The global service robotics market net worth is forecast to grow at an outstanding CAGR of 21% from 2023 to 2033, and is projected to be around US$ 40 billion in 2023. The market for service robotics is expected to reach a total value of up to US$ 267 billion by 2033, according to a paper on the subject.
In addition to performing important and risky tasks for humans like medical care and security, service robots is increasingly assisting people in a wide range of fields, including home chores, education, and entertainment. The worldwide service robotics market is currently experiencing a spectacular expansion as a result of these personal service robots’ ability to manage time effectively, lessen the workload of family members and workers, and boost output by eliminating the chance of human errors.
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The market growth has been significantly driven by the sheer accuracy attained by the use of service robotics in high-tech production and testing facilities. The market for service robotics has significantly expanded in recent years due to the usage of such robots by unmanned aerial vehicles, in the agriculture, and defence industries.
Key Takeaways from the Service Robotics Market Study
- The industrial or commercial services robotics category is expected to have the largest market share in the near future, followed by the logistics & transportation and medical sub-segments.
- The residential segment is also predicted to grow substantially through the projection years because domestic service robots are used to care for elderly persons.
- Given that it is predicted that the deployment of service robots will be more application-specific, it is anticipated that the software component segment will account for a larger percentage of the worldwide service robotics market than the hardware component segment.
Competitive Landscape for the Service Robotics Market
iRobot Corporation, Intuitive Surgical Inc., Honda Motor Co., Ltd., Panasonic Corporation, Aethon Inc., Yujin Robot Co. Ltd., Samsung Electronics CO., Ltd., DeLaval, Robert Bosch GmbH, AB Electrolux, Lely International, KUKA AG, Northrop Grumman Corporation, Kongsberg Maritime AS, Parrot SA, DJI, Daifuku Co. Ltd., Dematic Corp., Knightscope Inc., Brokk AB, Kollmorgen Corporation, Stryker Corp., Husqvarna AB, Construction Robotics LLC, Seegrid Corporation, JBT Corporation, SSI Schaefer AG, BAE Systems, Neato Robotics, Transbotics Corp., Omron Corp., Ecovacs Robotics, Medtronic PLC, SMP Robotics Systems Corp., Vision Robotics Corp., Naio Technologies SAS, UBTECH Robotics Inc., Smith & Nephew PLC among others are some of the major players in the global service robotics market.
Recent Developments in the Service Robotics Market Industry
- In September 2020, SoftBank Robotics Group and Bear Robotics, a robotics and AI business partnership, teamed up to develop and commercialise SERVI, a new robot that would be used in the catering and hospitality industries.
- In 2020, Intuitive Surgical Company acquired Orpheus Medical to expand its unified informatics platform. In addition to expertise in collecting, retrieving, and conveniently keeping surgical recordings for use, Orpheus Medical offers hospitals IT connections.
- In July 2021, ASTI Mobile Robotics Group was acquired by ABB Corporation in order to develop a new generation of versatile, autonomous service robots. In the two years that followed this purchase, robotics and automation solutions greatly advanced, allowing the business to enter new product categories and provide a unique service robot for sale.
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Key Segments
By Component:
- Hardware
- Airframe
- Sensors
- Cameras
- Actuators
- Power Supply
- Control Systems
- Navigation Systems
- Propulsion Systems
- Others
- Software
By Field of Application:
- Professional or Commercial Service Robotics
- Field Robots
- Professional Cleaning
- Inspection and Maintenance
- Construction and Demolition
- Customer Service
- Logistics Systems (Manufacturing and Non-manufacturing)
- Medical Robots
- Rescue and Security Robots
- Defense Robots
- Underwater Systems (Civil/General)
- Powered Human Exoskeletons
- Public Relation Robots
- Others
- Personal or Domestic Service Robotics
- Robots for Domestic Tasks
- Entertainment Robots
- Education and Research Assistance
- Elderly and Handicap Assistance
- Others
By Environment:
- Aerial
- Ground
- Marine
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
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