PUBLISHER: Allied Market Research | PRODUCT CODE: 1414884
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414884
According to a new report published by Allied Market Research, titled, "Service Robotics Market," The service robotics market was valued at $21084.5 million in 2020, and is estimated to reach $293087.3 million by 2032, growing at a CAGR of 24.3% from 2023 to 2032.
The service robotics market is experiencing significant growth driven by increase in trend toward automation, rise in demand for enhanced productivity, and the delivery of high-quality products. This has led to investments by public entities in various countries for the development of robots in their country. Countries such as China, India, the U.S., Germany, UAE, and various others have allocated significant resources. The global surge in research and development (R&D) investments across various countries coupled with the increase in labor costs, has created substantial growth opportunities for service robots across diverse applications. Robotics, with its capability to perform operations such as advertising, delivering, and scanning, is effectively reducing labor operating costs in commercial facilities. Furthermore, the imperative need for surveillance to ensure the safety of facilities in all commercial sectors has led to a pronounced increase in the demand for security and inspection robots. However, high initial installation cost coupled with high maintenance costs of service robots have restrained the market growth. Fluctuations in raw materials and semiconductors prices have also negatively impacted the growth of the global service robotics market.
Furthermore, large number of service robots are manufactured by major key players in the market to overcome human error and to increase productivity. For instance, in May 2023, LionsBot International, a manufacturer of cleaning robots in over 30 countries, launched three new products; the R3 Vac, R3 Scrub Pro, and the MagicTag, that revolutionize autonomous professional cleaning. Similarly, in June 2020, Hyundai Robotics launched its mobile service robot that analyzes the person's image with the inbuilt camera and provides voice responses. Similarly, in September 2021, Hyundai Motor Group introduced factory safety service robot for industrial site safety. It is equipped with AI and an autonomous navigation system, which detects dangers such as fire hazard and sends warning alarms.
The service robotics market is segmented on the basis of type, application, and region. On the basis of type, the market is bifurcated into professional service robotics and personal service robotics. On the basis of application, the market is divided into agriculture, professional cleaning, inspection and maintenance, construction and demolition, transportation and logistics, medical, search, rescue, and security, hospitality, and others. On the basis of region, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, the UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Indonesia, and the rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and Rest of LAMEA)
Competition Analysis
Competitive analysis and profiles of the major players in the service robotics market are provided in the report. Major companies in the report iRobot Corporation, Intuitive Surgical Inc., Honda Motor Co., Panasonic Corporation, Aethon Inc., Yujin Robot Co. Ltd., Samsung Electronics CO., DeLaval, Robert Bosch GmbH, and AB Electrolux. Major players to remain competitive adopt development strategies such as product launches, business expansion, acquisitions, expansion, partnerships, and mergers.
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