Global Service Robotics Market Report by Segments (Transportation & Logistics, Professional Cleaning, Medical Robotics, Hospitality, and Agriculture & Field), Countries and Company Analysis, 2024-2032

Driving Forces of Global Service Robotics Market-

Accessible Service Robots to Promote Market Expansion:

The cost of manufacturing robots has greatly decreased as a result of the quick development of technology and the increase in robot production. In real terms, the average cost of a robot has decreased by half over the last 30 years, and this decrease is considerably more pronounced when considering labor costs. Furthermore, it is projected that the manufacture of robots would move to low-cost locations, further reducing the manufacturing cost, due to the growing demand for robots from emerging nations.

Furthermore, in key manufacturing economies, increased labor costs relative to the cost of robots also contribute to increasingly appealing pricing dynamics, which support market expansion. Better productivity and quality attained via the usage of service robots, coupled with enhanced robot capabilities as a result of technological advancements, contributed to the market's expansion.

Increasing financial support for robotics research:

In recent years, there has been a notable surge in funding for research into service robotics due to various government programs. The National Artificial Intelligence Research and Development Strategy Plan estimates that G20 AI researchers will contribute around USD 11.5 trillion to intelligent technologies by 2028.

Many nations are making significant investments in robots, primarily through government spending. For instance, "the Key Special Program on Intelligent Robots in 2022" received USD 43.5 million in funding from the Chinese government. Under Japan's Moonshot Research and Development Program, robotics-related initiatives will get USD 440 million in funding over the course of five years, from 2020 to 2025.

Asia Pacific Service Robotics Market

Due to its enormous customer base, which is seeing a rise in demand for service robots, particularly in nations like China, Japan, South Korea, and India, among others, the Asia Pacific area is among the fastest expanding in the globe. For example, IFR reports that in 2021, professional robot sales increased by almost 30% in Asia.

Another important component in the growth of a regional robotics market is regional governments. India, for example, intends to invest in military robotics and is getting ready to send out advanced robotic warriors in the coming years. This is clear from the announcement made by the All-India Robotics Association (AIRA) in January 2022 on the start of domestic defense robot manufacturing.

Several of the region's other nations have also seen a similar pattern. For example, the Chinese government has big aspirations for the robotics sector in the nation. The robotics industry has been identified by the government as one of the key sectors for high-end development, along with automation and artificial intelligence (AI), in order to accelerate the transformation and advancement of the industrial industry. This drive is anticipated to increase the share of Chinese-made robots in the worldwide market.

Asian financial services firms are also trying to reduce expenses in order to retain profitability, increase dividends to shareholders, and have a new tool at their disposal that attracts clients—like service robots.

A number of large nations, like China, Japan, and others, are also seeing a notable increase in the elderly population. The National Bureau of Statistics of China (NBSC) and UN DESA estimate that by 2050, the proportion of the population that is 60 years of age or older would be around 38.81%. It is anticipated that these developments would fuel the nation's need for service robots.

Global Service Robotics Company Analysis:

Some leading Service Robotics companies are KUKA, iRobot Corporation, Intuitive Surgical Inc., Panasonic Corporation, Fanuc, ABB Ltd., Stryker Corporation.

Global Service Robotics Company News:

May 2024: In order to get into the personal mobility market, EveryBot, which was once focused on robotic mop cleaners, purchased AI robotics company Highcore. As a result, the goal of this strategic choice was to increase EveryBot's product portfolio and explore new growth markets. It is anticipated that integrating Highcore's technology will have several advantages. EveryBot anticipated a rise in the domestic and worldwide market for AI-driven electric wheelchairs among the disabled and other mobility-impaired populations. The company identified considerable synergies by merging EveryBot's skills in sales, marketing, and research & development with Highcore's technological competence.

January 2024: The American robotics integrator company Acieta was purchased by private equity fund Angeles Equity Partners from Mitsui & Co. of Japan. The investment's financial structures were not broken down. After Mid-State Engineering, R\BEX, and +Vantage were acquired, the company entered the robotics integration market for the fourth time, and Mid-State Engineering had already notified Angeles that it was interested in purchasing the company. Angeles stated that the Acieta arrangement improved its ability to tend to, weld, and palletize equipment for many industries, including agricultural and manufacturing, foundries and die, welding and fabrication, as well as construction and building items.

March 2023: Mako Total Knee 2.0 was introduced by Stryker during the AAOS 2023 Annual Meeting in Las Vegas. The goal of Mako Total Knee 2.0 is to provide surgeons with a fresh, improved user experience together with dependable results. The innovative digital tensioner in Mako Total Knee 2.0 allows surgeons to assess knee stability intraoperatively during a Total Knee Arthroplasty (TKA) without the need for additional instrumentation. Other notable features include a new, intuitive design and customizable workflow.

Key Questions Answered in This Report:

Question:    How big is the Service Robotics Industry?

Question:    What is the Service Robotics Industry growth rate?

Question:    Who are the key players in Service Robotics Industry?

Question:    What are the factors driving the Service Robotics Industry?

Question:    Which Region held the largest market share in the Service Robotics Industry?

Segments – Market & Volume has been covered from 5 viewpoints:

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

Countries – Market has been covered from 16 viewpoints:

•    America

o    United States
o    Canada
o    Mexico
o    Others

•    Europe

o    France
o    Germany
o    Italy
o    Spain
o    Others

•    Asia Pacific

o    China
o    India
o    Japan
o    Republic of Korea
o    Thailand
o    Others

•    Rest of the World

Company Insights:

•    Overview
•    Recent Development
•    Product Portfolio
•    Revenue

Key Players Analysis:

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

Report Details: