The Global Service Robotics Market for service robotics was valued at USD 16.35 billion in 2022 and is expected to grow to USD 62.35 billion by 2030, signifying a CAGR of 18.06% during the forecast period, from USD 19.08 billion in 2023.
Service robots are designed to assist humans by executing tasks beneficial to them. Primarily, they fall under two broad classifications: those intended for professional and personal uses. Depending on their application, they are bifurcated into domestic and industrial categories. The domestic category encompasses robots employed for personal applications and indoor activities. The escalating adoption of IoT-driven devices in homes, combined with the emergence of precise and cost-effective robots for home use, propels the growth in the domestic robot segment across regions. The industrial or commercial category pertains to devices operating within industrial settings, executing industry-specific tasks. The persistent push for industrial automation and efforts to curtail labor costs by minimizing human intervention in industrial processes are fueling this market's expansion.
Moreover, these robotic solutions are gaining traction in sectors like transportation & logistics, healthcare, defense, agriculture, retail, and construction & demolition.
IMPACT OF COVID-19
The global pandemic of COVID-19 posed considerable challenges, slowing down market growth due to economic setbacks in many leading nations. Yet, the rising appeal of automation combined with globally implemented social distancing norms provided some momentum to service robot sales during this period. Post the pandemic era, a surge in robot-centric operations and enhanced automation elevated the demand for industrial robots, promoting automated solutions across various sectors.
Technological evolution and the amalgamation of Artificial Intelligence (AI) and Big Data in robotic systems are set to drive the service robot demand in the coming years. Especially in the post-pandemic phase, technologically superior robots with durable construction are projected to see heightened demand, predominantly from the healthcare and hospitality industries.
Rapid technological advancements are broadening the horizons for service robots, enhancing their efficiency in executing multiple tasks within a shorter timeframe. These robots, being adopted across sectors like healthcare, defense, logistics, and agriculture, are significantly transforming operational procedures.
For instance, in the healthcare domain, service robots enable surgeons to undertake minimally invasive surgeries, acting as precise instruments for intricate procedures that might be challenging for human practitioners. A case in point is the robot-assisted surgical system introduced by Johnson & Johnson, a U.S.-based medical device firm, in 2020, designed for both laparoscopic and open surgeries.
Affordable Pricing of Service Robots Bolsters Market Expansion Advancements in technology coupled with the scaled production of robots have significantly reduced the cost associated with their manufacturing. In the span of three decades, robot production costs have been halved in real-world scenarios, and this decline becomes even more pronounced when juxtaposed against labor expenses. The surge in demand from developing economies forecasts a shift in robot production to regions with lower manufacturing costs. Rising labor expenses in comparison to robot costs in prominent manufacturing countries have further refined the economic appeal of robots, thereby supporting the market's growth. Enhanced robot capabilities resulting from technological progression, combined with heightened productivity and superior quality stemming from service robot usage, further propels market expansion.
Hefty Initial Expenditure Stifles Market Expansion The upfront capital required for the procurement, integration, programming, and accessorizing of service robots can be quite steep, serving as a market growth deterrent. The Robotic Industries Association points out that the annual maintenance cost for service robots ranges between USD 2,50,000 to USD 10,000. Such costs prove prohibitive for smaller businesses that struggle with securing substantial capital, given their limited production volumes and returns on investment. The ancillary expenses tied to software updates, sensor replacements, and other device expenditures add to the ownership costs of service robots, dampening the market's growth rate.
By Type Overview The market segregates into two primary segments: personal and professional.
The professional service robot segment claims a larger market share, with growth projections indicating a bullish trend, attributed to the escalating demand across various sectors like defense, medical, construction, and logistics. The burgeoning adoption of automation and mobility within industrial sectors also influences this segment's growth. Factors such as rising labor costs, substantial R&D investments, skilled labor shortages, and heightened awareness about service robots and industrial automation amplify this segment's trajectory.
Conversely, personal robots, primarily finding utility in residential contexts, are designed to aid, educate, and entertain users. Common applications span tasks like floor cleaning, lawn mowing, pool maintenance, vacuuming, and leisure activities. Though their current demand remains restricted due to operational and battery longevity concerns, they are poised for significant growth, especially in European, ASEAN, and American regions.
By Application Overview The market, when segmented by application, divides into domestic and industrial/commercial domains.
The industrial/commercial sector is forecasted to maintain its dominant stance and showcase significant growth. Subcategories within this segment encompass sectors such as agriculture & forestry, defense, transportation & logistics, medical, retail, unmanned vehicles, construction & demolition, and more.
Of these, transportation & logistics stands out due to its rapid adoption of automation for goods storage and transport. Service robots are particularly sought after in this sector to enhance supply chain operations across diverse industries. Meanwhile, medical robots are on an upward trend due to the growing inclination towards robotic integration for critical medical procedures and the introduction of technologically advanced testing labs. UAVs, predominantly utilized in agriculture and defense, accentuate their capacity to bolster soldier capabilities and agricultural efficiency.
