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  • Service Robotics Market Analysis | 2023-2029

    Service Robotics Market Analysis | 2023-2029

    Service Robotics Market Analysis | 2023-2029
    Report code - SR2451 Delivery - 2 Weeks
    Service Robotics Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opp See more...

    “The Service Robotics Market is expected to grow from USD 53.21 billion in 2022 to USD 199.33 billion by 2029 at a CAGR of 20.8% during the forecast period”.

     

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    Market Dynamics

    Introduction

    Service robotics refers to developing and deploying robots to assist humans in various settings, including healthcare, household chores, education, and entertainment. These robots are designed to provide physical or cognitive support, often to enhance quality of life or improve efficiency and productivity. Service robots are becoming increasingly sophisticated and can perform a wide range of tasks, from assisting with mobility and medication management to helping with cleaning and cooking.

    They may also be used in education and therapy settings to provide personalized support to individuals. Overall, service robotics has the potential to revolutionize many industries by improving the speed, accuracy, and safety of certain tasks, while also freeing up human workers to focus on more complex and creative work.

    Market Drivers

    Increasing use of IoT in robots in cost-effective predictive maintenance applications

    The integration of machines and systems to create streamlined processes is what the Internet of Things (IoT) represents. Predictive maintenance involves the anticipation of potential issues before they arise. With an IoT-centered approach, it becomes possible to store massive amounts of data and utilize multiple computers to run machine learning (ML) algorithms concurrently. These algorithms can identify potential hazards and determine when industrial equipment is likely to fail, which in turn aids in the predictive maintenance process.

    By collecting data from a variety of sensors in a robot, including those that measure heat and voltage, this information can be sent to the cloud for analysis using ML algorithms. These algorithms help uncover hidden correlations within datasets and identify any unusual patterns in the data. In the past, maintenance tasks were typically scheduled based on the equipment's age and the amount of time that had passed since the previous inspection. However, a recent study conducted by the ARC Group (based in the US) indicates that only 18% of equipment failures occur due to aging. The majority of failures (82%) occur randomly.

    Fortunately, the adoption of IoT technology in robots for predictive maintenance has led to a significant reduction in maintenance expenses and downtime. Companies such as iRobot (based in the US), Amazon Robotics (based in the US), and DJI (based in China) have integrated IoT into their service robots for predictive maintenance purposes, resulting in lower maintenance costs for their customers.

    Market Restraints

    Data privacy and regulations concerns

    As software services for robotics continue to gain popularity, concerns regarding data ownership and ethics have emerged. The data collected by ground robots may differ significantly from that captured by drones, leading to potential disputes over who owns the data. Moreover, the increasing use of domestic robots for a variety of purposes, including household chores, education, and entertainment, has resulted in the storage of individuals' private information in the cloud. This information can be accessed and potentially purchased by third-party entities, such as marketing and database agencies, which may infringe on individuals' privacy.

    For instance, Amazon (based in the US) and Google (based in the US) have incorporated voice activation and smart response features into robots like Lynx (a humanoid robot) and Roomba (a vacuum cleaner). The voices captured by these devices may be vulnerable to misuse and unauthorized access, which is a serious infringement of privacy. In addition to data ownership and privacy concerns, data security must also be given due consideration when it comes to robotics. Governments around the world must also address other ethical aspects related to robots, such as liability frameworks and the reuse of robot-collected data for research or studies.

    However, the lack of standardization in technologies used for robotics, such as AI and machine vision, poses a significant challenge to the integration of systems. Most equipment manufacturers use their in-house interface protocols for communication, which can complicate the process of integrating different systems. Businesses operating in sectors such as healthcare and military & defense are especially vulnerable to the consequences of a data breach. Therefore, regulations must be put in place to ensure data security without stifling the development of robotics-related technologies.

    Recent Developments

    • In December 2022, OMRON, a factory automation solution provider, opened its 1st Automation Center exclusively catering to the logistics industry in Singapore, South-East Asia, and Oceania.
    • In October 2022, Epson Robots launched a DC-powered six-axis robot arm for mobile manipulation.
    • In September 2022, Uber Technologies Inc. teamed up with start-up Nuro to trial food delivery using unmanned vehicles in several locations in the US, broadening its collaborations with companies specializing in creating autonomous machines.
    • In August 2022, Amazon and iRobot entered into a definitive merger agreement under which Amazon will acquire iRobot.
    • In July 2022, ABB joined Berkshire Grey’s Technology Alliance program to deliver AI-powered robotic solutions.
    • In July 2022, FANUC opened a new robotics and automation headquarters in Aguascalientes, Mexico.

