iBet uBet web content aggregator. Adding the entire web to your favor.

Revenue in the Service Robotics market is projected to reach US$36.20bn in 2024.
Commercial service robotics dominates the market with a projected market volume of US$20.58bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.23%, resulting in a market volume of US$61.62bn by 2029.
In global comparison, most revenue will be generated United States (US$8.68bn in 2024).

Definition:

The Service Robotics market presents the market size of robotics in service use cases, e.g., commercial service robots or consumer service robots. Service robots are intended for personal or professional use and are designed to assist humans in carrying out certain tasks.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure :

The Commercial Service Robotics and Consumer Service Robotics markets can be found within the Service Robotics market. The Commercial Robotics market is further split into a range of service industries that have the highest adoption of robots. This includes agriculture service robotics, logistics service robotics, medical service robotics, and all other service industries, which are all covered by the Other Industry Robotics market.

Additional information:

The market comprises revenues, volume, and the average price per new installed robot. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robot. It is shown in manufacturer prices. Software revenues are included as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Intuitive Surgical, ABB, and iRobot.

For more information on the data displayed, use the info button right next to the box.

Commercial Service Robotics
Consumer Service Robotics

robots used in industrial use cases

The service robotics market within the robotics market worldwide is experiencing minimal growth, with factors such as increasing adoption of digital technologies, rising health awareness, and convenience of online health services impacting this growth rate. These factors are driving demand for both commercial and consumer service robotics, making it a key market for future development and innovation.

Customer preferences: With the rise of automation and the need for contactless services, the Service robotics Market within the Robotics Market is experiencing a growing demand for robots in industries such as healthcare, hospitality, and retail. This trend is driven by the desire for increased efficiency, reduced human contact, and improved safety measures. Additionally, the aging population in many countries is creating a need for assistive robots to aid in daily tasks and provide companionship for the elderly.

Trends in the market: In the Service robotics Market within the Robotics Market, there is a growing trend towards collaborative robots, or cobots, that can work alongside humans in various industries. This trend is driven by the need for increased efficiency, safety, and flexibility in manufacturing and logistics. Additionally, there is a shift towards subscription-based models for service robotics, allowing businesses to access advanced technology without significant upfront costs. This trend is significant as it democratizes access to robotics technology and has potential implications for industry stakeholders, such as increased competition and the need for upskilling and reskilling of the workforce.

Local special circumstances: In Japan, the service robotics market is thriving due to the country's aging population and shortage of healthcare workers. This has led to the development of robotic solutions for elderly care, including exoskeletons for mobility assistance and social robots for companionship. Additionally, Japan's strict labor laws and cultural acceptance of technology have created a favorable environment for the adoption of service robots in various industries, such as hospitality and retail.

Underlying macroeconomic factors: The growth of the Service robotics Market within the Robotics Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in automation infrastructure. Countries with favorable business environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for automation. Additionally, the increasing need for cost-effective and efficient solutions in industries such as healthcare, manufacturing, and logistics is driving the demand for service robotics globally.

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.