Service Robotics Market to Garner $153.7 Bn, Globally, by 2030 at 21.2% CAGR: Allied Market Research

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Apr 04, 2022, 09:50 ET

PORTLAND, Ore., April 4, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Service Robotics Market by Type (Professional service robotics, Personal service robotics), by Application (Healthcare, Defense, Field, Logistics, Construction, Domestic, Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030" As per the report, the global service robotics industry was accounted for $21.7 billion in 2020, and is expected to reach $153.7 billion by 2030, growing at a CAGR of 21.2% from 2021 to 2030.

Major determinants of the market growth

Surge in adoption of service robotics in several sectors, high investment in R&D activities, and heavy labor costs and lack of skilled labors have boosted the growth of the global service robotics market. However, concerns over data privacy and regulations, massive investment at initial stage, and high maintenance cost hinder the market growth. On the contrary, surge in demand from developed countries would open new opportunities in the future.

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Covid-19 scenario:

The Covid-19 pandemic negatively affected the service robotics market due to strict lockdown measures and delayed manufacturing and service activities in automotive, construction, healthcare, and other industries.
The slowdown in stock market, disrupted supply chain, failed business confidence, and lack of raw materials due to restriction on cross-border trading negatively affected the market.

The professional service robotics segment dominated the market

By type, the professional service robotics segment held the largest share in 2020, accounting for more than two-thirds of the global service robotics market, owing to surge in demand for automation in commercial sectors and increase in demand from agriculture, healthcare, and distribution centers. However, the personal service robotics segment is estimated to register the highest CAGR of 22.6% during the forecast period, due to increase in adoption for service robotics for household chores, entertainment, and security purposes.

The transportation segment to portray the highest CAGR through 2030

By application, the construction segment is projected to manifest the highest CAGR of 24.7% from 2021 to 2030, due to ability of service robots to move materials, handle construction materials, and communicate with labors and other machines. However, the healthcare segment held the largest share in 2020, accounting for more than one-fourth of the global service robotics market, due to the use of robotics in operating rooms in clinical and medical sectors to assist health personnel and improve patient care.

Get detailed COVID-19 impact analysis on the Service Robotics Market: https://www.alliedmarketresearch.com/service-robotics-market

Europe, followed by North America, held the lion's share

By region, the global service robotics market across Europe, followed by North America, dominated in 2020, accounting for more than two-fifths of the market, owing to applications such as delivery, security & inspection and disinfection. However, the market across Asia-Pacific is expected to showcase the highest CAGR of 24.2% during the forecast period, due to increase in construction activities in China and India and surge in spending capacity on infrastructure.

Major market players

iRobot Corporation
Intuitive Surgical, Inc.
Honda Motor Co., Ltd.
Panasonic Corporation
Aethon, Inc.
Yujin Robot Co., Ltd.
GeckoSystems Intl. Corp.
Samsung Electronics Co., Ltd.
Robert Bosch GmbH
AB Electrolux

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