Global Service Robotics market size is anticipated to reach US$ 187.33 billion by 2030, at 36.15% CAGR Growth
10 Nov, 2023

Service Robotics Market will grow at a CAGR of 36.15% between 2022 and 2030, driven through the robotics industry, which has a quick-paced technological advancement converging into automation, artificial intelligence, engineering, and gadget studying.

In a report titled "Service Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2030," published recently by Renub Research, market share insights are included along with a thorough industry analysis. The report also includes research on regions, competitors, and the recent expansion of the Service Robotics Market.

Global Service Robotics market size will attain US$ 187.33 billion by 2030. The recognition of service robots is on the upward push because of their capability to offer high quality and enhance precision while decreasing human errors and operational cost. This increase is pushed by rapid technological advancements, such as artificial intelligence chips and the introduction of 5G telecommunications services. Professional service robots are predicted to gain the maximum from those developments, as they can provide high performance at the same time as ingesting less power. To maintain up with demand, prominent players inside the market are operating on growing greater innovative and comprehensive designs for various robot solutions. Qualcomm has already introduced the world's first 5G and artificial intelligence-based platform, which can be used for professional and business provider applications.

Service robotics is experiencing a surge in demand due to adopting the Internet of Robotic Things (IoT) for remote access and maintenance optimization. Technological advancements such as artificial intelligence and automation are anticipated to contribute to market increase. Moreover, the shortage of skilled people has caused the implementation of service robots throughout diverse industries, along with clinical & healthcare and inspection & maintenance, amongst others, therefore dynamic revenue. Furthermore, the getting old populace in worldwide locations like Japan and China is propelling the growth of the medical technology sector, ensuing in a massive market for service robotics.

The Japanese government reported in September 2022, the populace over 75 year people has surpassed 15% of the total population for the first time. This demographic shift has caused Japanese Companies to spend money on products geared closer to more senior peoples, which offers a substantial opportunity for service robotic provider. While service provider robots have traditionally been used for responsibilities which include vacuuming, older populace help, and entertainment, there's a growing interest in designing robots for diverse applications. Vendors at the moment are exploring the usage of service robots for tasks along with foods and drinks distribution in hotel and airport lounges, motel check-in and check-out services, or even bag handling, leader to elevated demand for service robots.

Report Details:

The Service Robotic Market has a dominant market share occupied with the aid of the Medical Robotics sector.

There is a projected growth within the use of medical service robots due to the growing numbers of people opting combined robotic solutions in diverse critical operations. High-tech checking labs within the medical sector also are anticipated to make widespread use of service robots. Incorporating robotics in healthcare services has delivered a tremendous change within the delivery of patient care. Medical robots play a substantial role in patient care, surgery, diagnostics, and the transportation of medical supplies. They can also assist patients with exercises, gait training, and therapeutic activities.

Progress in this domain involves the development of wearable robotic exoskeletons, tailored therapy plans derived from patient data, and incorporating gamification elements to improve patient involvement. These automated systems can execute minimally invasive surgeries through smaller incisions, lessening patient trauma and speeding up recovery. Engineered to navigate complex environments, they offer vital assistance in critical situations. Diagnostic robots, equipped with advanced sensors and imaging technologies, aid medical professionals in collecting patient data, including vital sign measurements, real-time image capture, and data analysis for diagnostic purposes.

Segments – Global Services Robotics Market has been covered from five viewpoints:

1. Transportation & Logistics
2. Professional Cleaning
3. Medical Robotics
4. Hospitality
5. Agriculture & Field

Germany has emerged as a significant player in the service robotics market.

Europe commands the highest market share in the global service robotics market due to the rising demand for personal and professional robots across several regional countries. Among European nations, Germany stands out with a notable preference for industrial and service robots, integrated assembly solutions, and machine vision systems. The country hosts a significant concentration of market players, and its manufacturing industries contribute to a robust demand for robotic solutions in the medical, defense, logistics, and retail sectors. Anticipated growth is also expected in the UK, France, and Italy, driven by an increasing adoption of robotic solutions in these countries.

China to have a dominant market share in the Asia Pacific Service Robotics Market.

The Asia Pacific region is experiencing rapid growth, driven by a substantial consumer base with an escalating demand for service robots, notably in countries like China, Japan, South Korea, and India. For instance, data from IFR indicates that in 2021, the sales of professional robots in Asia surged by approximately 30%. A key catalyst for the increasing adoption of service robotics in China is the robust research and development activities within the industrial robots sector. China is expected to dominate the regional service robot market significantly. The Chinese government has ambitious plans for the nation's robotics industry, designating it and AI and automation as a priority sector for high-end development. This strategic focus aims to propel the transformation and advancement of the manufacturing industry.

Country – This report covers the 16 CountriesService Robotics Market

1.    North America

1.1    United States
1.2    Canada
1.3    Mexico
1.4    Others

2    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    Others

3.    Asia Pacific

3.1    China
3.2    India
3.3    Japan
3.4    Republic Of Korea
3.5    Thailand
3.6    Others

4.    Rest of the World

Key Player 

Service robotics market global is home to corporations like KUKA, iRobot, Intuitive Surgical, Panasonic, Fanuc, ABB Ltd., and Stryker Corporation

Company Insights:

•    Overview
•    Recent Development
•    Sales Analysis

Company Analysis:

1.    KUKA
2.    iRobot Corporation
3.    Intuitive Surgical, Inc.
4.    Panasonic Corporation
5.    Fanuc
6.    ABB Ltd.
7.    Stryker Corporation

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