    Segments Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Environment-Type Analysis

    Aerial, Ground, and Marine

    The market for aerial robots is to grow at the highest CAGR over the forecast period.

    Application-Type Analysis

    Domestic, Medical, Field, Defense, Rescue, Security, Entertainment, Education, Personal, Public Relations, Inspection and Maintenance, Logistics, Construction and Demolition, Marine, Research and Space Exploration

    The market for personal & domestic robot segments is to grow at a higher CAGR than that of professional robots over the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    Asia Pacific is expected to experience the highest growth rate during the forecast period.

     

    By Environment Type

    “The market for aerial robots is to grow at the highest CAGR over the forecast period”.

    This growth can be attributed to the increasing adoption of commercial drones for various applications such as surveying farm fields and monitoring traffic. Additionally, commercial drones typically command higher selling prices than consumer drones, contributing to the market's growth.

    Furthermore, the reduction in the cost of the unmanned aerial vehicle (UAV) manufacturing process and the development of solar cells as a power source for drones can help to reduce the cost of propulsion systems and further contribute to the market's growth rate.

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    By Application Type

    “The market for personal & domestic robot segments is to grow at a higher CAGR than that of professional robots over the forecast period”.

    The adoption of domestic robots, such as robotic floor vacuums and mops, is increasing at a rapid pace.

    One of the main drivers of this growth is the availability of robots for rental purposes. Cleaning robots, in particular, are widely used both in personal and professional capacities. SoftBank's humanoid robot, Pepper, is an example of a robot available for rental on a subscription contract of USD 360 per month for 36 months. With a discount, the total cost of the robot is approximately USD 14,000.

    Regional Analysis

    “Asia Pacific is expected to experience the highest growth rate during the forecast period”. 

    The service robotics market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). This growth can be attributed to the presence of major manufacturing countries in the region, such as South Korea, Singapore, Japan, and China. According to the International Federation of Robotics (IFR), these countries were ranked first, second, third, and fifth, respectively, in terms of service robot manufacturing in 2022.

    Moreover, the rise in disposable income due to increasing industrialization in developing countries such as India and the Philippines is expected to increase the demand for service robots. The oil and gas industry in the region has also experienced significant growth in recent years, leading to high demand for autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs). Furthermore, there is an increasing trend of automation and globalization in countries such as India, Australia, and China, which is further boosting the market in the Asia Pacific region.

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    Key Players

    The following are the key players in the Service Robotics Market (arranged alphabetically)

    • 3DR
    • AMP Robotics
    • Amazon Robotics
    • Cyberdyne
    • DJI
    • Daifuku
    • Delaval
    • Diligent
    • ECA Group
    • Exyn Technologies.
    • General Electric
    • Harvest Croo
    • Intuitive Surgical
    • iRobot
    • KUKA
    • Kongsberg Maritime
    • Lely
    • Neato Robotics
    • Northrop Grumman
    • Parrot Sa
    • Softbank Robotics Group
    • Starship Technologies
    • Stryker Corporation
    • UVD Robots (By Blue Ocean Robotics)
    • XAG

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    in-depth Analysis of the Service Robotics Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research:

    Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Service robotics refers to the development and deployment of robots to assist humans in various settings, including healthcare, household chores, education, and entertainment. These robots are designed to provide physical or cognitive support, often to enhance quality of life or improve efficiency and productivity.

    The service robotics market is expected to grow at a CAGR of 20.8% during 2023-2029.

    The service robotics market is likely to reach USD 199.33 billion in 2029.

    The Asia Pacific region is expected to experience the highest growth rate during the forecast period. This growth can be attributed to the presence of major manufacturing countries in the region, such as South Korea, Singapore, Japan, and China. According to the International Federation of Robotics (IFR), these countries were ranked first, second, third, and fifth, respectively, in terms of service robot manufacturing in 2022.

    The aerial drone market is expected to experience the highest CAGR during the forecast period. This growth can be attributed to the increasing adoption of commercial drones for various applications such as surveying farm fields and monitoring traffic.

    The major players operating in the service robotics market are Softbank Robotics Group, Intuitive Surgical, iRobot, Delaval, Daifuku, Cyberdyne, DJI, Neato Robotics, Kongsberg Maritime, Northrop Grumman, Lely, KUKA, 3DR, ECA Group, Stryker Corporation, Harvest Croo, Starship Technologies, Parrot Sa, General Electric, Diligent, Amazon Robotics, AMP Robotics, UVD Robots (By Blue Ocean Robotics), XAG, Exyn Technologies.

    The market is studied from 2017-2029.