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Service Robotics Market Report Scope & Overview:

Service Robotics Market Revenue Analysis

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The Service Robotics Market Size was valued at USD 19.34 billion in 2023, and is expected to reach USD 74.19 billion by 2031 and grow at a CAGR of 18.3% over the forecast period 2024-2031.

Service robots are automated machines designed to assist humans by carrying out various tasks, broadly categorized into professional and personal use. The distinction further extends to domestic and industrial applications based on their specific functions. The domestic sector encompasses robots utilized for personal tasks and indoor applications, with the increasing adoption attributed to the integration of IoT-based devices in homes and the introduction of more precise and affordable home-use robots. On the other hand, the industrial/commercial segment involves robots employed in industrial settings to execute industry-related tasks. The market growth in this sector is fueled by ongoing efforts to automate industrial processes and reduce labor costs by minimizing human intervention. Additionally, service robots are deployed across diverse sectors such as transportation & logistics, medical, defense, construction & demolition, agriculture, and retail.

MARKET DYNAMICS:

KEY DRIVERS:

  • Increasing funding for robotics research.

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

  • Robots are increasingly being used in novel applications, with substantial returns on investment.

In recent times, there has been a notable shift towards incorporating Internet of Things (IoT) technologies into robotics, aiming to boost efficiency and trim down maintenance expenses. This integration has facilitated the adoption of economical predictive maintenance strategies, reshaping the management and servicing of robots. Through the utilization of IoT sensors and connectivity, robots can consistently monitor their performance, capturing real-time data on diverse components and detecting potential issues before they escalate. This proactive maintenance approach serves to reduce downtime, avert unforeseen breakdowns, and ultimately contribute to cost-effectiveness for businesses. The collaboration between IoT and robotics not only enhances the overall dependability of robotic systems but also underscores the unfolding landscape of intelligent and interconnected technologies, marking the advent of a new era in automation and maintenance practices.

RESTRAINTS:

  • 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.

OPPORTUNITIES:

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

  • Use of robots for companionship, disability help, and geriatric support.

Swarm intelligence technology encompasses the collaborative behaviour of multiple robots, drawing inspiration from the collective actions observed in natural swarms like bees or ants. This technology empowers a group of robots to communicate and coordinate their actions, resulting in enhanced efficiency when tackling intricate tasks. The decentralized nature of swarm intelligence enables robots to dynamically adapt and respond to changes in their environment. Its applications span a broad spectrum, including search and rescue missions and warehouse logistics, where a cohesive group of robots can navigate, collaborate, and collectively solve complex problems. The adoption of swarm intelligence technology signifies a notable breakthrough in robotics, unlocking fresh possibilities for versatile and adaptive robotic systems.

CHALLENGES: 

  • Inaccurate findings make usage in essential processes impossible

When examining robots produced by various companies, the average distance a robot can cover on a single charge is 10 km, restricting its service range to short distances from the hub or warehouse. These robots are specifically designed to walk or travel on sidewalks but lack the functionality to navigate stairs. Manufacturers encounter a significant challenge in the navigation of fully autonomous delivery robots, which necessitates simultaneous execution of tasks such as mapping the environment, localizing the robot within that map, and creating a motion plan based on the map. This ensures that the robots can smoothly travel or operate in uncontrolled environments without requiring human intervention.

IMPACT OF RUSSIAN UKRAINE WAR

The global repercussions of the Russia-Ukraine crisis are felt across various sectors, including the service robotics industry. Economic sanctions, fluctuations in commodity prices, and disruptions in supply chains have reverberated through diverse global markets. Industrial robots, mobile robots, and service robots are witnessing growth, with applications spanning aerospace manufacturing, agriculture, automotive manufacturing, and building maintenance. The crisis has also impacted defense spending, with countries near Russia or Ukraine expected to increase defense budgets to at least 2 percent of their GDP by 2023. This heightened emphasis on security might indirectly influence the service robotics market, particularly in defense and security technologies.

Additionally, the crisis underscores the role of technology, including robotics, in geopolitical tensions. The fusion of cyber and conventional forces in joint attacks, coupled with a surge in cyberattacks by Russian government-backed entities on Ukraine and NATO countries, emphasizes the growing significance of robotics and automation in both defense and civilian sectors.

IMPACT OF ECONOMIC SLOWDOWN

The ongoing economic deceleration has yielded a nuanced impact on the service robotics market, influenced by factors such as supply chain disruptions, lockdowns, and geopolitical concerns. Despite encountering these challenges, the surge in artificial intelligence and machine learning advancements is fueling a resilient growth trajectory for service robotics. Regional growth rates are anticipated to vary, with certain countries presenting substantial growth potential. The service robotics market is poised for recovery from the pandemic's effects, with developing markets serving as key contributors to growth momentum.

