Global Service Robotics Market is segmented By Operating Environment (Aerial, Land, Underwater), By Type (Personal Application, Research Robots, Domestic Robots, Entertainment Robots, Professional Application, Defense and Security, Field Robots, Medical Assisting Robots, Logistics & UAV Drones), By Components (Sensors, Actuators, Control Systems, Software, Others), By Verticals (Government, Logistics & Transportation, Agriculture & Mining, Healthcare, Military & Defences, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Market Overview
[195 Pages Report] The global Service Robotics Market was worth $8,640.58 million in 2022 and is expected to grow at a CAGR of 21.26% during the forecast period 2022-2029.
The International Organization for Standardization defines a ‘service robot’ as a robot that performs useful tasks for humans or equipment excluding industrial automation applications. Robots provide a great source of interaction. The market for service robotics is experiencing key changes that are driving growth. These include market readiness, technology maturity, delivered value, cost and availability, and the maturity of related technologies. Companies are increasingly looking at robotics as a mechanism to improve the productivity and efficiency of their operation, improve scalability and flexibility, and address labor challenges. All these factors together drive a tremendous amount of interest in robotic technology.
Service Robotics Market- Strategic Insights
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Metrics |
Details |
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Market CAGR |
21.26% |
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Segments Covered |
By Operating Environment, By Type, By Components, By Verticals, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Market Dynamics
The growing demand for services robots for domestic applications, development in computer-aided systems, IoT and engineering technologies, rising demand for mobile robotic solutions across logistics, and high demand from military and healthcare sectors are the key drivers for the market growth. Increasing demand for service robots in domestic appliances across various regions is one of the major drivers of the global service robotics market. In addition, the demand for service robotics for varied applications including entertainment, training, and individual applications will also significantly drive its demand in the forecast period.
Demand for services robotics is increasingly being used by military applicants in several countries across the world. Military laboratories around the planet are focusing on the development of compact and autonomous robots for use in welfare. In 2016, the U.S. Defense Advanced Research Projects Agency (DARPA) declared to invest nearly US$ 3 billion in the development of new military technologies, which include automated technologies and combat robot warriors.
High capital investment, lack of awareness, and scarcity of investment by the companies are the market restraints that are hampering market growth. High capital investment is required to start a robotics company and high R&D funds are required by the companies to sustain the market. One of the most challenging activities in Robotics is innovating new designs and new applications for robots and robotic systems. New fields of applications are characterized by specific requirements that existing robot solutions may not be able to fulfill and therefore specific investigations and design activities are required.
Market Segmentation
Based on components, the global market for service robotics is broadly segmented as sensors, actuators, control systems, software, and others. Among these, software accounted for the largest market share of about 32.5%. The software architecture is based upon the Roblet-Technology, which is a powerful medium for robots. This technology introduces the possibility to develop, compile and execute an application on one workstation. Improved Natural Language Processing, integration of social cues in HRI, emotional state understanding, interaction with multiple agents, and user-friendly design. Improved Natural Language Processing, integration of social cues in HRI, emotional state understanding, interaction with multiple agents, and user-friendly design. The LEGO Mindstorms program belonged to the higher quality products offering software environments that reach well into high-tech robotics.
Based on the operating environment, the global market for service robotics is broadly segmented as aerial, land, and underwater. The underwater service robotics market is estimated to reach a market value of $YY million by 2026 from an initial market value of $940.51 million in 2018. The market is estimated to grow at a CAGR of 9.99% in the forecasted period 2019-2026. Underwater robots are being developed for various applications ranging from inspection to maintenance and cleaning of submerged surfaces and constructions. Underwater robots have shown significant attention through the Deepwater Horizon oil spill in 2010. These robots are capable to inspect sites that are inaccessible to humans.
Based on type, the global market for service robotics is broadly segmented as personal application and professional application. Personal application is further classified into research robotics, domestic robotics, entertainment robotics, and others. Professional application is again divided into defense and security, field robotics, medical assisting robotics, and logistics & UAV drones.
Based on Verticals, the global market for service robotics is broadly segmented as government, logistics & transportation, agriculture & mining, healthcare, military & defense, and others.
Geographical Share
The global service robotics market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The North America Service Robotics market is estimated to reach a market value of US$ XX million by 2026 from an initial market value of $3905.54 million in 2018. The market is estimated to grow at a CAGR of 13.42% in the forecasted period 2018-2026. Especially, The US, one of the leading military power, is taking special efforts toward modernizing its armed forces. They have already started using weapons that utilize robotics and artificial intelligence capable of performing or even outperforming, human soldiers. The US government is spending huge on the US military. In 2017, the American military allocated approximately $4.61 billion to drone-related spending. Combat robots will rapidly become an inherent part of the US fighting forces within the next 10-15 years, as per defense experts.
The Europe Service Robotics market is estimated to reach a market value of $XX million by 2026 from an initial market value of $2255.19 million in 2018. Europe held the second largest market share globally in 2018. The Europe service robotics market is growing due to rising demand for robotics in various applications along with continuous research and development in the field of technology. Agriculture is an important part of the European economy. The use of robotics technology in agriculture has been growing steadily for some time. A wide range of application areas is currently under consideration from crop monitoring to livestock management and harvesting. Robotics technology also has significant potential to impact the European Societal Challenges concerned with the aging society, improving health and wellbeing.
Competitive Analysis
- Some of the market players are Hanool Robotics Corporation, KUKA AG, Northrop Grumman Corporation, ECA Group, iRobot Corporation, Gecko Systems Corporation, RedZone Robotics, Yaskawa Electric Corporation, Honda Motors Co. Ltd., SZ DJI Technology Co., Ltd., SIASUN Robot & Automation Co Ltd, Ecovacs Robotics, Canny Elevator Co., Ltd. And Shanghai Xiaomi Robot Technology Co., Ltd.
- Globally mergers and acquisitions by robotic companies are expanding rapidly.
- The Kion Group acquired Dematic Corp. for $2.1 billion. Kion’s biggest single shareholder is Chinese diesel-engine maker Weichai Power with a 38.3% stake. Kion has been on a tear acquiring all sorts of companies in the logistics sphere: Egemin, Linde, Retrotech, and now Dematic.
- ThermoFisher Scientific acquired Affymetrix for $1.3 billion. Adding Affymetrix's products will help ThermoFisher expand its array of lab equipment and robots into biosciences and genetic analysis workflows.
- TDK Corporation acquired InvenSense, Inc. for $1.3 billion. InvenSense provides motion sensors and is known for its six- and nine-axis motion sensors, which are used in some advanced consumer products and applications. Recently it has added inertial, environmental, microphone, and ultrasonic sensors to its product line.
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FAQ
What is the Growth Rate of the Service Robotics Market?
Through the forecast period 2022-2029, it'll grow by way of a CAGR of 21.26%.
What Companies Are Included in the Service Robotics Market?
Some of the Companies are IRobot Corporation, RedZone Robotics, Yaskawa Electric Corporation, Honda Motors Co. Limited., SZ DJI Technology Co Limited, Ecovacs robotics, and Canny Escalator Co, Ltd couple of the marketplace players.