Global Service Robotics Market Expected to Reach $187.33 Billion by 2030, Driven by Increasing Adoption Across Industries

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Nov 06, 2023, 06:30 ET

DUBLIN, Nov. 6, 2023 /PRNewswire/ -- The "Service Robotics Market, Volume, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.

The global service robotics market is set for substantial growth, with an anticipated value of US$ 187.33 billion by 2030, according to this report.

Service robotics, a technology not new to boosting industrial productivity and operational efficiency, is gaining traction in the global service sector. As businesses and organizations grapple with rapidly changing consumer trends and various external factors such as labor shortages, trade issues, and supply chain disruptions, many are turning to cutting-edge technologies like service robots as a solution. Service robots find application across a wide range of industries, with their primary purpose being to alleviate human workers from routine tasks, allowing them to focus on more critical, customer-centric activities.

Boosting Productivity Across Industries

Service robots, both partial and full-service, contribute to increased productivity across various sectors. While some service robots collect and analyze data, others excel in hazardous environments. Regardless of the specific task they perform, the overarching goal of service robots is to enhance productivity. The increased productivity provided by robots justifies their cost to businesses and industries. These service robots play a vital role in automating hazardous and labor-intensive tasks in fields such as retail, hospitality, healthcare, space exploration, security, storage and warehousing, demolition and rehabilitation, agriculture, and more.

Robust Growth at a CAGR of 36.15%

The professional service robots market is witnessing continuous growth, fueled by rapid technological advancements in robotics, including automation, artificial intelligence, engineering, and machine learning. The proliferation of robots has transformed the capabilities of humans, leading to increased task efficiency—a significant benefit. The International Federation of Robotics reports a threefold increase in the number of robots in recent decades. Advancing robotics trends are expected to drive the development of robots over the next two decades.

Economic Advantages in Developing Countries

The adoption of robotics is expected to boost productivity and improve economic conditions in developing nations. Commercial service robots are poised to expand into a wide range of industrial sectors in these countries, where labor shortages have been a limiting factor. Automation and robotics are opening up numerous opportunities in industrial and residential sectors, bridging the skills gap and enhancing overall industry operations.

Technological Advancements and Growth Prospects

Service robots are poised to benefit from technological advancements such as edge artificial intelligence chips and the widespread rollout of 5G in telecom infrastructure. These developments are expected to provide substantial advantages, particularly to professional service robots, offering high performance while consuming less energy. Major market players are also focused on delivering advanced and comprehensive designs for various robotic solutions. Qualcomm, for instance, introduced the world's first 5G and artificial intelligence-based platform, designed for business-to-business and industrial service applications. The service robot market reached a valuation of USD 15.87 billion in 2022.

Medical Service Robotics on the Rise

In terms of segmentation, the global service robotics market encompasses Transportation and Logistics, Professional Cleaning, Medical Robotics, Hospitality, Agriculture, and other fields. Medical robotics, known for their precision in procedures, are gaining popularity due to the growing demand for minimally invasive surgery. The rise in research funding, coupled with the potential cost savings, supports the adoption of medical robots. An aging population, coupled with the need for pain management, mobility enhancement, and chronic disease management, further drives demand for medical robots. The convergence of these factors, combined with the widespread adoption of robotics technologies across various industries, increasing awareness among patients and healthcare providers, and growing regulatory support, positions the medical robotics market for substantial volume growth in the coming years.

Regional Insights

North America, comprising the United States, Canada, Mexico, and other countries, holds a significant share in the global service robotics market. The region is home to major robotics companies such as iRobot, Boston Dynamics, and Intuitive Surgical. The United States, with its supportive regulatory environment, innovation-driven culture, and robust research and development capabilities, drives the demand for service robots. Factors such as an aging population, rising healthcare costs, and convenience needs contribute to the high demand for service robots. A skilled workforce of engineers and technicians has been cultivated due to the extensive use of service robots by the U.S. military, further accelerating technological advancements.

In Europe, countries like Germany, France, Italy, Spain, and others play a crucial role in the service robotics market. Germany, in particular, enjoys government support for the robotics industry through initiatives such as tax incentives for research and development (R&D) and investment in robotics research. The country boasts strong educational institutions, a large and skilled labor force, and a high demand for robotics engineers. Germany's supportive regulatory environment fosters the introduction and adoption of new technologies, making it easier for companies to launch and market service robots.

Asia Pacific includes China, India, Japan, South Korea, Thailand, and other countries. China's massive and rapidly growing population offers a substantial market for service robots, driven by a booming economy that values technologies enhancing efficiency and productivity. Chinese policies, such as tax incentives for R&D and investment in robotics research, strongly support the robotics industry. Additionally, China benefits from a large and cost-effective labor force for budget-friendly service robot production. Technological innovations to enhance service robot performance and capabilities are continuously developed by Chinese companies, making China a significant hub for technological innovation.

Key Players

The global service robotics market features prominent companies, including KUKA, iRobot, Intuitive Surgical, Panasonic, Fanuc, ABB Ltd., and Stryker Corporation. In September 2022, Canada-based Avidbots, a robotics company, secured USD 70 million in its Series C funding round. Avidbots specializes in autonomous cleaning robots, with Neo 2, a robotic floor cleaner designed for commercial settings such as warehouses, airports, and shopping centers.

Market Segmentation

Segments - Global Services Robotics Market has been covered from five viewpoints:

1. Transportation & Logistics
2. Professional Cleaning
3. Medical Robotics
4. Hospitality
5. Agriculture & Field

Countries - Global Services Robotics Market has been covered from four viewpoints:
1. North America

1.1 United States
1.2 Canada
1.3 Mexico
1.4 Others

2Europe

2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 Others

3. Asia Pacific

2.6 China
2.7 India
2.8 Japan
2.9 Republic Of Korea
2.10 Thailand
2.11 Others

4. Rest of the World

For more information about this report visit https://www.researchandmarkets.com/r/clip23

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