Governments at the regional level play a pivotal role in shaping the robotics market, making investments in military robotics and prioritizing robotics alongside AI and automation for manufacturing transformations. In Asia, the financial services sector is leveraging service robots to streamline costs and enhance customer appeal. Additionally, the aging population in countries like Japan and China is anticipated to stimulate the demand for service robots, signaling a sector poised for growth despite prevailing economic challenges. This growth is propelled by the rise of autonomous mobile robots, indicating robust market resilience amid the economic slowdown. The market's dynamics, influenced by macro-economic and micro-economic factors, as well as human emotions, exert a significant impact on pricing, demand, and supply.

KEY MARKET SEGMENTATION:

BY TYPE

  • Personal and Domestic

  • Professional

Among these two categories, the professional service robots segment commands a larger market share and is expected to experience rapid growth throughout the forecast period. 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.

On the other hand, the personal robots segment is poised for noteworthy growth within the residential home sector. 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

  • Hardware

  • Software

​​​​​Based on Components, the service robotics market is segmented into Hardware and Software. The component-wise growth rate for service robotics food delivery, and delivery drones  is expected to be greater for the software component since service robot deployment is anticipated to become more application-specific. An AGV programmed for swarm operation on a factory floor might also be programmed for food delivery. For operations, 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

  • Aerial

  • Marine

  • Ground

Based on Environment, the service robotics market is segmented into Aerial, Marine and Ground. During the projected period, the market for aerial drones is predicted to develop at the fastest CAGR. This is due to the rising use of business drones for purposes such as agriculture field surveys and traffic monitoring, as well as the higher selling costs of commercial drones compared to consumer drones. The development of solar cells as a power source for drones and the reduction of the cost of UAV manufacturing processes can help to lower the cost of propulsion systems and contribute to the increase in their growth rate. The development of solar cells as a power source for drones and the reduction of the cost of UAV manufacturing processes can help to lower the cost of propulsion systems and contribute to the increase in their growth rate.

Service-Robotics-Market-By-Environment

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BY APPLICATION

  • Domestic

  • Medical

  • Field

  • Defense

  • Entertainment

  • Logistics

  • Research and Space Exploration

REGIONAL ANALYSIS:

The North American area has the biggest market share due to rising market use in nations such as the United States and Canada. Furthermore, the growing usage of robots in the medical, construction, and defence industries raises the region's growth share. Europe is the region with the second-largest market share. It is also found that the North America and Europe regions control the industry by growing concurrently. The Asia-Pacific area is the fastest-growing country, with a positive market growth rate.

Service Robotics Market, Regional Share, 2023

REGIONAL COVERAGE:

North America

  • US

  • Canada

  • Mexico

Europe

  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America

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

In March 2023: Unveiled at the AAOS 2023 Annual Meeting in Las Vegas, Stryker introduced the Mako Total Knee 2.0. This innovative system is meticulously crafted to provide surgeons with dependable outcomes while offering an enhanced user experience. The Mako Total Knee 2.0 showcases a novel, user-friendly design, a customizable workflow, and notable features, including an inventive digital tensioner. This digital tool enables surgeons to evaluate knee stability in real-time during a Total Knee Arthroplasty (TKA) without requiring additional instrumentation, enhancing the intraoperative assessment process.

Service Robotics Market Report Scope:

Report Attributes Details
Market Size in 2023 US$ 19.34 Billion
Market Size by 2031 US$ 74.19 Billion
CAGR CAGR of 18.3% From 2024 to 2031
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Programmable (FPGA & PLD) DSP IC, Application-Specific DSP IC, General-Purpose DSP IC)
• By Type (Personal And Domestic, Professional)
• By Component (Hardware, Software) By Environment (Aerial, Marine, Ground)
• By Application (Domestic, Medical, Field, Defense, Entertainment, Logistics, Research And Space Exploration)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Company Profiles Intuitive Surgical, Panasonic Corporation, Samsung Electronic, robert bosch, AB Electrolux, iRobot Corporation, Honda Motor, Aethon, Yujin Robot and DeLaval.
Key Drivers • Increasing funding for robotics research.
• IoT is increasingly being used in robots for cost-effective predictive maintenance.
Restraints The market is set to experience growth driven by the accessibility of cost-effective service robots.

Frequently Asked Questions

The Service Robotics Market was valued at USD 19.34 billion in 2023.

The expected CAGR of the Service Robotics Market during the forecast period is 18.3%.

The progress in artificial intelligence (AI) is poised to significantly enhance the operational capabilities of service robotics, promising sustained benefits such as heightened productivity, real-time guidance, and performance driven by data. AI-driven robots have the potential to execute tasks with greater speed and precision compared to humans, thereby enhancing efficiency and productivity across diverse industries. Leveraging sensors and other technologies, AI-based robots can accurately collect and analyze data, leading to more precise outcomes and improved decision-making processes.

In 2023, the professional category emerged as the dominant force in the market.

The North America region with the biggest market share in 2023.

