PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1507888
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1507888
Global Service Robotics Market to Reach US$103.7 Billion by 2030
The global market for Service Robotics estimated at US$37.0 Billion in the year 2023, is expected to reach US$103.7 Billion by 2030, growing at a CAGR of 15.8% over the analysis period 2023-2030. Service Robotics Hardware, one of the segments analyzed in the report, is expected to record a 15.0% CAGR and reach US$71.2 Billion by the end of the analysis period. Growth in the Service Robotics Software segment is estimated at 18.0% CAGR over the analysis period.
The U.S. Market is Estimated at US$13.0 Billion While China is Forecast to Grow at 19.9% CAGR
The Service Robotics market in the U.S. is estimated at US$13.0 Billion in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$9.8 Billion by the year 2030 trailing a CAGR of 19.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 12.2% and 13.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.3% CAGR.
Global Service Robotics Market - Key Trends & Drivers Summarized
Service robotics represents a rapidly advancing sector within the broader robotics industry, characterized by robots designed to assist humans by performing tasks in non-industrial environments. These robots are utilized in a variety of applications, from healthcare and hospitality to domestic settings and public services. Unlike industrial robots, which are primarily confined to manufacturing floors, service robots operate in diverse and dynamic environments, interacting directly with people. In healthcare, service robots assist in surgery, patient care, and rehabilitation. For instance, surgical robots enhance precision and control during operations, while assistive robots aid in patient mobility and monitoring. In the hospitality industry, robots perform functions such as room service delivery, concierge services, and even cooking, providing consistent and efficient service to guests.
Technological advancements have significantly influenced the capabilities and adoption of service robots. Innovations in artificial intelligence (AI), machine learning, and sensor technology have enabled these robots to navigate complex environments, recognize and respond to human emotions, and perform tasks autonomously. AI-powered robots can learn from their interactions and improve their performance over time, making them increasingly effective in their roles. Additionally, advancements in sensor technology, including cameras, lidar, and touch sensors, allow service robots to perceive their surroundings accurately, avoid obstacles, and safely interact with humans. These technological improvements have expanded the functionality of service robots, making them suitable for more complex and sensitive tasks, such as elderly care and educational assistance, where human-robot interaction is crucial.
The growth in the service robotics market is driven by several factors, including the aging global population, labor shortages in various industries, and the increasing demand for automation and efficiency. The aging population, particularly in developed countries, has created a substantial need for assistive robots that can support elderly individuals in daily activities and healthcare services. Labor shortages, exacerbated by demographic shifts and changing labor market dynamics, have led industries such as hospitality, retail, and healthcare to adopt service robots to fill gaps and maintain service levels. The rise of smart homes and the growing acceptance of robots in domestic settings have also contributed to market growth, with consumers seeking robotic solutions for cleaning, security, and companionship. Furthermore, ongoing advancements in AI and robotics technology continue to enhance the capabilities and affordability of service robots, driving their adoption across various sectors. As these trends converge, the service robotics market is poised for significant expansion, offering innovative solutions to meet the evolving needs of society and industry.
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