Service Robotics Market will grow at highest pace owing to demand for cleaning and maintenance robots in warehouses and factories
Service robots are autonomous robots that are utilized to execute useful tasks like lawn mowing, floor cleaning, elder assistance, etc. for domestic, medical, defense, rescue and security purposes without human intervention. Service robots offer various benefits such as improved productivity, enhanced accuracy and quality, reduced labor cost, and improved workplace safety. The increasing demand for automation across various industries to optimize costs and enhance operational efficiency is a major factor fueling the adoption of service robots. Additionally, rapid technological advancements in artificial intelligence, machine learning and sensor technologies are enabling the development of more advanced service robots with enhanced capabilities.
The service robotics market is estimated to be valued at USD 54.51 Bn in 2024 and is expected to reach USD 145.85 Bn by 2031, growing at a compound annual growth rate (CAGR) of 15.1% from 2024 to 2031.
Key Takeaways
Key players operating in the service robotics market are iRobot Corporation, Intuitive Surgical, DeLaval, Daifuku, KUKA, Geckosystems, Honda Motor, Aethon, Bluefin Robotics and Northrop Grumman Corporation.
Growing labor cost and shortage of workforce across industries has increased the Service Robotics Market Demand for service robots for tasks like cleaning, delivery and inspecting equipment. Industrial robots reduce chances of human errors and ensure workplace safety.
Rapid advancements in artificial intelligence, machine learning and sensor technologies have enabled development of more intelligent service robots with advanced navigation, decision making and interactive capabilities. Collaborative robots or cobots are safer to work with humans and expanding applications of service robots.
Market Trends
Personal and domestic service robots: Growing applications of service robots for elderly assistance, companion robots for children, vacuuming and lawn mowing robots are expected to drive the demand. Home robots allow users to carry out household chores easily.
Collaborative robots: Cobots or collaborative robots are safer to work around humans and can perform jobs collaboratively with staff as productive assistants. Their usage is growing in warehouses, factories and hospitals to assist in material handling, assembly and loading/unloading.
Cloud robotics: cloud based technologies enable robots to share computational resources, synchronize data and collaborate remotely via wireless connectivity. It improves robot efficiency, connectivity and upgrades capabilities with over-the-air software updates.
Market Opportunities
Defense and security: Increasing adoption of drones and robots for border patrolling, bomb detection, weapon logistics, demining and search & rescue operations offers lucrative opportunities.
Medical applications: Rising need for assisted rehabilitation devices, telepresence surgical robots, lab automation and hospital cleaning robots is anticipated to drive the medical service robotics market.
Impact of COVID-19 on Service Robotics Market Growth
The COVID-19 pandemic has significantly impacted the service robotics market. During the pre-COVID times, the market was growing at a healthy pace driven by increasing adoption across various industries like healthcare, defense, logistics and warehouse. However, the outbreak posed several challenges initially causing disruptions in manufacturing and supply chain activities globally. With enforcement of lockdowns and travel restrictions, deployment of service robots saw a temporary decline in 2020.
As the pandemic intensified, the demand for service robots grew rapidly to support activities that were affected. In the healthcare sector, disinfection and delivery robots were extensively used for reducing exposure risks. Contactless delivery robots helped minimize human interactions while delivering supplies, meals and medicines. In warehouses and logistics, autonomous mobile robots took over loading, unloading and packaging tasks from human workers. Service robots assisted in maintaining social distancing guidelines and improving operational efficiencies. With growing needs of automation, investments into research and development of new service robot solutions increased substantially during the pandemic.
Moving ahead, it is expected that the post-COVID scenario will accelerate the integration of service robots across all application areas. Increased focus on hygiene, flexibility and productivity will drive organizations to adopt robotics at a much larger scale. Advancements in AI, 5G, edge computing and affordable hardware will make service robots suitable for varied use cases. Though the initial disruption slowed growth slightly, COVID-19 has positively impacted the acceptance and deployment of service robots worldwide in the long run.
Regions where Service Robotics Market is concentrated in terms of value:
The service robotics market in North America region currently leads in terms of value, accounting for over 35% of the global market revenue. This is mainly attributed to strong focus on research & development activities by major players in countries like the US and Canada. Significant investments by both government and private organizations have helped advance technologies and foster innovations in robotics engineering. Moreover, early adoption across key application industries such as healthcare, defense and logistics have propelled the regional market. With presence of modern infrastructure and skilled workforce, North America offers conducive environment for large scale testing and deployment of diverse service robots.
Fastest growing region for Service Robotics Market:
The Asia Pacific region is expected to witness the fastest growth in the service robotics market over the coming years. This trend is driven by rapidly growing economies like China, India, Japan and South Korea that are aggressively investing in robotics technologies. Large population, increasing labor costs and focus on factory & process automation are some of the major factors propelling the demand. Countries like China have already established themselves as global manufacturing hubs which is positively impacting the service robotics suppliers. Furthermore, initiatives by governments to support SMEsthrough funding and development programs will boost the regional market. Rising demand from consumer applications coupled with availability of affordable hardware will further accelerate the APAC market growth.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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