PUBLISHER: The Business Research Company | PRODUCT CODE: 1425804
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425804
Service Robotics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on service robotics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for service robotics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The service robotics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Service robots, machines designed for diverse tasks excluding industrial automation, execute valuable activities for people or machinery. Controlled internally, they enhance business efficiency by undertaking time-consuming and repetitive tasks. These robots are pivotal in the services industry, aiding human workers in completing monotonous or hazardous activities.
Service robotics encompass professional, personal, and domestic categories, supported by hardware and software. Professional service robots, semi-autonomous or fully autonomous, serve commercial purposes and are mobile. Commonly utilized outside manufacturing facilities, these robots contribute to safety, efficiency, and productivity. They serve various functions such as cleaning public areas, delivering goods in office or hospital settings, firefighting, rehabilitation, and performing surgeries in healthcare facilities. They function in aerial, ground, and marine environments and cater to industries like healthcare, defense, electronics, automotive, transportation, construction, and others.
The service robotics market research report is one of a series of new reports from The Business Research Company that provides service robotics market statistics, including service robotics industry global market size, regional shares, competitors with an service robotics market share, detailed service robotics market segments, market trends and opportunities, and any further data you may need to thrive in the service robotics industry. This service robotics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The service robotics market size has grown exponentially in recent years. It will grow from $47.93 billion in 2023 to $61.01 billion in 2024 at a compound annual growth rate (CAGR) of 27.3%. The historical growth of service robotics can be credited to several factors such as the increasing need for automation due to labor shortages, an aging population requiring assistance, the demand for healthcare applications, emphasis on safety in hazardous environments, and the growing adoption of service robotics across various industries within the service sector.
The service robotics market size is expected to see exponential growth in the next few years. It will grow to $164.87 billion in 2028 at a compound annual growth rate (CAGR) of 28.2%. In the upcoming forecast period, the anticipated growth in service robotics is expected due to increased investment in research and development, adjustments in regulatory frameworks, the rise of consumer-centric robotics, initiatives focused on smart cities, and the emergence of Robotics-as-a-Service (RaaS). Key trends in this period include the development of adaptive and flexible robotic systems, a greater emphasis on sustainability measures, the integration of digital solutions for data security and privacy, advancements in healthcare robotics, and the integration of artificial intelligence into robotic systems.
The service robotics market is anticipated to experience growth, driven by the increasing demand for robots in the healthcare sector. Within the healthcare sector, encompassing businesses providing medical services and manufacturing medical equipment or drugs, service robots play a crucial role in handling routine logistical tasks. By alleviating the everyday burdens on healthcare professionals, service robots contribute to improved patient care by allowing professionals more time to focus on urgent patient needs. Notably, professional service robot sales saw a substantial increase of 37% in 2021, as reported by the International Federation of Robotics in October 2022. This surge in demand underscores the pivotal role of robots in enhancing efficiency and care within the healthcare domain, consequently propelling the growth of the service robotics market.
The service robotics market is poised for growth, propelled by the expanding automotive industry. The automotive industry, covering companies involved in the design, development, manufacturing, marketing, and selling of motor vehicles, is increasingly integrating service robotics for various advantages. Service robotics in this sector enhances production efficiency, improves product quality, ensures worker safety, and aligns with industry trends. Notably, global motor vehicle production reached 85.4 million units in 2022, reflecting a significant 5.7% increase from the previous year, according to the European Automobile Manufacturers Association. Additionally, the automotive sector achieved approximately 78 million unit sales in 2022, marking a noteworthy 10% rise, as reported by Brand Finance plc in February 2022. This integration of service robotics in the automotive industry is a driving force behind the growth of the service robotics market.
Technological advancement emerges as a key trend in the service robotics market, with major companies introducing innovative technologies centered around artificial intelligence (AI). Hyundai Motor Group, a South Korea-based automotive manufacturer, exemplifies this trend with the launch of DAL-e in January 2021. DAL-e is an AI-driven humanoid robot designed for automated customer services, equipped with cutting-edge facial recognition technology and an autonomous communication system based on a language-comprehension platform. This AI-driven robot facilitates contact-free interactions with customers, providing pleasant experiences while optimizing costs and enhancing productivity. The infusion of AI technologies in service robotics is a significant trend shaping the market landscape.
Major players in the service robotics market are strategically investing in innovative products, particularly focusing on advanced solutions like robotic picking systems equipped with AI technology. This cutting-edge automation solution integrates robotic arms with artificial intelligence algorithms, enabling intelligent identification, grasping, and picking of items across diverse industries. A notable example of this innovation is showcased by Mecalux S.A., a Spain-based company specializing in manufacturing service robotics. In October 2023, Mecalux introduced a robotic picking system with AI technology, leveraging the SIMATIC S7-1500 programmable logic controller (PLC) in collaboration with artificial intelligence. This combination empowers collaborative robots to precisely and autonomously pick orders. The technology is characterized by its safety, user-friendliness, adaptability, and customization, catering to the distinct requirements of customers.
United Robotics Group, a Germany-based robotic solutions company, executed a significant acquisition in April 2022 by obtaining SoftBank Robotics Europe, a France-based manufacturer of robots. This strategic acquisition positions United Robotics Group to explore the potential of merging interaction robotics with industrial robotics, paving the way for the development of diverse robotic solutions. These strategic initiatives underscore the commitment of major companies to driving innovation and growth in the dynamic service robotics market.
Major companies operating in the service robotics market report are Parrot SA, Aethon Inc., Honda Motor Co. Ltd., Panasonic Holdings Corporation, Yujin Robot Co. Ltd., Samsung Group, AB Electrolux, Northrop Grumman Corporation, iRobot Corporation, Robert Bosch GmbH, SZ DJI Technology Co. Ltd., Kongsberg Maritime, Daifuku Co. Ltd., Omron Corporation, SoftBank Group Corp., Boston Dynamics Inc., ABB Robotics, KUKA Roboter GmbH, FANUC Robotics America Inc., Yaskawa Motoman Robotics Inc., Universal Robots A/S, Rethink Robotics, Blue River Technology, Clearpath Robotics Inc., Fetch Robotics Inc., Locus Robotics, Sarcos Robotics, Knightscope Inc., Seegrid Corporation, Simbe Robotics Inc.
North America was the largest region in the service robotics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the service robotics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the service robotics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The service robotics market includes revenues earned by entities by field robots, professional cleaning, inspection and maintenance, construction and demolition, logistics systems (manufacturing and non-manufacturing), medical robots, rescue and security robots, and defense robots. The market value includes the value of related goods sold by the service provider or included within the service offering. The service robotics market also includes sales of airframes, sensors, cameras, actuators, navigation systems and propulsion systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.