Service Robotics Market Size, Share, Growth Analysis, By Type, By Application, By Component(Hardware ), By Environment, By Region - Industry Forecast 2024-2031

Service Robotics Market size was valued at USD 26.42 billion in 2022 and is poised to grow from USD 30.69 billion in 2023 to USD 134.64 billion by 2031, growing at a CAGR of 16.60% during the forecast period (2024-2031).

The demand for service robots is driven by several key features, including their ability to provide precise and high-quality services, as well as their capacity to reduce human errors and operational costs. Additionally, advancements in technology have increased the visibility of service robots in everyday life, further fueling market growth. Various types of service robots, such as home and professional industrial robots, are experiencing a surge in popularity due to technological advancements that have made sophisticated robots more accessible. According to data from IFR, sales of professional service robots (PSRs) surged by approximately 37% in 2021, reflecting the increasing attractiveness of service robotics. Technological advancements in cognition, interaction, and manipulation have contributed to this appeal, along with developments in related industries such as tie, component suppliers, and integrators. For example, ABB's acquisition of Swiss start-up Sevensense in January 2024 represents a significant innovation in the service robotics field. Sevensense's AI-based 3D vision navigation system enhances ABB's autonomous mobile robots (AMRs) by improving speed, accuracy, and autonomy, particularly in complex environments like warehouses and hospitals. With the incorporation of Sevensense's visual SLAM technology, ABB's AMRs are better equipped to navigate intricate surroundings, addressing critical skill deficits. This strategic move aligns with ABB's commitment to pioneering AI solutions and underscores the transformative potential of sophisticated AI-driven robots in logistics and manufacturing industries amid the projected 20% Compound Annual Growth Rate (CAGR) of the global mobile robots market through 2026.

Top-down and bottom-up approaches were used to estimate and validate the size of the Service Robotics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Service Robotics Market Segmental Analysis

Service Robotics Market is segmented by component, environment, type, application, and region. Based on component, the market is segmented into Hardware (airframe, sensors, cameras, actuators, power supply, control systems, navigation systems, propulsion systems, and others), and software. Based on environment, the market is segmented into aerial, ground, and marine. Based on type, the market is segmented into professional, personal & domestic. Based on application, the market is segmented into Domestic, medical, field, defense, rescue, and security, entertainment, education, and personal, public relation, inspection and maintenance, logistics, construction and demolition, marine, and research and space exploration. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Service Robotics Market

Due to technological advancements and increased robot production, the cost of manufacturing robots has significantly decreased. Recent data indicates that over the past three decades, the price of robots has halved, especially when compared to labor costs. Moreover, the expanding utilization of robots, particularly in emerging economies, is driving production to more cost-effective markets, further contributing to reduced manufacturing expenses. Additionally, as labor costs continue to rise, particularly in established manufacturing nations, the cost-effectiveness of robots becomes more apparent, thereby enhancing the overall pricing model and benefiting the market. The advancement of robot capabilities owes much to technological progress, which, coupled with improved productivity and service quality, has propelled market growth.

Restraints in the Service Robotics Market

The initial setup, software acquisition, system integration, and associated equipment costs are significant barriers hindering the market growth of service robotics. According to the Robotic Industries Association, the annual maintenance cost for service robots ranges between approximately USD 250,000 and USD 10,000, further complicating their adoption by enterprises, particularly small and medium-sized enterprises (SMEs) in manufacturing. These businesses often struggle to secure the necessary capital to cover the high costs, given their minimal production volumes and comparatively lower returns on investment. Moreover, the expenses associated with software upgrades, sensor replacements, and other device enhancements contribute to the overall ownership costs of service robots, thereby impeding market growth. Consequently, due to these factors, the rate of market expansion for service robots has experienced stagnation.

Market Trends of the Service Robotics Market

Robots designed for professional applications encompass a wide range of industries, including field robotics, defense and security systems, medical assistance robots (MARs), public service robots, electrical and wiring industry robots, and construction robots. The increasing complexity within these sectors, driven by digital technologies and automation solutions, necessitates the utilization of professional-grade robots. For example, in the construction sector, service robots are employed to address challenges such as high labor costs, skill shortages, and frequent accidents, thereby ensuring more reliable building processes with minimal chances of human error. Advanced technologies like 3D printing and demolition robots play pivotal roles in facilitating the adoption of robots within the construction industry. The transportation, hospitality, medical, professional cleaning, and agricultural sectors are among the primary industries where professional robots are extensively implemented. In the transportation sector alone, nearly 121,000 units of professional service robots were sold in 2021, representing over one-third of all manufactured units, primarily utilized for cargo and goods transportation. Medical and healthcare robots are deployed in various roles such as diagnostic tools, surgical assistance, therapeutic aids, and rehabilitation support, with the demand for such robots significantly increasing due to the COVID-19 pandemic, as evidenced by a 23 percent rise in global sales of medical robots in 2021, totaling 14,823 units according to IFR data.