Service Robotics Market Size:

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The Service Robotics Market size was valued at USD 42.13 billion in 2023 and is expected to reach USD 146.82 billion by 2032 and grow at a CAGR of 14.88% over the forecast period 2024-2032.

The service robotics market is growing intensely due to the development of artificial intelligence, sensor technology, and machine learning. The use of service robots in healthcare, domestic, agricultural, and a variety of other industries is increasingly common. The use of artificial intelligence is an increasingly transformative phenomenon being experienced globally. With the current application on 77% of devices in 2023, the possible tuning-in growth is supported by the highly anticipated 63% subscription rates in the next three years as the market grows by at least 120% year-over-year. However, the pre-existing understanding of this tool remains at a pitfall, as only 33% of consumers recognize its usage.

Expansion of the market is attributed to the increased demand for automation and the necessity of operations effectiveness improvement. Moreover, the aging population, as well as the growing shortage of labor force, stimulates the demand for service robots. 50% of all work could be automated, with 37% of all HR functions being automated. Companies are increasingly turning to this business substitution, with 57% of them using HR automation to better their employee experience and 56% using AI to get rid of repetitive tasks.

Service Robotics Market Dynamics:

Drivers

• IoT is increasingly being used in robots for cost-effective predictive maintenance.

There has been a marked trend in leveraging Internet of Things (IoT) technologies to make robotics more efficient and less expensive. Being integrated into the cloud, it has become possible to implement cost-effective predictive maintenance strategies which have transformed how robots are managed and serviced. By adding IoT sensors and connectivity to the mix, robots can continuously track how well they're working in real-time on a wide range of parts with their performance components as that data is made available for minimal warning before downtime takes place. This proactive approach to maintenance minimizes downtime, prevents unplanned breakdowns, and ultimately translates into cost savings for businesses. The new capabilities provided by the collaboration of IoT and robotics shall ultimately serve not only to strengthen robotic system reliability but also give due recognition to emerging fields in cyber-physical systems narrating a forthcoming narrative tale where automation and maintenance practices are entering into paradigms like never before.

• Adoption of swarm intelligence technology, which allows robots to easily accomplish a variety of complicated jobs.

Swarm intelligence technology, it is a study of the collective behavior and actions that emerged from multiple individual robots inspired by swarms in nature like bees or ants. The technology allows a team of robots to talk to each other and work together, making the process more efficient when facing complicated tasks. Swarm intelligence does have its decentralized perks; This allows robots to learn on the fly and respond in real time whenever their context changes. It has applications that stretch from search and rescue missions to warehouse logistics in which a set of cohesive robots can move together, work as one unit, and even solve problems by consensus. The emergence of swarm intelligence technology is a significant milestone in the field.

Restraints

• Inaccurate findings make usage in essential processes impossible

When assessing robots made by different companies, the typical range a robot can travel on one battery charge is 10 km, limiting its operational area to nearby locations from the hub or warehouse. These robots are specifically developed to move on sidewalks but cannot climb stairs. Manufacturers face a noteworthy obstacle when it comes to operating fully autonomous delivery robots, as they must simultaneously handle tasks like mapping the environment, localizing the robot on the map, and devising a motion plan using the map. This guarantees that the robots can move or function effectively in uncontrolled settings without needing input from humans.

• The market is set to experience growth driven by the accessibility of cost-effective service robots.

The market's growth is poised to be fueled by the accessibility of cost-effective service robots, a result of swift technological progress and heightened robot manufacturing. In the last three decades, the average cost of producing a robot has significantly diminished, both in real terms and notably in contrast to labor expenses. This trend is expected to persist as the demand for robots’ surges in emerging economies, prompting a relocation of production to cost-effective regions. Additionally, the increasingly favorable pricing dynamics, shaped by elevated labor costs in major manufacturing economies compared to the cost of robots. Technological advancements enhancing robot capabilities, coupled with the improved productivity and quality achieved through the deployment of service robots, contribute significantly to the overall growth of the market.

