Service Robotics Market to Surpass 66.83 Billion by 2030 Drives Due to Rising Advancements in Technology
SkyQuest projects that the service robotics market will attain a USD 66.83 billion value by 2030, with a CAGR of 16.6% over the forecast period (2023-2030). According to the International Federation of Robotics (IFR), the sales of professional service robots witnessed a remarkable growth rate of approximately 37% in 2021. This significant increase in sales indicates the growing acceptance and demand for service robots across industries.
Westford, USA, June 29, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the continuous advancement of technology has significantly contributed to the increasing appeal of service robotics. Innovations in cognition, interaction, and manipulation have revolutionized the capabilities of service robots, making them more versatile and effective in performing a wide range of tasks.
Browse in-depth TOC on the “Service Robotics Market.”
- Pages – 237
- Tables – 59
- Figures –75
Service robots, encompassing personal and professional applications, are experiencing a surge in popularity as technological advancements and the availability of more affordable options have significantly increased their adoption among consumers. Personal service robots, designed for household and entertainment purposes, are becoming increasingly common in homes, while professional service robots are finding applications in areas such as defence, security, and medical assistance.
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Prominent Players in Service Robotics Market
- iRobot Corporation
- KUKA AG
- ABB Ltd.
- FANUC Corporation
- Yaskawa Electric Corporation
- Kawasaki Heavy Industries Ltd.
- Nachi-Fujikoshi Corporation
- DJI
- Intuitive Surgical Inc.
- SoftBank Robotics Group Corp.
- Parrot SA
- Adept Technology Inc. (a subsidiary of OMRON Corporation)
- Hanson Robotics Limited
- Boston Dynamics
- Blue River Technology Inc. (a subsidiary of John Deere)
- ECA Group
- PAL Robotics
- Cyberdyne Inc.
- UBTECH Robotics
- Omron Adept Technologies, Inc.
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Professional Service Robot Segment is Expected to Grow the Market Due to Increased Demand for Service Robots
The professional service robot category is expected to capture a larger market share during the forecast period. This segment has witnessed significant expansion in recent years due to the increased demand for service robots across various sectors. The service robotics market has experienced robust development, driven by the growing adoption of robots in the logistics, defence, construction, and healthcare sectors.
The market in North America holds a significant market share in the service robotics industry, primarily due to the strong presence of prominent global manufacturers in the region. The North America presents a robust demand for their products while automation solution providers such as ABB Ltd., FANUC, KUKA AG, and Yaskawa have global companies.
Industrial and Commercial Segment is Expected to Dominate the Market Due to Rising Optimization of Manufacturing Processes
The industrial and commercial segment is poised to harden its position as the market leader and witness significant growth in the service robotics industry. This segment encompasses various subsectors, including agriculture and forestry, military, transportation and logistics, uncrewed vehicles, construction and demolition, medical, retail, and among others.
Regional markets in the Asia Pacific are experiencing rapid growth and are considered one of the fastest-growing regions globally. This growth is attributed to several factors, including a large consumer base and increasing demand for service robots. Countries such as China, Japan, South Korea, and India are particularly driving the market for service robots in the region.
A comprehensive analysis of the major players in the service robotics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Service Robotics Market
- In 2022, Avidbots, a Canadian robotics company, successfully raised USD 70 million in a Series C funding round. The company specializes in developing autonomous cleaning robots and is known for its flagship product, Neo 2. Neo 2 is a robotic floor cleaner designed for commercial environments like warehouses, airports, and shopping malls. The funding round’s success is a testament to the growing interest and investment in robotics technologies, mainly automated cleaning solutions.
- Recently, Jacky’s Business Solutions, a prominent B2B technology solutions provider unveiled the latest version of its personal assistance robot, Temi Robot (V3), at the Gitex event. This event served as a platform to launch the new robot in the Middle East market, and it was introduced with a Robot-as-a-service (RaaS) business model.
Key Questions Answered in Service Robotics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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