Service Robotics Market Outlook 2031:
The global service robotics market size was valued at USD 16.35 Billion in 2022 and is projected to reach USD 74.76 Billion by 2031, expanding at a CAGR of 18.4% during the forecast period 2023 - 2031. The growth of the market is attributed to growing instances of assisted living and to battle rising labor costs in developed countries.
Service robotics refers to a robot that operates semi-autonomously or completely autonomously to provide services that benefit humans and equipment. They remove manufacturing activities and are capable of making decisions and acting independently in real-world, uncertain situations to complete tasks. Personal service robots include vacuum cleaners and lawn mowers, along with tele and remote-presence, elder care, and entertainment robots, as well as home education and training robots.
In one way or another, partial and full-service robots increase productivity. Some service robots are designed to respond and perform well in hazardous areas, while others collect and analyze data. The safety and operation of service robots have received considerable attention.
The outbreak of COVID-19 pandemic had a negative influence on the market. Manufacturing units have had to suspend output as a result of the global lockdown enforced by governments, which is likely to impede the demand for service robotics. The market is expected to quickly recover, since various industries have restarted operations as COVID instances have gradually reduced around the world.
Service Robotics Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand to enhance the customer experience is one of the key factors driving the service robotics market growth.
- Technological advancement in robotics industry is expected to boost the market growth in the coming years.
- Surge in demand from healthcare sector for better evaluation and monitoring is projected to fuel the service robotics market expansion during the forecast period.
- High initial cost and increasing data security concern related to service robotics presents a major challenge. This is anticipated to hamper the service robotics market growth in the projected period.
- Rising demand for military & defense applications is projected to create significant growth opportunities for the market in the near future.
Scope of Service Robotics Market Report
The report on the global service robotics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Service Robotics Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 – 2021
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Forecast Period
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2023 – 2031
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Segmentation
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Applications (Personal and Professional)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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LG Electronics Inc.; Sony Group Corp.; GeckoSystems Intl. Corp.; iRobot Corp.; Samsung Electronics Co., Ltd.; Electrolux AB; Fujitsu Frontech Ltd.; Hanool Robotics Corp.; Honda Motors Co., Ltd.; Yujin Robot Co., Ltd.; and Toyota Motor Corp.
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Service Robotics Market Segment Insights
Professional segment to grow at a rapid pace
Based on applications, the global service robotics market is bifurcated into personal and professional. The professional segment is expected to grow at a rapid pace during the forecast period owing to wide usage in numerous applications, such as inspection & rescue, cleaning, mobile platforms, underwater, construction, and security.
However, the personal segment is anticipated to hold a key share of the market in the coming years due to usage in education, lawn mowing, entertainment, handicap assistance, and research.
Asia Pacific to constitute a key market share
In terms of regions, the global service robotics market share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a key share of the market during the projected period attributed to significant developments related to robotics industry in the region.
However, the market of North America is anticipated to expand at a rapid pace during the forecast period owing to development of production capacities and rapid increase in industrialization across the region.
Segments
The global service robotics market has been segmented on the basis of
Applications
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- LG Electronics Inc.
- Sony Group Corp.
- GeckoSystems Intl. Corp.
- iRobot Corp.
- Samsung Electronics Co., Ltd.
- Electrolux AB
- Fujitsu Frontech Ltd.
- Hanool Robotics Corp.
- Honda Motors Co., Ltd.
- Yujin Robot Co., Ltd.
- Toyota Motor Corp.
Competitive Landscape
Key players competing in the global service robotics market are LG Electronics Inc.; Sony Group Corp.; GeckoSystems Intl. Corp.; iRobot Corp.; Samsung Electronics Co., Ltd.; Electrolux AB; Fujitsu Frontech Ltd.; Hanool Robotics Corp.; Honda Motors Co., Ltd.; Yujin Robot Co., Ltd.; and Toyota Motor Corp.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions.
Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
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