Construction & demolition are also projected to witness steady growth, powered by the upswing in commercial and residential projects globally. Moreover, massive governmental investments in infrastructure revamping are set to drive this sub-segment.
Furthermore, favorable government regulations coupled with an emphasis on economic diversification in emerging countries have supercharged industrial automation, and consequently, the demand for service robots. The rising robot density in this region stands as a testament to the expected surge in the market within the forecasted timeline.
China is predicted to witness substantial growth, with forecasts pointing towards the nation leading in CAGR during the forecast period. The nation's prowess stems from hefty investments in manufacturing sectors. Notably, China's low manufacturing and labor costs have paved the way for mass production of electronic goods, generating significant profits. However, local manufacturers targeting the domestic audience find themselves in a compromised market position. For instance, the market share of local manufacturers dwindled from 31% in 2016 to 25% by the end of 2017. This is largely attributed to global giants increasing their localized production within China.
Europe trails Asia Pacific in terms of market share, driven by the surging demand for both personal and professional robots. Countries such as the U.K., Italy, France, and Germany are expected to exhibit robust growth, thereby propelling the adoption of service robots in the region.
North America, too, stakes a substantial claim in the market, owing to the robust presence of global manufacturing giants. While the top automation providers like ABB Ltd., FANUC, KUKA AG, and Yaskawa have their primary markets outside North America, the region's affinity for technological innovation draws these manufacturers to function more dynamically in North America.
In the Middle East & Africa, GCC countries dominate due to their adoption of automation and contemporary techniques, particularly in manufacturing and warehouse management. As we move forward, the healthcare and automotive sectors are projected to be key drivers of market growth.
Latin America, albeit at a gradual pace, is steering towards the service robots sector, thanks to moderate technological advancements. Brazil stands out as the region's frontrunner. The notable shift towards automated solutions by consumers in this region fuels its growth.
LEADING MARKET PARTICIPANTS
Prominent Players Prioritize Advanced Robotic Tech Integration A noticeable trend among major players is the drive to expand the horizons of interactive robots. For instance, TDK Corporation, in September 2019, employed ultra-compact Micro Electro Mechanical Systems (MEMS) microphones, utilizing sophisticated semiconductors to amplify the intelligence of interactive robots. The inclusion of acoustic sensors and Application Specific Integrated Circuit (ASICS) is ushering a new era in the service robots market.
LIST OF KEY COMPANIES PROFILED:
- 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.)
- Fetch Robotics, Inc. (U.S.)
SIGNIFICANT MARKET EVENTS:
- November 2022 - A leading designer and provider of logistics and warehouse robotic solutions, Smart Robotics Inc., unveiled a smart merchandise picking robot. This innovative collaborative robot (Cobot) is adept at managing light items, including office supplies like stationery.
- February 2022 – To amplify its capabilities in digital process automation, Ricoh strategically acquired Axon Ivy AG.
- November 2021 – Joining forces, KUKA AG and MHP initiated the Smart Intelligence Robotic Project Cockpit (SIRPCO).
- November 2021 - Broadening its product range to include air purification systems, iRobot Corporation secured Aeris Cleantec AG, an air purification enterprise.
- June 2021 - Marking a significant move in the robotics arena, HYUNDAI MOTOR GROUP secured an 80% stake in Boston Dynamics.
This in-depth study offers insights into the various aspects of the service robots market, segmenting it based on type, application, and geography. It delves into top service robot providers, presenting their business snapshots, product types, and primary applications. Moreover, the report paints a comprehensive picture of the competitive landscape, including a SWOT analysis, while touching upon prevailing market dynamics and trends. It also delineates key market motivators and constraints. The compiled research takes into account multiple elements contributing to the market's evolution in recent times.
IN-DEPTH REPORT FRAMEWORK & CATEGORIZATION
CAGR of 18.06% from 2023 to 2030
Value (USD Billion)
COMMONLY INQUIRED QUESTIONS:
- What was the valuation of the global service robotics market?
- What is the projected value of the global service robotics market in upcoming years?
- At what annual growth rate is the global market expected to expand during the predicted period?
- How significant is the market size for Asia Pacific?
- Can you identify the primary market trend?
- What major factor is propelling the market's growth?
- Which market segment is anticipated to dominate during the predicted period?
Which are the leading companies in this market?
