotics market report is segmented into types, end users, and regions for a better understanding. The service robotics type segment is sub-segmented into domestic and professional. The end user segment is sub-segmented into healthcare, defense, electronics, automotive & transportation, construction, and others. The region segment is sub-segmented into Asia-Pacific, North America, Europe, and the Rest-of-the-World.
North America dominates the global service robotics market, heading with the huge technological advancement in robotics. Additionally, factors such as increasing demand for service robotics from various sectors and increasing focus on enhancing industrial communication capabilities, especially in the defense sector, drive the regional market's growth.
The US is the leading market in the region and the largest revenue generator in the global service robotics market. Moreover, the massive spending on growing military UAV activities and growing applications of AGVs have opened up a big market for autonomous robots. Moreover, the presence of major robotic players in the US has been helping the regional market to become more dominant compared to other regions.
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The Asia Pacific region is the second-largest market for service robotics. Rapidly emerging countries in the APAC, such as India and China, are increasingly investing in commercial and military activities. India has the maximum potential to grow during the forecast period. Furthermore, factors such as rapid economic growth, increased R&D activities, and the demand for new autonomous technology from burgeoning sectors such as automotive and aircraft are propelling the regional market.
The European service robotics market has been emerging as a promising space globally. European countries are initiating regulations transforming and expanding the service robotics market in the region. Moreover, increasing activities of R&D, increasing commercial applications, and modifications in service robotic systems are some of the key factors acting as major tailwinds to the growth of the market.
Service Robotics Market Competitive Analysis
Highly competitive, the service robotics market appears fragmented due to the presence of several well-established players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product/ technology launch to maintain their positions and gain a competitive advantage in this market.
These players focus on new product development initiatives and geographical expansion. The global service robotics market is anticipated to witness relentless innovations and new product development, eventually resulting in intense competition among manufacturers.
For instance, on Mar.09, 2023, LG Uplus announced a partnership by signing an MoU with Bigwave Robotics (South Korea), a leading operator of robot automation platforms, to strengthen its robot business. This business agreement enables LG Uplus to provide seamless service robots that use LTE/5G communication to all stores and industrial sites. The two companies will jointly develop related robot solutions using new business models.
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They will expand their share in the robot market by collaborating on customers' overall needs. New service robots will be used for customer consulting, pilot operation of robots, and installation & maintenance. The two companies will showcase logistics robotics at the 2023 Smart Factory Automation Industry Exhibition, COEX.
The company decided to collaborate with Bigwave Robotics for its innovative services in the robot market and a wealth of customer data. Bigwave Robotics will play an important role in marketing LG Uplus products to new customers through AI analysis of My Robot Solution. It has a large customer base and cooperative relationships with about 400 suppliers. Its ‘MyRobot Solution’ is a platform that recommends the optimal robotics suitable for the intended situation and environment.
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