Service Robotics Market Size Worth USD 57.35 billion at a CAGR of 16.6% by 2029
Service Robotics Market To Reach USD 57.35 Billion by 2029; Ricoh Acquires Axon Ivy AG to Spur Growth
Pune, India, March 05, 2023 (GLOBE NEWSWIRE) —
The global service robotics market size was USD 16.95 billion in 2021. The market is expected to grow from USD 19.52 billion in 2022 to USD 57.35 billion by 2029, at a CAGR of 16.6 % during the 2022 to 2029 forecast period.This information is provided by Fortune Business Insights, in its report titled, “Service Robotics Market, 2022-2029.
Market Driving Factors:
Accessibility of Affordable Service Robots to Fuel Market Growth
The cost of creating robots has decreased dramatically as a result of the quick technological developments and increase in robot production. The average cost of a robot has decreased over the past 30 years by half in real terms and significantly more when compared to labor expenditures. Additionally, it is projected that production of robots would relocate to low-cost locations, further cutting manufacturing costs, due to the growing demand for robots from emerging nations. Rising labor costs in significant manufacturing economies also contribute to pricing dynamics that are getting more and more attractive, which supports the expansion of the service robots sector.
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COVID-19 Impact
High Demand for Medical Service Robots Due to COVID-19 Pandemic
As a result of the effects of the global economic crisis in so many nations, the service robotics market growth was significantly reduced. The two sustaining causes for the expansion in the sales of service robots during the pandemic, however, were the rising need for automation and the widespread adoption of better social segregation practices. Following the COVID-19 pandemic, the advent of robot-based operations and the growth of automation have increased the need for service robotics to improve automation integration across sectors.
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Segmentation Of Report:
Professional Robots Segment to Show Higher CAGR Backed by Rising Labor Costs
Based on type, the market is bifurcated into personal and professional.
Between these two types, the professional segment holds a greater share and is anticipated to grow rapidly over the forecast period majorly owing to the increasing demand for service robots across sectors such as defense, medical, construction, logistics, and others.
Industrial/Commercial Segment to Showcase Majority Share during Forecast Period
Based on application, the market for service robotics is segmented into domestic and industrial/commercial.
The industrial/commercial segment is anticipated to establish its dominance over the forecast period and is also expected to grow significantly.
The market report’s scope comprises five major regions, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method, which further assists us to offer trustworthy estimations and test the market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
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Competitive Landscape
Key Companies Launch Acquisitions to Support Market Growth
The market’s top players consistently choose effective tactics to increase the value of their brand and foster the expansion of the product on a worldwide scale. Buying competitor businesses and securing a profit for both organizations is one such effective technique.
Key Industry Development
February 2022: Ricoh purchased Axon Ivy AG as a part of its tactical investment with an aim to expand its digital process automation capabilities.
List of Key Players Covered in the Report
- Ricoh (Japan)
- Honda Motor Co., Ltd. (Japan)
- iRobot Corporation (U.S.)
- KUKA AG (Germany)
- Intuitive Surgical (U.S.)
- Daifuku Co., Ltd. (Japan)
- SoftBank Robotics Group Corp. (Japan)
- Aethon (U.S.)
- Boston Dynamics (U.S.)
- Lely (Netherland)
- Fetch Robotics, Inc. (U.S.)
- GreyOrange (U.S.)
- Geekplus Technology Co., Ltd. (China)
- Youibot Robotics Co., Ltd. (China)
- Sirius Robotics (Portugal)
Table of Content-
- Introduction
- Definition, By Segment
- Research Methdology Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints and Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Service Robotics Market Key Players Market Share Insights and Analysis, 2021
- Global Service Robotics Market Size Estimates and Forecast (Quantitative Data), By Segment, 2018-2029
- Key Findings
- By Type (USD)
- Professional
- Personal
- By Application (USD)
- Domestic
- Industrial/ Commercial
- Transportation & Logistics
- Medical
- Defense
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Retail
- Others (Public Relations, etc.)
- By Geography (USD)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Service Robotics Market Size Estimates and Forecast (Quantitative Data), By Segment, 2018-2029
- Key Findings
- By Type (USD)
- Professional
- Personal
- By Application (USD)
- Domestic
- Industrial/ Commercial
- Transportation & Logistics
- Medical
- Defense
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Retail
- Others (Public Relations, etc.)
- By Country (USD)
- U.S.
- Canada
- Europe Service Robotics Market Size Estimates and Forecast (Quantitative Data), By Segment, 2018-2029
- Key Findings
- By Type (USD)
- Professional
- Personal
- By Application (USD)
- Domestic
- Industrial/ Commercial
- Transportation & Logistics
- Medical
- Defense
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Retail
- Others (Public Relations, etc.)
- By Country (USD)
- Germany
- U.K.
- France
- Rest of Europe
- Asia Pacific Service Robotics Market Size Estimates and Forecast (Quantitative Data), By Segment, 2018-2029
- Key Findings
- By Type (USD)
- Professional
- Personal
- By Application (USD)
- Domestic
- Industrial/ Commercial
- Transportation & Logistics
- Medical
- Defense
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Retail
- Others (Public Relations, etc.)
- By Country (USD)
- China
- India
- Japan
- South East Asia
- Rest of Asia-Pacific
TOC Continued…
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