Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) — The service robotics market is poised for significant growth in the coming years, according to a recent report by Allied Market Research. The report states that the global service robotics industry was valued at $21.7 billion in 2020 and is projected to reach $153.7 billion by 2030, with a compound annual growth rate (CAGR) of 21.2% from 2021 to 2030.
The market growth is being driven by several factors, including the increasing adoption of service robotics across various sectors, substantial investments in research and development, and rising labor costs due to a shortage of skilled workers. However, challenges related to data privacy and regulations, initial investment requirements, and high maintenance costs are expected to hinder the market growth. Despite these challenges, there are new opportunities emerging in the form of demand from emerging economies.
In terms of types of service robotics, the professional service robotics segment currently holds the largest market share. This can be attributed to the growing demand for automation in commercial sectors and the healthcare, agriculture, and distribution industries. On the other hand, the personal service robotics segment is expected to experience the highest growth rate during the forecast period, driven by increased adoption for household chores, entertainment, and security purposes.
In terms of applications, the healthcare segment accounted for the largest share in 2020, as service robots are being utilized in operating rooms to assist healthcare professionals and enhance patient care. The construction segment is expected to exhibit the fastest growth rate from 2021 to 2030, thanks to the ability of service robots to handle construction materials and communicate with labor and other machines.
Regionally, Europe currently dominates the service robotics market, followed by North America. Europe’s market share can be attributed to the widespread use of service robots in delivery, security, inspection, and disinfection applications. However, the Asia-Pacific region is expected to witness the highest CAGR of 24.2% during the forecast period due to a surge in construction activities in countries like India and China, along with increased spending capacity on infrastructure.
As the market continues to grow, major players in the service robotics industry include Aethon, Inc., GeckoSystems Intl. Corp., Samsung Electronics Co., Ltd., iRobot Corporation, Intuitive Surgical, Inc., Honda Motor Co., Ltd., Panasonic Corporation, Robert Bosch GmbH, AB Electrolux, and Yujin Robot Co., Ltd. These companies are driving innovation and pushing the boundaries of service robotics technology.
Overall, the service robotics market is experiencing significant growth, with new opportunities emerging in various sectors. As technology evolves and the demand for automation increases, service robotics are set to play a crucial role in transforming industries and improving efficiency.
FAQ
Q: What is service robotics?
Service robotics refers to the use of robots or robotic systems to perform various tasks and provide services in different sectors, including healthcare, defense, logistics, construction, entertainment, and more.
Q: What factors are driving the growth of the service robotics market?
The growth of the service robotics market is driven by factors such as the increasing adoption of service robotics in various sectors, high investment in research and development activities, and rising labor costs due to a shortage of skilled workers.
Q: What are the challenges for the service robotics market?
The service robotics market faces challenges related to data privacy and regulations, initial investment requirements, and high maintenance costs. These factors may hinder the market’s growth to some extent.
Q: Which region dominates the service robotics market?
Currently, Europe dominates the service robotics market, followed by North America. However, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period due to increased construction activities and infrastructure spending capacity.
Q: Who are the major players in the service robotics industry?
Major players in the service robotics industry include Aethon, Inc., GeckoSystems Intl. Corp., Samsung Electronics Co., Ltd., iRobot Corporation, Intuitive Surgical, Inc., Honda Motor Co., Ltd., Panasonic Corporation, Robert Bosch GmbH, AB Electrolux, and Yujin Robot Co., Ltd. These companies are driving innovation and contributing to the market’s growth.