Service Robotics Market Size & Share, by Component (Robots, Peripherals); Robots (Professional, Personal Household, Entertainment) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5633
  • Published Date: Feb 12, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

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.


Service Robotics Market overview
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Service Robotics Market: Key Insights

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

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Services Robotics Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growing Construction Activities - Globally, there were projected to be 794,431 built-up areas (BUAs) in 2016. By 2022, this figure is predicted to reach to approximately 849,406 persons. Furthermore, it's projected that 2 million additional buildings will be constructed by 2050. Hence, with this the demand for service robotics is estimated to grow. Although construction robots are nevertheless in their early stages of development, a few key uses are beginning to take shape as the first commercially viable robots are entering the market. Bricklaying robots and the 3D printing of massive structures with a robotic arm and additive manufacturing processes constitute a couple of the emerging applications for construction robots. Furthermore, their popularity as an affordable automation solution is growing. Given the continued adoption of robotic automation in the construction industry, these robots have a huge potential market share.
  • Surge in Adoption of Affordable Robots  - Although there are many excellent solutions available, the biggest challenge facing the robotics industry is not building the robots themselves but rather finding a large enough market for them. Therefore, the demand for affordable robots is set to rise. Furthermore, in an attempt to maximize their profits, big businesses monopolies the ability to fix their own equipment, which is harmful for consumers. Considering the parts for inexpensive robotics are often built for anybody to work with, anyone can learn how to fix it with any restriction.
  • Rise in Government Initiatives for Robotics  - The primary driving force behind robotics' acceptance to this point has been economics, despite the fact that robotics is a transdisciplinary technology with the potential to disrupt and revolutionize a wide range of sectors and businesses. Robotics has the potential to drive significant societal transformation. Hence, to achieve this, government is planning various policies, and programmes in order to focus on priority sectors with significant socioeconomic impact. Additionally, testing and demonstration for robot’s verification have taken precedence in order to increase public confidence in the technology and guarantee its responsible and safe deployment by government in various nations.   

Challenges

  • Growing Concern for Cyber Security
  • Lack in Giving Appropriate Result
  • High Investment for the Maintenance of Robots - The substantial upfront costs associated with programming, integration, procurement, and various other accessories pose a significant obstacle to the expansion of the service robots sector. This makes it challenging for companies, particularly small and medium-sized ones, to obtain significant sums of money due to the low volume of manufacturing and low return on investment associated with these robots. The cost of ownership for service robots rises due to the need to replace sensors, software, and other devices, which slows down the rate of growth in the industry. As a result, the market growth for service robots has slowed down due to all of these concerns.   


Service Robotics Segmentation

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
  • Peripherals

          Robots

  • Professional
  • Personal Household
  • Entertainment

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Service Robotics Industry - Regional Synopsis

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.

Research Nester
Service Robotics Market size
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Top Featured Companies Dominating the Service Robotics Market

top-features-companies
    • iRobot Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Boston Dynamics
    • KUKA AG
    • Intuitive Surgical Operation, Inc.
    • Zebra Technologies Corporation
    • ABB
    • Stryker Corporation
    • GeckoSystems Intl. Corp.
    • Kongsberg Gruppen ASA
    • Parrot Drone SAS

In-the-news

In The News

  • November 18, 2021: Leading manufacturer of consumer robots, iRobot Corp., has revealed that it has purchased privately held Aeris Cleantec AG, a rapidly expanding supplier of high-end air purifiers with its headquarters located in Cham, Zug, Switzerland. The acquisition is in line with iRobot's mission to create the most intelligent robotics and intelligent home technologies possible.
  • June 21, 2021: After obtaining regulatory clearances and meeting other customary closing requirements, the Hyundai Motor Group (the Group), Boston Dynamics, Inc., and SoftBank Group Corp. (SoftBank) announced today that the Group has successfully acquired a controlling interest in Boston Dynamics from SoftBank.

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5633
  • Published Date: Feb 12, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are growing construction activities, surge in adoption of affordable robots, and rise in government initiatives for robotics.

The market size of service robotics is anticipated to attain a CAGR of 26% over the forecast period, i.e., 2024-2036.

The major players in the market are iRobot Corporation, Boston Dynamics, KUKA AG, Intuitive Surgical Operation, Inc., and others.

The robots segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North America region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Service Robotics Market Report Scope
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