Service Robotics Market size is estimated to surpass USD 500 Billion by the end of 2036, growing at a CAGR of 26% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of service robotics was over USD 43 Billion. The growth of the market is poised to be dominated by growing e-commerce activities owing to growing online shopping. Over the past few years, there has been an increase in the number of internet shoppers. The numbers for 2024 are over 69 million higher than those for the year prior, indicating an about 3% yearly growth. The e-commerce sector employs automation, including robots, in a variety of ways to improve client experiences, increase productivity, and streamline operations.
Furthermore, service robots are also typically used for personal/household. These domestic robots, is also sometimes referred to as companion robots or personal service robots. Domestic robots are been estimated to be found in both homes and workplaces at higher scale in coming years. They carry out a range of duties, including housekeeping, laundry, and caring disabled which is why they have huge demand fin household.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~26% |
|
Base Year Market Size (2023) |
~ USD 43 Billion |
|
Forecast Year Market Size (2036) |
~ USD 500 Billion |
|
Regional Scope |
|
Robots (Professional, Personal Household, Entertainment)
The professional segment in the service robotics market is poised to gather the largest revenue share of over 505 during the forecast period. Professional robots include those used in the field, in the defense and security sector, in the medical assisting robot (MAR) industry, as public assistants, in the electrical industry, and in construction. Professional robot demand is driven by the growing adoption of digital technology and automation solutions in various industries. For instance, over 90% of all businesses either already have a digital-first company strategy in place or intend to implement one. Hence, with this the deployment of profession service robotics is also projected to rise. Professional service robots, including all robotic automation, frequently pave the way for increased data collection and analysis for continuous operation optimization. Furthermore, professional service robots are estimated to acquire capabilities and become more economically viable options across various industries as research and development advances at a consistent rate. Therefore, this factor is also poised to boost the segment growth further encouraging the boost in market revenue.
Component (Robots, Peripherals)
The robots segment in the service robotics market is projected to capture the largest share in the revenue of about 60% during the forecast period. Robots are employed in many different contexts, particularly in situations where they can perform risky missions or ease the burden of laborious work. Furthermore, their utilization is also growing in agriculture sector. With the support of GNSS, SatEO, and Satcom technologies, agricultural robots are poised to be at the forefront of the third agricultural revolution. They will not replace farmers, rather increase their added value by maximizing yield and maximizing the use of available resources. Hence, every field is predicted to observe the rising need for robotics which might further increase the demand for market.
Our in-depth analysis of the global service robotics market includes the following segments:
|
Component |
|
|
Robots |
|
North American Market Forecasts
North America service robotics market is predicted to gather the highest share of 30% in the coming years. The major element to influence the market expansion in this region is rising aging population. Over the next three decades, the number of Americans aged 100 and over is expected to more than quadruple, from an estimated over 100,000 in 2024 to nearly 421,000 in 2054. Hence, the utilization of robots is also growing. The elderly may get emotional assistance as well as companionship from social robots, which are robotic equipment designed for their care. Intelligent sensors, cameras, and microphones installed in these robots enable them to recognize and react to human emotions, gestures, and expressions. Further. the capital income of population in this region is also high which further influence them to spend on adoption of robots hence boosting the market growth.
APAC Market Analysis
Asia Pacific service robotics market is also estimated to have notable growth during the forecast period. With a sizable customer base, the Asia Pacific region is experiencing some of the fastest growth in the globe. This is particularly evident in nations such China, Japan, South Korea, and India, where there is a growing need for service robots. Furthermore, due to China's status as a manufacturing hub with low labour, raw material, and manufacturing costs, suppliers therein think that they may manufacture electronic goods in large quantities while maintaining sizable profit margins from other parts of the region. Additionally, the industrial, medical, automotive, and other sectors are promoting the application of service robotics due to the growing need for better trading or delivery operations. Moreover, the adoption of robotics is also experiencing growth in healthcare sector in this region which is another major factor for the market growth.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?