Service Robotics Market Segment Overview:

By Type

The professional segment captured a market share of over 52.62% in 2023. This surge is primarily attributed to the escalating demand for service robots in diverse sectors, including defense, medical, construction, logistics, and others. Additionally, the widespread adoption of automation and mobility in industrial domains significantly impacts the overall market share of the service robot industry. During the projected period, the expansion of this segment is further reinforced by factors such as increasing labor costs, heightened investments in research and development, a shortage of skilled labor, and growing awareness regarding service robots and industrial automation.

The personal segment is poised for faster growth during the forecast period 2024-2032. Typically employed to assist, educate, and guide individuals in home settings, these robots find utility in tasks like floor cleaning, vacuuming, pool cleaning, lawn mowing, and entertainment.

By Component

The hardware segment dominates the market with more than 57% market share in 2023. The growth of this market is because hardware service robotics are inherently variable and can be implemented across a broad spectrum of applications, including both service and industrial disruptions. This type of robotics ranges from healthcare, hospitality, logistics, and assistance to the home, and diverse hardware features depending on the application but is usually perceived on sensors, actuated and mobile actuators, and energy-yielding devices. Meanwhile, the most intelligent robotic units can be equipped with high-tech processors and communicative devices.

The software segment is to grow at a faster CAGR during the forecast period 2024-2032. Service robotics require the development of complex software to enable robots to communicate with humans and help them in different environments. For instance, delivery drones would require real-time software that takes into consideration environmental variables such as weather. The majority of developments in robotic vacuum cleaners have occurred in software, with capabilities like as live floor mapping and remote activation via interaction with voice assistants.

By Environment

The ground segment dominates the market with a market share of more than 38% in 2023. Such robots are used to perform any ground service on the territory of airports from baggage handling and loading to cleaning of the territory and servicing the passengers. Electromechanics move relative to the surface or through the air, have a high level of performance, and can work in complex conditions, communicate with people, and adapt to them.

The aerial segment is growing at a faster CAGR during the forecast period 2024-2032. Growth is due to the increasing use of business drones on account of agricultural field surveys, and traffic monitoring among others, and the higher selling price of commercial drones as compared to consumer drones. An increase in their growth rate can be attributed to the growth of solar cells as a power source for drones, and the decline in the cost of UAV manufacturing processes reduces the cost of propulsion systems.

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Service Robotics Market Regional Analysis:

The North American market has the largest market share of over 38.5% in 2023, due to rising market use of service robots in nations such as the United States and Canada. Hospitals are increasingly accepting surgical robots, making investments in assistive technology research more feasible, and the availability of advanced service robotics will drive market growth in the region.

The Asia-Pacific to experience a faster growth rate during the forecast period 2024-2032. The growth in usage of service robotics in this area is a result of the rising incorporation of these technologies in research and development efforts within the industrial robot industry. Investments in robotics, artificial intelligence, automation, and other technologies are on the rise in the Asia Pacific region's government. Additionally, the market for service robotics in China dominated in terms of market share, while the service robotics market in India experienced the highest growth rate among countries in the Asia-Pacific region.

KEY PLAYERS:

The key players in the service robotics market are Intuitive Surgical, Panasonic Corporation, Samsung Electronic, robert bosch, AB Electrolux, iRobot Corporation, Honda Motor, Aethon, Yujin Robot, DeLaval & Other Players.

RECENT DEVELOPMENT

• April 2024: Pudu Robotics launched BellaBot Pro, the next-gen of its service robot. It uses AI for personalized interactions, improved dish identification, and features a curved screen for advertising. This update enhances safety, efficiency, and customer experience.
• July 2024: LG Business Solutions USA introduced the LDLIM31, a door-type, AI-powered delivery robot in their CLOIi ServeBot line. Designed for hospitality and healthcare, it boasts four compartments holding 66 lbs each for versatile deliveries.