Service Robotics Market Size, Share, Growth and Forecast 2032

Service Robotics Market Insights

Zion Market Research has published a report on the global Service Robotics Market, estimating its value at USD 40.86 Billion in 2023, with projections indicating that it will reach USD 148.07 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 15.38% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Service Robotics Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

Request Free Sample

Service Robotics Market: Overview   

A service robot may be a robot that performs useful tasks for humans or equipment without an industrial automation function. Service robots help humans by performing employment that's dull, distant, and repetitive, including household chores. there are two major sorts of service robotics like professional service robots and private service robots. Personal service robots are used for non-commercial jobs, for instance, domestic servant robots, pet exercising robots, personal mobility assists robots and automatic wheelchairs. A knowledgeable service robot is employed for a billboard task and operated by a well-trained operator for instance surgery robot in hospitals, a cleaning robot for public places, a fire-fighting robot, and a delivery robot in offices or hospitals.  

Service Robotics Market: Growth Factors

The growing demand for Service Robotics in various end-user industries including construction, personal care, industrial process, and consumer goods is expected to drive market growth. The high adoption of service robotics in personal and professional applications is a major factor in driving the growth of this market. Also, high demand in the defense sector of service robotics is fueling the market growth. However, the high price associated with the development of service robots is expected to hamper market growth shortly. Moreover, strong demand from healthcare and defense sectors across the globe is expected to open new growth opportunities for service robotics in upcoming years.

Service Robotics Market: Segment Analysis Preview

Based on the type, the service robotics market is divided into professional service robotics and personal robotics service. Professional service robotics accounted for the highest share in 2018 due to the accomplishment of various tasks with or without the direct intervention of humans and is expected to record the highest CAGR over the forecast period.

By application, service robotics market demand is mainly propelled by the healthcare and defense sector.

Service Robotics Market: Report Scope

Service Robotics Market: Regional Analysis Preview

North America held the highest market share due to a quick rise in product development capacities and industrialization. Furthermore, the rapidly growing automotive industry in North America is also expected to drive the demand for the overall industry. Due to emerging economies such as India, Japan, and China, Asia Pacific is estimated to show the fastest growth in the service robotics market.

Request Free Sample

Key Market Players & Competitive Landscape

The key participants in service robotics pace are

• Touch bionics Ltd
• iRobot Corporation
• Samsung Techwin Co. Ltd
• AB Electrolux
• Robert Bosch GmbH
• Mako Surgical Corporation
• Panasonic Corporation Intuitive surgical Inc
• Honda Motors Co. Ltd
• Dyson Ltd

The global Service Robotics market is segmented as follows:  

By Product

• Professional Service Robots
• Personal Service Robots

By Application 

• Healthcare
• Defense
• Agriculture
• Logistics
• Aerospace
• Research and development
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa