Service Robotics Market: Advancements in Robotics Set to Exceed USD 134.64 Billion by 2031| SkyQuest Technology
WESTFORD, Mass., June 28, 2024 /PRNewswire/ -- According to SkyQuest, the global 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).
Robotics technology used to assist humans in performing different activities or delivering services is known as service robotics. Rapid advancements in robotics technologies and the growing acceptance of robots in multiple industry verticals are also estimated to favor service robotics market growth across the forecast period and beyond. The global service robotics market is segmented into type, industry, enterprise size, deployment, and region.
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Service Robotics Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
$ 30.69 billion |
Estimated Value by 2031 |
$ 134.64 billion |
Growth Rate |
Poised to grow at a CAGR of 16.60% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Type, Application, Component and Environment |
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Availability of affordable service robots |
Key Market Drivers |
Expanding funding allocated for researching on robots |
Segments covered in Service Robotics Market are as follows:
- Type
- Professional, personal & domestic
- Application
- Domestic, medical, field, defense, rescue, and security, entertainment, education, personal and, public relation, inspection and maintenance, logistics, construction and demolition, marine, and research and space exploration
- Component
- Hardware (airframe, sensors, cameras, actuators, power supply, control systems, navigation systems, propulsion systems, and others), software
- Environment
- Aerial, ground, marine
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Professional Robots Hold Sway over Personal Robots
The adoption of robotics in the commercial and industrial sectors has increased rapidly in recent years and this trend is projected to bolster the sales of professional robots over the coming years. The high emphasis of organizations on improving operational efficiency and productivity whilst eliminating human errors is forecasted to help promote the demand for professional robots in the long run. From robots to help patient care to robots for welding, professional robots take over many industry verticals.
The increasing popularity and availability of personal robots coupled with the rising disposable income of the general population is slated to help this sub-segment expand at a notable pace. The increasing use of smart home automation and rising penetration of robotics in the residential space will also foster new demand for personal robots going forward.
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Industrial Applications Take Precedence in Terms of Revenue Generation for Service Robotics
The rising adoption of automation and the growing popularity of the Industry 4.0 trend is promoting the use of robotics in industrial settings. The high availability of advanced robotics and rising integration of robotics with advanced technologies such as artificial intelligence, machine learning, etc. will also help the industrial sub-segment maintain its dominance. A shortage of skilled workforce in the industrial and commercial sectors will also promote the demand for service robotics over the coming years.
Domestic application of service robotics will exhibit attractive growth at a high CAGR over the coming years. From education to cleaning, the possibilities for domestic use of service robotics are endless and this is why most established as well as new companies are projected to invest in this sub-segment particularly going forward. Assistive robots for various domestic chores are gaining massive popularity around the world owing to a rising preference for convenience, which in turn, is estimated to bolster service robotics market growth via this segment.
To conclude, service robotics providers need to focus their efforts and investments on industrial and commercial applications if they want the best returns on their investments. New service robotics companies can get into the market by investing in the development of personal robots for simple domestic applications as they do not require extensive R&D as professional robots do. The integration of novel technologies with robotics will also be a crucial trend for any company looking to invest in any segment of the global service robotics market.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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