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Service Robotics Market Size

Report ID: GMI130
Published Date: Sep 2023
Report Format: PDF

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Service Robotics Market Size

Service Robotics Market size was valued at USD 42.8 billion in 2022 and is anticipated to grow at a CAGR of over 25% between 2023 and 2032. The rapid investment in robotics has fueled the demand for service robotics. The increased demand for a better & efficient product delivery service has further increased with the advent of online shopping along with customer inclination toward buying products through an online source.

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Retailers are exploring the use of robots to enhance the shopping experience. These robots can help customers find products, provide information, and even handle transactions. By incorporating robotics, retailers aim to create unique & engaging in-store experiences. Industries, such as manufacturing, energy, and infrastructure, are adopting service robots for maintenance & inspection tasks in challenging environments. Robots equipped with sensors & cameras can perform inspections of equipment, pipelines, and structures in hazardous or hard-to-reach locations.

Service Robotics Market Report Attributes
Report Attribute	Details
Base Year:	2022
Service Robotics Market Size in 2022:	USD 42.8 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	25%
2032 Value Projection:	USD 425 Billion
Historical Data for:	2018 to 2022
No. of Pages:	250
Tables, Charts & Figures:	369
Segments covered:	Component, Robots, and Region
Growth Drivers:	Increasing government initiatives and investments Increasing demand for autonomous last-mile delivery Huge growth in the E-commerce & online food industry Growth in the hospitality and healthcare industries Growing adoption of collaborative robots (cobots)
Pitfalls & Challenges:	High initial investments limiting the entry of new players Lack of a skilled workforce

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Service robotics is a specialized field of robotics that focuses on designing, developing, and deploying autonomous or semi-autonomous robots to perform tasks and provide various services to humans. These robots are designed to assist and enhance human activities in diverse industries including healthcare, hospitality, logistics, and agriculture.

The shortage of qualified personnel will pose challenges for industries seeking to adopt robotic solutions. Companies may need to invest in training or compete to attract skilled technicians, thereby adding to the operational cost and leading to potential delays in reaping the benefits of automation. The integration of service robots into the existing production workflows can be a complex process. Skilled & expert professionals are required to ensure that robots work seamlessly with other machinery along with coordinating tasks and following the desired sequence. Experienced technicians, who can navigate intricate programming languages & interfaces, are needed to program robots to perform specific tasks effectively & safely.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Market size for service robotics was USD 42.8 billion in 2022 and will register over 25% CAGR from 2023-2032 due to the increasing need for better & efficient product delivery services worldwide.

Service robotics industry from the medical professional robots segment recorded more than USD 10 billion in 2022 and will witness significant growth from 2023-2032 on account of their widespread application in patient care, surgery, diagnostics, and the transportation of medical supplies.

North America recorded over 34% share of the service robotics industry in 2022 and is expected to incur appreciable growth from 2023-2032 owing to the presence of robust ecosystem of research institutions & tech companies focusing on robotics development in the region.

ABB Ltd., Aethon, Daifuku, DeLaval International AB, DJI, ECA Group, HONDA MOTOR CO., LTD., Intuitive Surgical, iRobot Corporation Inc., Kongsberg Maritime, KUKA AG, Lely, and Neato Robotics Inc. are some of the major service robotics companies worldwide.