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The service robotics market is estimated to grow at a CAGR of 22.75% between 2022 and 2027. The size of the market is forecast to increase by USD 48,788.55 million. The growth of the market depends on several factors, including the growing demand for robotic automation processes, the increasing adoption of robotics in diverse application fields, and the increasing use of IoT in robots for cost-effective predictive maintenance.
This report extensively covers market segmentation by application (professional robots and personal robots) and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing adoption of robotics in diverse application fields is notably driving the service robotics market growth, although factors such as the high cost associated with robotic systems may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
The increasing adoption of robotics in diverse application fields is notably driving the service robotics market growth. Robots are being employed in numerous fields today, including in the automotive, healthcare, agriculture, food and beverage industries and robotic surgery. The employment of robots has grown in recent years as technological developments have made it easier to design robots for specific jobs. Robotic automation has been used in a wide variety of sectors. It is projected that more and more sectors will use robotics to modify their business models during the forecast period. The automotive sector is the biggest end-user of robotics, accounting for more than 30% of overall industrial robot installations.
Robots are widely deployed in manufacturing lines to assist with operations such as vehicle assembly, welding, and painting. Robots also enhance the quality and precision of different processes while increasing the overall efficiency of the manufacturing process. Farmers in agriculture have already begun to employ GPS-guided tractors and harvesters because it allows them to manage their farms more effectively, saving them time, energy, and labor expenses. GPS-guided tractors improve farming capacity to suit consumer needs, from harvesting and planting to cutting emissions and boosting crop output. All these factors are driving the global service robotics market during the forecast period.
Strategic collaborations, partnerships, and mergers and acquisitions (M&A) are the primary trend driving the service robotics market growth. Service robot manufacturers are continuously making efforts toward improving their relationships through collaborations and partnerships with robot system integrators and distributors to attain a competitive advantage over other players in the market. Thus, there is an emphasis on providing integrators with tools such as certain software, along with information and support, to help them serve customers in a better manner.
Vendors also focus on mergers or acquisitions to get better visibility and recognition in the market through their promotion as certified/ authorized providers of products in marketing campaigns. For instance, ABB supports its channel partners with training in the form of e-learning and webinars, backup support, sales, and technical support, demos, and documentation. This will help the service robotics market to grow during the forecast period.
The high costs associated with robotic systems may impede the service robotics market growth. Several new and advanced models of service robotics are expected to be launched in the market during the forecast period. This is expected to increase the cost of robots further. Such an increase in the cost of robots is expected to hamper their adoption among middle-class consumers, especially in India, countries from Africa, and other developing countries. Therefore, the high cost of robotics stands as a major challenge for the growth of the global service robotics market.
Vendors of service robotic solutions are expected to follow certain standards and regulations regarding the use of safety-critical components, wireless technologies, and batteries in their product offerings. While regulatory standards in the US and Europe are clearly defined, countries in APAC are gradually coming up with their own standards that will make it challenging for international vendors to operate in the region since they will incur significantly high costs in modifying their manufacturing methods as per the newly defined, country-specific standards. This will hamper the market growth during the forecast period.
Our analysis of the Life Cycle of the market indicates a movement from the innovator’s stage to the laggard’s stage. The report illustrates the lifecycle of the market, focusing on the adoption rates of the major countries including the US, China, Japan, South Korea, and Germany. Technavio has included key purchase criteria, adoption rates, adoption lifecycles, and drivers of price sensitivity to help companies evaluate and develop growth strategies from 2022 to 2027.
Global Service Robotics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
YUJIN ROBOT Co. Ltd. - Through the unified segment, the company develops, manufactures, supplies, and distributes intelligence-type service robots. The company's key offerings include service robotics.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including :
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the professional robots segment will be significant during the forecast period. A professional service robot is a semi or fully autonomous robot designed to perform commercial tasks, excluding manufacturing operations. Professional assistance robots are going through a technological revolution. The industry is being pushed by significant advancements in robotic capabilities, which are being propelled by breakthroughs in machine learning, artificial intelligence, adaptive computing, and vision systems. The emergence of the Robots-as-a-Service (RaaS) ownership model increases the adoption of robots for professional use. With breakthroughs in 5G telecom services and AI processors, the demand for professional service robots is expected to grow over the forecast period.
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The professional robots segment showed a gradual increase in market share from USD 6,904.24 million in 2017 and continued to grow by 2021. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with their reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of service robotics by residential consumers, which is driven by an increase in the global demand for the service robotics industry.
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APAC is projected to contribute 40% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
With the ageing population worldwide, the demand for long-term care and government spending on it is likely to rise throughout the projection period. Long-term care providers encounter issues due to a dearth of experienced people, which is expected to boost the use of service robots in geriatric care. Due to the increased demand for service robots, several new companies are projected to enter the industry. Furthermore, service robotics is becoming more popular in the education sector in APAC. For example, Pepper and NAO, SoftBank Robotics' service robots, are used to teach at numerous preschools in Singapore. Such use of service robots in the education sector is projected to boost the growth of the service robotics market in APAC over the forecast period.
The COVID-19 pandemic positively impacted the growth of the service robotics market in APAC in 2020. To limit the spread of the disease, several governments and private hospitals in the region opted for service robotics to assist healthcare professionals. For instance, in the first half of 2020, a hospital in Chennai, India, used service robots to supply food and medicines to COVID-19 patients. Similarly, AIIMS Hospital in Delhi deployed service robots for floor sanitization, the thermal inspection of individuals, and for arranging video calls with doctors in case of an emergency. However, service robotics witnessed a slump in demand from several other end-user industries, as many industries were shut down during the COVID-19 pandemic.
Our report forecasts revenue growth at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Service Robotics Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2022 |
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Historical year |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.75% |
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Market growth 2023-2027 |
$48788.55 million |
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Market structure |
Fragmented |
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YoY growth (%) |
20.48 |
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Regional analysis |
APAC, Europe, North America, the Middle East and Africa, and South America |
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Performing market contribution |
APAC at 40% |
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Key consumer countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
AB Electrolux, AMP Robotics Corp., Blue Ocean Robotics, Cyberdyne Inc., Daifuku Co. Ltd., Diligent Robotics Inc., Exyn Technologies, Guangzhou XAG Co. Ltd., Harvest CROO Robotics LLC, Intuitive Surgical Inc., Irobot Corp., Kongsberg Gruppen ASA, Samsung Electronics Co. Ltd., Singapore Technologies Engineering Ltd., SoftBank Group Corp., Starship Technologies Inc., SZ DJI Technology Co. Ltd., Tetra Laval S.A., YUJIN ROBOT Co. Ltd., and Northrop Grumman Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Environment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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