The Service Robotics Market is predicted to reach USD192.29 billion by 2030, registering a CAGR of 20.8% from 2024 to 2030.
Service robots streamline and perform a variety of assistive tasks that are menial, time-consuming,distant, dangerous, or repetitive, to assist human beings. These robots are autonomous and operated bya built-in control system with manual override options wherein the control is taken from an automatedsystem and given to the user. Service robots help to manage time and enhance productivity by reducingthe workload of the staff and labors across various industries including healthcare, construction, andothers. They deliver precise and high-quality services that have improved their usability & dependability.These robots assist humans in various applications such as surgeries, construction, automation,domestic help, and others.
The rising demand for service robotics is attributable to the high adoption of the Internet of RoboticThings (IoRT) to access the robots remotely and optimize maintenance. Likewise, the ever-increasingtechnological advancements including artificial intelligence, automation, and others are likely to augment the market growth. Also, the scarcity of trained workers has influenced various industries includingmedical & healthcare and inspection & maintenance among others to adopt service robots. Thesefactors are expected to drive market sales.
Moreover, the incorporation of robots for companionship, handicap help, and aid for the growing geriatricpopulation, including Lovot, Miko, EMO, Misa, and others is further expected to boost the servicerobotics market growth. The high initial investment required for the integration, procurement, andprogramming along with the high maintenance cost of service robots are factors expected to restrain thegrowth of the market during the forecast period
The global service robotics market is segmented based on type, operating environment, component,application, and geography. Based on type, the market is classified into personal robots and professionalrobots. Based on operating environment, the market is segmented into aerial, marine, and ground. Onthe basis of component, the market is categorized into hardware and software. Based on application, themarket is divided into field, logistics, domestic, defense, healthcare, inspection and maintenance,construction, entertainment, education, and others. Geographical breakdown and analysis of each of theaforesaid classification include regions comprising North America, Europe, Asia-Pacific, and RoW.
Asia-Pacific dominated the global service robotics market in 2021 and is potently expected to remaindominant in the market throughout the forecast period. This is attributed to factors such as the presenceof leading manufacturing countries that include Japan, China, and South Korea.
North America is projected to exhibit substantial growth in the global service robotics market during theforecast period, due to the growing adoption of contactless deliveries in the U.S. as well as a suitableinvestment scenario for the research on assistive technologies.
Also, factors such as the accessibility of scientifically advanced service robots in the healthcare sector,especially to assist in operations and monitoring patients are expected to boost the market.
The service robotics market includes several market players, such as iRobot Corporation, IntuitiveSurgical, Inc., SoftBank Robotics Group., DeLaval, DJI, ABB Ltd., Northrop Grumman, Samsung,Daifuku Co., Ltd., and AB Electrolux among others. These market players are adopting various jointventure strategies across various regions to maintain their dominance in the global service roboticsmarket.
KEY BENEFITS
The service robotics market report provides a quantitative analysis of the current market andestimations through 2022-2030 that assist in identifying the prevailing market opportunities tocapitalize on.
The study comprises a deep dive analysis of the service robotics market trend including the currentand future trends for depicting the prevalent investment pockets in the market.
The information related to key drivers, restraints, and opportunities and their impact on the servicerobotics market is provided in the report.
The competitive analysis of the market players along with their market share in the service roboticsmarket
The SWOT analysis and Porter's Five Forces model are elaborated in the study.
Value chain analysis in the market study provides a clear picture of the stakeholders' roles.
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