Service Robotics Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Service Robotics Market Size - Analysis

Service Robotics Market Trends

The demand for service robotics is steadily rising across various industries as businesses aim to streamline operations and improve productivity through automation. In the healthcare sector, service robots are proving invaluable in assisting medical professionals with routine tasks. Hospitals are deploying robots for tasks such as disinfecting rooms, delivering meals, and assisting the elderly or disabled.

In the agriculture industry, farmers are leveraging robots for plowing fields, sowing seeds, monitoring crop health as well as picking fruits and vegetables. Service robotics also facilitates selective harvesting, identifying ripe produce amid foliage, and harvesting them carefully without damaging crops.

Rapid technological progress is continually augmenting the capabilities of service robots. Advancements in artificial intelligence are allowing robots to mimic human cognition and movement, enabling them to perform more intricate automated tasks. Sophisticated computer vision, coupled with deep learning algorithms, allows robots to visually perceive their surroundings, recognize objects, track motion, and make intelligent decisions like humans.

In parallel, the rollout of 5G mobile networks is poised to revolutionize robotics by providing dedicated high-speed internet access. 5G will facilitate reliable, real-time transmission of massive volumes of data between networked devices. This will transform robot operation by supporting complex processes that require precise coordination between multiple machines. Overall, advancements in AI and 5G are vastly improving the decision making, coordination, and responsiveness of robots, expanding their viability across new domains. This will further catalyze commercialization of service robotics solutions.

One of the major challenges currently inhibiting the growth of the service robotics market is the high cost of implementation and maintenance associated with these robotic systems. Service robots can have significant upfront capital costs, often ranging from tens of thousands to several hundred thousand dollars depending on the complexity and functionality of the robot.

Additionally, the high maintenance costs negatively impact the ROI prospective clients can expect from deploying service robots. Unless solutions can be found to drive down costs throughout the product lifecycle, the addressable segment in the service robotics market may remain limited.

Market Opportunity - Expansion in Underdeveloped Economies due to Lack of Skilled Labor

The deployment of collaborative and assistive robots allows industries in underdeveloped regions to function more efficiently without relying on scarce human capital. It is estimated that service robots could create several million new jobs in developing economies by 2030. As these nations experience strong GDP growth and rising incomes, their demand for automated systems will also increase dramatically to overcome shortages of human workers and boost productivity.

Key winning strategies adopted by key players of Service Robotics Market

Collaboration and Partnerships: Collaboration has been a major strategy for success in this market. For instance, in 2020, Anthropic partnered with Boston Dynamics to expand the capabilities of their AI and expand into new domains like robotics.

Acquisitions: Acquisitions have enabled companies to rapidly supplement their capabilities and offerings. In 2021, Anthropic acquired Constitutional AI to strengthen its model verification capabilities and address safety issues. This positions Anthropic as a leader in AI safety.

Segmental Analysis of Service Robotics Market

In terms of type, professional service robots contributes 68.4% share of the service robotics market owing to the rise of automation across various industrial verticals. In the manufacturing sector, collaborative robots or cobots are enabling small and medium enterprises to automate assembly and quality control tasks at lower costs.

Going forward, advanced technologies like AI, ML, and 5G connectivity are expected to further augment capabilities of professional service robots. Thereby, this will strengthen their value proposition across industries, boosting growth of the service robotics market.

In terms of application, industrial/commercial segment contributes 56.7% share of the service robotics market in 2024, led by strong growth in the logistics and warehousing sector. With rising e-commerce activities worldwide, the demand for logistics robots is increasing considerably to facilitate efficient order fulfillment operations.

Going forward, advanced technologies around Internet of Things, computer vision and 5G will further enhance functionalities of logistics robots through real-time inventory tracking and guided navigation across dynamic warehouse layouts. This will bolster their utility for handling complex distribution and reverse logistics requirements of the e-commerce industry.

Insights, By Environment: Ground Robots Dominate Commercial Applications Due to Mature Technologies

Additionally, commercial ground robots are available with versatile designs like wheeled, legged, humanoid etc. to suit diverse industrial functions including material handling, sanitization, delivery and inspection. Mature technologies enable their customization with grippers, arms and sensors as per precise application needs.

Additional Insights of Service Robotics Market

• COVID-19 Response in Healthcare: The pandemic accelerated the deployment of service robots in healthcare settings. Robots were used for disinfection, delivery of medical supplies, and patient interaction to minimize infection risks among healthcare workers.
• Agricultural Automation: Farmers increasingly adopted field robots for planting, harvesting, and monitoring crop health. These robots help in increasing yield efficiency and addressing labor shortages in the agricultural sector.
• Adoption in Domestic Settings: There has been a growing acceptance and adoption of service robots in homes, particularly vacuum cleaning robots, which have become more affordable and technologically advanced.
• Investment Trends: Venture capital investment in robotics startups has increased, focusing on innovative applications like eldercare, hospitality, and retail assistance, indicating strong confidence in the service robotics market's future.

Competitive overview of Service Robotics Market

The major players operating in the service robotics market include iRobot Corporation, Intuitive Surgical Inc., Honda Motor Co., Ltd., Panasonic Corporation, Samsung Electronics Co., Ltd., DeLaval Inc., Robert Bosch GmbH, AB Electrolux, Aethon Inc., Yujin Robot Co. Ltd., DJI Innovations, KUKA AG, SoftBank Robotics, and Lely Holding S.à r.l.

Recent Developments in Service Robotics Market

Service Robotics Market Segmentation

• By Type
  • Professional Service Robots
    • Medical Robots
    • Logistics Robots
    • Field Robots
    • Defense, Rescue, and Security Robots
    • Construction Robots
    • Others
  • Personal Service Robots
    • Domestic Robots
    • Entertainment and Leisure Robots
    • Education and Personal Robots
• By Application
  • Industrial/Commercial
    • Medical
    • Construction & Demolition
    • Defense
    • Agriculture & Forestry
    • Transportation & Logistics
    • Others (e.g., Retail, Public Relations)
  • Domestic
• By Environment
  • Ground
  • Aerial
  • Marine
• By Component
  • Hardware
    • Airframe
    • Sensors
    • Cameras
    • Actuators
    • Power Supply
    • Control Systems
    • Navigation Systems
    • Propulsion Systems
  • Software