1 Market Overview
1.2 Market Analysis by Type
1.2.1 Overview: Global Revenue by Type: 2022 Versus 2023 Versus 2029
1.3 Market Analysis by Application
1.3.1 Overview: Global Revenue by Application: 2022 Versus 2023 Versus 2029
1.4 Global Market Size & Forecast
1.4.1 Global Sales in Value (2017-2029))
1.4.2 Global Sales in Volume (2017-2029)
1.4.3 Global Price by Type (2017-2029) & (US$/Unit)
1.5 Global Production Capacity Analysis
1.5.1 Global Total Production Capacity (2017-2029)
1.5.2 Global Production Capacity by Geographic Region
1.6 Market Drivers, Restraints and Trends
1.6.1 Market Drivers
1.6.2 Market Restraints
1.6.3 Trends Analysis
2 Manufacturers Profiles
**This is for each company**
2.1.1 Company Details
2.1.2 Company Major Business
2.1.3 Company Product and Services
2.1.4 Company Sales, Price, Revenue, Gross Margin and Market Share (2019-2022)
3 Sales by Manufacturer
3.1 Global Sales in Volume by Manufacturer (2020-2022)
3.2 Global Revenue by Manufacturer (2020-2022)
3.3 Key Manufacturer Position in Market
3.4 Market Concentration Rate
3.4.1 Top 3 Manufacturer Market Share
3.4.2 Top 6 Manufacturer Market Share
3.5 Global Production Capacity by Company
3.6 Manufacturer by Geography: Head Office and Production Site
3.7 New Entrant and Capacity Expansion Plans
3.8 Mergers & Acquisitions
4 Market Analysis by Region
4.1 Global Market Size by Region
4.1.1 Global Sales in Volume by Region (2017-2029)
4.1.2 Global Revenue by Region (2017-2029)
4.2 North America Revenue (2017-2029)
4.3 Europe Revenue (2017-2029)
4.4 Asia-Pacific Revenue (2017-2029)
4.5 South America Revenue (2017-2029)
4.6 Middle East and Africa Revenue (2017-2029)
5 Market Segment by Type
5.1 Global Sales in Volume by Type (2017-2029)
5.2 Global Revenue by Type (2017-2029)
5.3 Global Price by Type (2017-2029)
6 Market Segment by Application
6.1 Global Sales in Volume by Application (2017-2029)
6.2 Global Revenue by Application (2017-2029)
6.3 Global Price by Application (2017-2029)
7 North America by Country, by Type, and by Application
7.1 North America Sales by Type (2017-2029)
7.2 North America Sales by Application (2017-2029)
7.3 North America Market Size by Country
7.3.1 North America Sales in Volume by Country (2017-2029)
7.3.2 North America Revenue by Country (2017-2029)
7.3.3 United States Market Size and Forecast (2017-2029)
7.3.4 Canada Market Size and Forecast (2017-2029)
7.3.5 Mexico Market Size and Forecast (2017-2029)
8 Europe by Country, by Type, and by Application
8.1 Europe Sales by Type (2017-2029)
8.2 Europe Sales by Application (2017-2029)
8.3 Europe Market Size by Country
8.3.1 Europe Sales in Volume by Country (2017-2029)
8.3.2 Europe Revenue by Country (2017-2029)
8.3.3 Germany Market Size and Forecast (2017-2029)
8.3.4 France Market Size and Forecast (2017-2029)
8.3.5 United Kingdom Market Size and Forecast (2017-2029)
8.3.6 Russia Market Size and Forecast (2017-2029)
8.3.7 Italy Market Size and Forecast (2017-2029)
9 Asia-Pacific by Country, by Type, and by Application
9.1 Asia-Pacific Sales by Type (2017-2029)
9.2 Asia-Pacific Sales by Application (2017-2029)
9.3 Asia-Pacific Market Size by Region
9.3.1 Asia-Pacific Sales in Volume by Region (2017-2029)
9.3.2 Asia-Pacific Revenue by Region (2017-2029)
9.3.3 China Market Size and Forecast (2017-2029)
9.3.4 Japan Market Size and Forecast (2017-2029)
9.3.5 Korea Market Size and Forecast (2017-2029)
9.3.6 India Market Size and Forecast (2017-2029)
9.3.7 Southeast Asia Market Size and Forecast (2017-2029)
9.3.8 Australia Market Size and Forecast (2017-2029)
10 South America by Country, by Type, and by Application
10.1 South America Sales by Type (2017-2029)
10.2 South America Sales by Application (2017-2029)
10.3 South America Market Size by Country
10.3.1 South America Sales in Volume by Country (2017-2029)
10.3.2 South America Revenue by Country (2017-2029)
10.3.3 Brazil Market Size and Forecast (2017-2029)
10.3.4 Argentina Market Size and Forecast (2017-2029)
11 Middle East & Africa by Country, by Type, and by Application
11.1 Middle East & Africa Sales by Type (2017-2029)
11.2 Middle East & Africa Sales by Application (2017-2029)
11.3 Middle East & Africa Market Size by Country
11.3.1 Middle East & Africa Sales in Volume by Country (2017-2029)
11.3.2 Middle East & Africa Revenue by Country (2017-2029)
11.3.3 Turkey Market Size and Forecast (2017-2029)
11.3.4 Egypt Market Size and Forecast (2017-2029)
11.3.5 Saudi Arabia Market Size and Forecast (2017-2029)
11.3.6 South Africa Market Size and Forecast (2017-2029)
12 Sales Channel, Distributors, Traders and Dealers
12.1 Sales Channel
12.1.1 Direct Marketing
12.1.2 Indirect Marketing
12.2 Typical Distributors
12.3 Typical Customers
13 Research Findings and Conclusion
14.2 Research Process and Data Source
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analysing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.