Key Market Overview:
Service Robotics market size is expected to reach USD 195.70 Billion by 2030 from the value of USD 49.72 Billion in 2022, registering a CAGR of 19.1% during the forecast period (2023-2030)
Service robotics are devices intended to perform task without human intervention. According to ISO 8373, robots should acquire- a degree of autonomy, which allows them to execute task based on sensing and current state. Key factors attributed towards the growth of service robotics include increasing demand for automation and growing digitalization. Moreover, service robotics are in demand at various complex environmental conditions to perform essential tasks without any personal intervention.
For instance, DeLaval has launched VMS series of service robots that are utilized for milking. DeLaval VMS V300 milking robots when employed are capable of extracting the highest quality milk and also reduces reliance on labor. Moreover, service robots are capable of tracking daily routine and perform actionable intelligent tasks.
Service Robotics Market Report Coverage:
Owing to increased digitalization and advent of technology is driving the market growth for service robots
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||195.70 Billion|
|By Component||Hardware and Software|
|By Type||Personal and Professional|
|By Operating Environment||Aerial, Ground, and Marine|
|By Application||Defense, Inspection & Maintenance, Education, Logistics, Construction and Demolition, and Others|
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
- North America [United States, Canada, Mexico]
- Middle East & Africa [GCC, North Africa, South Africa]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
|Key Players||Intuitive Surgical, IRobit, Daifuku, Samsung Electronics Co. Ltd., JD.com Inc., DeLaval, DJI, Kongsberg Maritime, Northrop Grumman, Neato Robotics, KUKA AG, Lely, ECA Group, Stryker Corp., Starship Technologies|
Digitalization has been a key driving factor in the growth of the service robotics sector, owing to advancement in design, improvement in operational efficiency, and improved communication system. Digitalization enables service robots to remain connected with the internet and IoT (Internet of Things) based devices. Moreover, with the advancements in internet generation from 4th Generation to 5th Generation is further proliferating the growth of service robotics.
Moreover, improvement in connectivity including gathering of useful data from cloud based source for performing a task has made it easier for service robots to perform efficiently. In addition, digitalization has promoted the growth of sensor technology, a key component for a service robot which in turn is allowing manufacturers to introduce advanced sensor including Lidar, depth sensor, and others is further fuelling the market growth for service robotics.
For instance, TDK Corporation has introduced motion sensor for service robots to detect its position, biometric pressure sensor to detect filled up dustbin, ultrasonic ToF sensor to detect obstacle, and among others.
Accordingly, owing to the growing requirement for advanced robots towards completion of intelligence based tasks is promoting the market growth for service robotics.
High cost of operation and initial expenditure is restraining the market growth for service robots
Service robots require high upfront cost which is not feasible for small scall industries and individuals to acquire. Moreover, the initial cost of infrastructure setup also tends to be high, which acts as a restraining factor in the growth of the market. In addition, factors such as RoI (Return on Investment) are uncertain for businesses which results in a uncertain factor for the adoption of service robots for applications.
Furthermore, maintenance of service robots including software update, physical maintenance, and technical supports are sometimes unfeasible for the owner which leads to the slow growth rate.
Service Robotics Market Segmentation:
The Component segment is categorized into Hardware and Software.
Software segment accounted for the largest market share in 2022 and is also expected to grow with the fastest CAGR during the forecast period. Software provides flexibility and adaptability to service robots to perform various applications across industries. Based on software upgradation and reprogramming, service robots are employed to perform tasks in various industries.
Moreover, the introduction of AI (Artificial Intelligence) and Machine Learning technologies will further transform the working nature of robots which will ultimately boost the market growth of service robots during the forecast period.
The Type segment is categorized into Personal and Professional.
Professional service robots accounted for the largest market share in 2022 and is projected to grow at fastest CAGR during the forecast period. Professional service robots are mainly employed for operations associated with professional services. Professional services include a few of the critical tasks and activities that are dangerous in nature. Professionals have to operate such critical tasks by means of service robots require greater skills for performance. Few of the known professional services robots include firefighting robots, delivery robots and others.
According to Statzon, in 2021, professional service robot\'s sales has grown to 37%, with 121,000 units sold in the year. Therefore, factor such as advancement in technology is also promoting the growth of professional service robotics market.
By Operating Environment
The Operating Environment segment is categorized into Aerial, Ground, and Marine.
Ground segment accounted for the largest market share in 2022 as owing to their huge applications in rendering of services including delivery, logistics, cleaning, and others. Ground based robots are efficient to handle various applications that reduce extra human efforts. Furthermore, ground based robots are easy to retrieve in comparison to arial and marine based service robots. Thus, attributing factors including efficiency and accessibility is driving the market growth of this segment.
Aerial segment is projected to witness the fastest CAGR during the forecast period owing to factors including rising demand for UAVs (Unmanned Vehicles) for operations such as agriculture, aerial reconnaissance, and among others. Factors including growing demand for research activities and aerial surveillance for scientific and defense activities will further promote the market growth of service robotics during the forecast period.
The Application segment is categorized into Defense, Inspection & Maintenance, Education, Logistics, Construction and Demolition, Others
The logistics segment accounted for the largest market share in 2022 owing to factors including their accessibility and availability to perform various tasks. Logistics based service robots are capable of performing automated tasks including inventory tracking, warehouse management, package delivery, and others.
For instance, Starship Technologies has launched food delivery robots in Worcester Polytechnic Institute. These delivery robots are assigned to meet the demand for food delivery raised by students within the campus.
The inspection & maintenance segment is projected to witness the fastest CAGR during the forecast period owing to growing demand for research and maintenance activities across different fields of industries. For instance, the oil rigs require regular maintenance at the bottom of the sea level which raises the demand for service robots for the industry.
The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
North America accounted for the largest market share in 2022 owing to large investments made by U.S. government towards adoption of autonomous trend. The government of U.S. is also actively investing in defense that include implementation of aerial drones, autonomous military vehicles, and others. Autonomous vehicles include several cameras, sensors, and locators to operate at the difficult terrain and harsh weather conditions. Thus, owing to government initiative and huge expenditure done across various sectors including research, education and others is driving the market growth of service robotics in the region.
Asia Pacific is projected to witness the fastest CAGR during the forecast period owing to rising investments by governments of the region in defense and economic activities. Countries including India and China are constantly investing in defense sector due to growing boarder tensions and escalations. Moreover, investment in economic activities within aforementioned countries will fuel the marker growth of service robotics during the forecast period.
Service Robotics Market Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and application launches have accelerated the growth of the micro irrigation systems market. Key players in the market include-
• Intuitive Surgical
• Samsung Electronics Co. Ltd.
• JD.com Inc.
• Kongsberg Maritime
• Northrop Grumman
• Neato Robotics
• KUKA AG
• ECA Group
• Stryker Corp.
• Starship Technologies
• In March 2022, JD.com, Inc. launched an autonomous delivery robot to offer contactless last-mile delivery.
• In August 2022, Amazon announced merger agreements with iRobot for the manufacturing of consumer and commercial service robots.