The global service robotics market size was valued at $21,684.5 million in 2020 and is projected to reach $153,684.5 million by 2030, registering a CAGR of 21.2% from 2021 to 2030.
Service robots are intelligent automated machines that are programmed to assist human workforce in various applications such as healthcare, medical, construction, logistics, entertainment, and domestic. These robots are designed to perform various operations, dangerous tasks, and repetitive tasks in different sectors. Adoption of service robots allows companies to enhance productivity & quality and minimize human error. These service robots are utilized for various activities such as detecting & defusing bombs, surgical assembling products, product inspection, surgical operations, cleaning and household chores.
The service robotics market is driven by increase in automation and surge in demand for enhanced productivity and delivery of high quality products. Furthermore, surge in R&D investments across the globe in various countries and rise in labor costs have created growth opportunity for service robots in various applications. Moreover, robotics helps in reducing labor operating cost in commercial facilities by carrying out operations such as advertising, delivering, and scanning. In addition, the need for surveillance has become essential in all commercial sectors for safety of facilities. This has led to upsurge in demand for security & inspection robots. However, high initial installation cost and high maintenance costs of service robots has restrained the market growth. In addition, fluctuations in raw materials and semiconductors prices have negatively impacted the growth of global service robotics market.
Furthermore, large number of service robotics devices is manufactured by major key players in the market to overcome human error and to increase productivity. For instance, in June 2020, Hyundai Robotics launched its mobile service robot that analyzes the person’s image by recognizing in camera and providing voice responses. Similarly, in September 2021, Hyundai Motor Group introduced factory safety service robot for industrial site safety. It is equipped with AI and autonomous navigation system, which detects danger such as fire hazard and send warning alarms.
The market is segmented on the basis of type, application, and region. On the basis of type, the market is divided into professional service robots and personal service robots. On the basis of application, the market is divided into healthcare, defense, domestic, construction, logistics, field, entertainment & leisure, and others. Region wise, the global market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players that operate in the global service robotics are 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, and AB Electrolux.
By Type
Report Metric |
Details |
Report Name |
Service Robotics Market |
Market size value in 2020 |
USD 21,684.5 million |
Revenue forecast in 2030 |
USD 153,684.5 million |
Growth Rate |
21.2% |
Base year considered |
2020 |
Forecast Period |
2021-2030 |
By Type |
Professional service robots, Personal service robots |
By Application |
Healthcare, Defense, Domestic, Construction, Logistics, Field, Entertainment & Leisure, and others |
Report Coverage |
Revenue & volume forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered |
By Type, Application, and Region |
Geographic Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Ans. Due to the COVID-19 pandemic, The global service robotics market size was valued at $21,684.5 million in 2020 and is projected to reach $153,684.5 million by 2030, registering a CAGR of 21.2% from 2021 to 2030.
Ans. Some of the Major companies are 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, and AB Electrolux.
Ans. Yes, the report includes a COVID-19 impact analysis. Also, it is further extended into every individual segment of the report.
$5769
$6450
$10995
$3840
HAVE A QUERY?
OUR CUSTOMER
Add to Cart
Add to Cart
Add to Cart
Add to Cart