Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) — The global service robotics market has been experiencing significant growth, with a value of USD 16.35 billion in 2022. According to a report by Fortune Business Insights, the market is expected to reach USD 62.35 billion by 2030, exhibiting a remarkable CAGR of 18.4% over the estimated period.
Service robots play a crucial role in assisting people by performing various tasks on their behalf. These robots are widely used for both personal and professional purposes, contributing to their growing popularity. With the increasing focus on automation and the need to reduce labor costs, industries are embracing service robotics to streamline operations and enhance efficiency. Notably, efforts to introduce automation in industrial facilities are driving the expansion of the service robotics market.
The COVID-19 pandemic has also had a significant impact on the market. Despite the economic downturn caused by the pandemic, there has been an increased demand for medical robots. This is due to the need for automation and the adoption of social distancing practices worldwide. The development of automation post-pandemic has further fueled the demand for service robots in various industries.
1. What are service robots?
Service robots are devices designed to assist people by performing various tasks on their behalf. They are used for both personal and professional purposes.
2. What is driving the growth of the service robotics market?
The market is primarily driven by efforts to introduce automation in industrial facilities and reduce labor costs through minimized human interaction.
3. How has the COVID-19 pandemic impacted the market?
The pandemic has led to an increased demand for medical robots and a greater focus on automation to ensure social distancing and improve efficiency in various industries.
4. Which region dominates the service robotics market?
Asia Pacific is predicted to experience significant growth in the service robotics market due to technological advancements and rising levels of automation in industrial manufacturing. Influential economies such as South Korea, Japan, China, and India are driving the market in this region.
5. Who are the key players in the service robotics industry?
Some of the key players in the industry include Ricoh, Honda Motor Co., Ltd., iRobot Corporation, KUKA AG, Intuitive Surgical, Daifuku Co., Ltd., SoftBank Robotics Group Corp., Aethon, Boston Dynamics, and Fetch Robotics, Inc.