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2022
Service Robotics Market

Service Robotics Market by Type (Professional service robotics, Personal service robotics), by Application (Healthcare, Defense, Field, Logistics, Construction, Domestic, Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030

A00422
Pages: 235
Mar 2022 | 23197 Views
Author(s) : Amar Chinchane , Onkar Sumant
Tables: 118
Charts: 57
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COVID-19

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Service Robotics Market Research, 2030

The global service robotics market size was valued at $21.7 billion in 2020, and is projected to reach $153.7 billion by 2030, growing at a CAGR of 21.2% from 2021 to 2030. Service robots are semi-automatic or fully-automatic robots that are utilized to perform useful and dangerous task for humans. These robots assist humans in various sectors such as medical & healthcare, construction, automation, domestic, and entertainment. An internal control system operates these robots automatically, with the possibility to override the action manually. These service robots eliminate the chance of human error, manage time, and enhance the productivity by reducing the workload of the staffs and labors.

The COVID 19 outbreak has affected the growth of the service robotics industry owing to the lockdown measure in the countries and delay in production and manufacturing of service robotics which are utilized in automotive, healthcare, construction, and other industries.

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Service robotics have gained widespread acceptance in a variety of professional and personal applications owing to benefits such as delivery of precise and high-quality services that decreased operating expenses & human mistakes and improved usability & dependability. Furthermore, owing to rise in labor costs and scarcity of trained workers, various companies have adopted robotic technology to overcome human error operations and enhance productivity. Moreover, growth in awareness regarding the benefits of robots, increase in R&D investments, and surge in demand for automation in personal & professional sector has increased the demand for service robots. However, factors such as increase in raw material and semiconductor chips prices have negatively impacted the market growth. Furthermore, high initial investment and high maintenance cost has also restrained the service robotics market growth. 

Service Robotics Market
By Type

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Professional service robotics segment holds dominant position in 2020

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In addition, major market players offer fully and semi-automatic service robots for variety of applications and to strengthen their capabilities & grow their client base, they are acquiring and working with leading service robots organizations. For instance, in February 2020, ABB, the leading supplier of industrial robots partnered up with Covariant, an AI start-up. ABB and Covariant plan to work on AI-enabled robotics solutions starting with fully automatic robotic system for warehouse operations and e-commerce sector.

Service Robotics Market
By Application

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Construction segment is projected to grow at a significant CAGR

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The service robotics market consists of two types, professional and personal service robots. Professional service robot segment occupies maximum market share.However, the personal service robot segment is expected to grow at a fast pace during the forecast period. Professional service robots are utilized in sectors such as defense & security, healthcare, forestry, agriculture, construction, and logistics whereas personal service robots are adopted for entertainment and domestic purpose.

Service Robotics Market
By Region

2030
Europe 
North America
Asia-pacific
Lamea

Europe holds a dominant position in 2020 and Asia-Pacific is expected to grow at a significant rate during the forecast period.

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On the basis of region, Europe was the largest revenue generating region in 2020. Owing to increase in government investment in R&D sector, various initiatives are undertaken to fuel the growth of robotics R&D activities in various sectors. However, Asia-Pacific is expected to be the fastest growing region during the forecast period owing to rise in automation in developing countries. Further, countries in this region have adopted robotics solutions owing to the technological advancements and emergence of new business models, such as the growth of e-commerce and booming retail sectors.

The novel coronavirus (COVID-19) rapidly spread across various countries and regions in 2019, causing an enormous impact on lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted production of many products in the market, owing to lockdowns. Furthermore, the number of COVID-19 cases is expected to reduce in the future with the introduction of the vaccine for COVID-19 in the market. This has led to the reopening of service robotics companies at their full-scale capacities. This is expected to help in recovering service robotics market by the start of 2022. After COVID-19 infection cases begin to decline, equipment &machinery producers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.

The market is segmented on the basis of type, application, and region. On the basis of type, the market is divided into professional service robots and personal service robots. On the basis of application, the market is divided into healthcare, defense, domestic, construction, logistics, field, entertainment & leisure,and others.Region wise, the global market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). 

Competition Analysis

The key players that operating in the global service robotics are iRobot Corporation, Intuitive Surgical, Inc., Honda Motor Co., Ltd., Panasonic Corporation, Aethon, Inc., Yujin Robot Co., Ltd., GeckoSystems Intl. Corp., Samsung Electronics Co., Ltd., Robert Bosch GmbH, and AB Electrolux.

 

Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current and emerging service robotics market trends and dynamics. 
  • In-depth service robotics market analysis is conducted by constructing market estimations for key market segments between 2021 and 2030.
  • Extensive analysis of the service robotics market share is conducted by following key product positioning and monitoring of top competitors within the market framework.
  • A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
  • The global service robotics market forecast analysis from 2021 to 2030 is included in the report.
  • The key players within service robotics are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the service robotics industry.
  • The report includes service robotics market opportunity and comprehensive analysis of all the regions is provided to determine the prevailing opportunities.

Key Market Segments & Key Market Players

Segments Sub-segments
By Application
  • Healthcare
  • Defense
  • Field
  • Logistics
  • Construction
  • Domestic
  • Entertainment
  • Others

By Type
  • Professional service robotics
  • Personal service robotics

By Region
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Market Players
  • iRobot Corporation
  • Intuitive Surgical Inc
  • Honda Motor Co., Ltd.
  • Panasonic Corporation
  • Aethon Inc.
  • Yujin Robot Co. Ltd.
  • Samsung Electronic CO., Ltd.
  • DeLaval
  • robert bosch gmbh
  • AB Electrolux
 

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The service robotics market has observed huge demand in Europe, Asia-Pacific, and North America. Europe has registered highest revenue growth in 2020 owing to increase in demand from healthcare and industrial sectors. Robots are adopted in various applications for reducing human workload and human error. It offers high work efficiency, improved productivity, and saves time &labor costs. Furthermore, surge in need for automation and rise in investments in R&D activities across the globe have created growth opportunity for service robotics in the market.

Various market players have adopted strategies such as product launch, business expansion, acquisition, and agreement to expand its business and strengthen its market position. For instance, in June 2021, Hyundai Motor Group acquired Boston Dynamics, a leader in developing mobile &advanced robots. With this acquisition, Hyundai Motor Group is seeking future technologies such as AI, smart factories and robots.

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FREQUENTLY ASKED QUESTIONS?

A. The global service robotics market size was valued at $21,684.5 million in 2020

A. Technical advancement in robotics is the effecting factor for service robotics market .

A. Europe is the largest regional market for Service Robotics

A. Healthcare is the leading end user of Service Robotics Market

A. The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

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