PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1610356
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1610356
The service robotics market is projected to grow from USD 47.10 billion in 2024 to reach USD 98.65 billion by 2029; it is expected to grow at a CAGR of 15.9% from 2024 to 2029.
Scope of the Report | |
---|---|
Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) |
Segments | By Component, Environment, Type, Application, and Region |
Regions covered | North America, Europe, APAC, RoW |
Growing emphasis on reducing hospital-acquired infections is one of the major drivers in the service robotics market. Hospital-acquired infections (HAIs) are widespread, particularly in acute care hospitals. Acute care hospitals need to disinfect patient rooms and beds regularly. The necessity to cut labor expenses and HAls has led to the development of disinfection robots. These robots efficiently lower HAls infection rates by using ultraviolet-C (UV-C) light and hydrogen peroxide mist dispersion. Hospitals and medical facilities around the world have been forced by the global pandemic to give social and hand hygiene top priority. The use of disinfection robots has increased dramatically due to the rising prevalence of HAls, which is currently between 5 and 10%, as well as the continued consequences of the epidemic. In the upcoming years, it is anticipated to keep increasing. Strict criteria have been set by numerous government facilities and hospital management teams to guarantee that all hospital surroundings are free of germs. Installing disinfection robots in hospital facilities has been a top priority in a number of emerging nations due to the growing threat of infectious illnesses and rising mortality rates.
Professional service robotics market held the largest market share in 2023
The market share of professional service robots was higher in 2023. Service robots are less common in household applications because of their expensive cost. For example, iRobot Corporation's (US) hoover cleaners range in price from USD 249 to USD 1,439 USD. Telepresence robots are available in the range of USD 185 to USD 32,000. PARO, a therapeutic robot, costs USD 3,800. The market for personal & domestic robots is expected to grow at a higher CAGR during the forecast period. This can be attributed to the availability of robots on a rental basis. For instance, Pepper, a humanoid manufactured by SoftBank, is available on a monthly subscription contract of USD 360 over 36 months. However, with a discount, the total cost of the robot is over USD 14,000.
The software component segment is estimated to grow at a higher rate during the forecast period
The service robotics market for the software component is estimated to grow at a higher rate during the forecast period, as the deployment of service robots is likely to become more application-specific. For instance, an AGV programmed to be deployed for swarm operation on a factory floor could also be programmed for food delivery. Delivery drones require real- time software for operations, considering environment variables such as weather. Most advancements in robotic vacuum cleaners have taken place in the software, with features including live floor mapping and remote activation through integration with voice assistants. Hence, the software market is likely to grow at a higher CAGR than hardware during the forecast period.
US is expected to have the largest market for service robotics market during the forecast period
The demand for service robots in the US currently holds the largest market share and is expected to grow rapidly due to the busy lifestyles and high disposable incomes of its citizens. According to the Organization for Economic Co-operation and Development (OECD), the United States has the highest average household net adjusted disposable income per capita among its 40 member countries. As a result, there is expected to be an increase in demand for expensive robots used in surgical procedures. Additionally, wages in the US are high and have been steadily increasing over the years. The U.S. Army is also quickly adopting robotics technology.
In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the service robotics market. Following is the breakup of the profiles of the primary participants for the report.
The report profiles key players in the service robotics market and analyzes their market shares. Players profiled in this report are iRobot Corporation (US), Softbank Robotics Group (Japan), Intuitive Surgical Operations, Inc. (US), Samsung Electronics Co., Ltd. (South Korea), JD.com, Inc. (China), DeLaval (Sweden), Daifuku Co., Ltd. (Japan), DJI (China), KONGSBERG (Norway), Northrop Grumman (US), Neato Robotics, Inc. (US), KUKA AG (Germany), LG Electronics (South Korea), Lely (Netherlands), 3DR, Inc. (US), Stryker (US), and Harvest CROO Robotics LLC (US), among others.
Research Coverage
The report defines, describes, and forecasts the service robotics market based on Component, Environment, Type, Application, and Region. It provides detailed information regarding drivers, restraints, opportunities, and challenges influencing its growth. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and actions carried out by the key players to grow in the market.
Reasons to Buy This Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall service robotics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
Analysis of key drivers (Mounting adoption of robots to achieve high returns on investment, rising deployment of Internet of Things to enable cost-effective predictive maintenance, growing emphasis on reducing hospital-acquired infections, increasing interest in robotics research, and rising insurance coverage for medical exoskeletons and robotic surgeries), restraints (Concerns regarding data privacy and regulations), opportunities (Increasing reliance on robots to assist handicapped and geriatric population, growing focus on improving endurance and capability of robots, and adoption of swarm intelligence technology to enable robots to perform complex tasks), and challenges (Technical issues of robots) influencing the growth of the service robotics market.