TABLE OF CONTENTS

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Industry Flowchart

 

3. Research Methodology

 

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

 

5. Impact Analysis

5.1 Impact of Russia-Ukraine Crisis

5.2 Impact of Economic Slowdown on Major Countries

5.2.1 Introduction

5.2.2 United States

5.2.3 Canada

5.2.4 Germany

5.2.5 France

5.2.6 UK

5.2.7 China

5.2.8 Japan

5.2.9 South Korea

5.2.9 India

 

6. Value Chain Analysis

 

7. Porter’s 5 Forces Model

 

8.  Pest Analysis

 

9. Service Robotics Market, By Type

9.1 Introduction

9.2 Trend Analysis

9.3 Personal and Domestic

9.4 Professional

10. Service Robotics Market, By Component

10.1 Introduction

10.2 Trend Analysis

103 Hardware

10.4 Software

11. Service Robotics Market, By Environment

11.1 Introduction

11.2 Trend Analysis

11.3 Aerial

11.4 Marine

11.5 Ground

12. Service Robotics Market, By Application

12.1 Introduction

12.2 Trend Analysis

12.3 Domestic

12.4 Medical

12.5 Field

12.6 Defense

12.7 Entertainment

12.8 Logistics

12.9 Research and Space Exploration

 

13. Regional Analysis

13.1 Introduction

 

14.2 North America

14.2.1 USA

14.2.2 Canada

14.2.3 Mexico

14.3 Europe

14.3.1 Eastern Europe

14.3.1.1 Poland

14.3.1.2 Romania

14.3.1.3 Hungary

14.3.1.4 Turkey

14.3.1.5 Rest of Eastern Europe

14.3.2 Western Europe

14.3.2.1 Germany

14.3.2.2 France

14.3.2.3 UK

14.3.2.4 Italy

14.3.2.5 Spain

14.3.2.6 Netherlands

14.3.2.7 Switzerland

14.3.2.8 Austria

14.3.2.9 Rest of Western Europe

14.4 Asia-Pacific

14.4.1 China

14.4.2 India

14.4.3 Japan

14.4.4 South Korea

14.4.5 Vietnam

14.4.6 Singapore

14.4.7 Australia

14.4.8 Rest of Asia Pacific

14.5 The Middle East & Africa

14.5.1 Middle East

14.5.1.1 UAE

14.5.1.2 Egypt

14.5.1.3 Saudi Arabia

14.5.1.4 Qatar

14.5.1.5 Rest of the Middle East

14.5.2 Africa

14.5.2.1 Nigeria

14.5.2.2 South Africa

14.5.2.3 Rest of Africa

14.6 Latin America

14.6.1 Brazil

14.6.2 Argentina

14.6.3 Colombia

14.6.4 Rest of Latin America

 

15. Company Profiles

15.1 Intuitive Surgical

15.1.1 Company Overview

15.1.2 Financials

15.1.3 Products/ Services Offered

15.1.4 SWOT Analysis

15.1.5 The SNS View

15.2 Panasonic Corporation

15.2.1 Company Overview

15.2.2 Financials

15.2.3 Products/ Services Offered

15.2.4 SWOT Analysis

15.2.5 The SNS View

15.3 Samsung Electronic

15.3.1 Company Overview

15.3.2 Financials

15.3.3 Products/ Services Offered

15.3.4 SWOT Analysis

15.3.5 The SNS View

15.4 Robert bosch

15.4 Company Overview

15.4.2 Financials

15.4.3 Products/ Services Offered

15.4.4 SWOT Analysis

15.4.5 The SNS View

15.5 AB Electrolux

15.5.1 Company Overview

15.5.2 Financials

15.5.3 Products/ Services Offered

15.5.4 SWOT Analysis

15.5.5 The SNS View

15.6 iRobot Corporation

15.6.1 Company Overview

15.6.2 Financials

15.6.3 Products/ Services Offered

15.6.4 SWOT Analysis

15.6.5 The SNS View

15.7 Honda Motor

15.7.1 Company Overview

15.7.2 Financials

15.7.3 Products/ Services Offered

15.7.4 SWOT Analysis

15.7.5 The SNS View

15.8 Aethon

15.8.1 Company Overview

15.8.2 Financials

15.8.3 Products/ Services Offered

15.8.4 SWOT Analysis

15.8.5 The SNS View

15.9 Yujin Robot

15.9.1 Company Overview

15.9.2 Financials

15.9.3 Products/ Services Offered

15.9.4 SWOT Analysis

15.9.5 The SNS View

15.10 DeLaval 

15.10.1 Company Overview

15.10.2 Financials

15.10.3 Products/ Services Offered

15.10.4 SWOT Analysis

15.10.5 The SNS View

 

16. Competitive Landscape

16.1 Competitive Benchmarking

16.2 Market Share Analysis

16.3 Recent Developments

16.3.1 Industry News

16.3.2 Company News

16.3.3 Mergers & Acquisitions

 

17. USE Cases and Best Practices

 

18. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

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Data Bank Validation

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