Service Robotics Market worth $84.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 21, 2023 /PRNewswire/ -- The service robotics market is projected to grow from USD 41.5 billion in 2023 to reach USD 84.8 billion by 2028; it is expected to grow at a CAGR of 15.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The growing usage of robots for new applications providing high returns on investment coupled with rising use of IoT in robots for cost-effective predictive maintenance are few key factors driving the service robotics market. Furthermore, there is surge in demand to reduce hospital-acquired infections to regularly, which has fuelled the demand of disinfection robots.

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Hardware component of service robots is expected to have a larger share of the market compared to software component in 2023.

The hardware component is expected to dominate the service robotics market in 2023. A robotic hardware system comprises electrical, electronic, and mechanical components. Sensors used in service robots are costly. Besides, the batteries used in drones are often expensive and must be replaced on time when drones are flown frequently. Batteries often contribute to a major portion of the running costs of a drone, primarily when used for commercial applications. Likewise, new technologies, such as exoskeletons and pool-cleaning robots, are currently expensive for personal use for a majority of urban households. 

Market for professional service robots is projected to have larger market share compared to personal and domestic service robots in 2023.

The professional service robot segment is expected to hold a larger market share of service robotics market in 2023. Due to the high cost of service robots, their penetration in domestic applications is less. For instance, the cost of vacuum cleaners manufactured by iRobot (US) ranges from USD 249 to USD 1,439. Telepresence robots are available in the range of USD 185 to USD 32,000. PARO, a therapeutic robot, costs USD 3,800. The service robots used for professional applications include drones, automated guided vehicles (Gas), agricultural robots, inspection robots, humanoid robots, exoskeletons, construction robots, robotic kitchens, laundry robots, unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), inspection robots, telepresence robots, surgical robots, and cleaning robots.

Ground service robots is expected to dominate the market in 2023.

The ground service robots are expected to account for the largest market share in 2023. The personal & domestic ground robots are becoming more economical. Also, the world's aging population is increasing, which would, in turn, lead to an increase in the demand for elderly assistance robots and cleaning robots. Several governments are investing in R&D for improvements in elderly assistance robots to make the working population more focused.

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North America to hold the largest share of service robotics market during forecast period.

North America is expected to account for the largest share of the service robotics market during the forecast period.  This can be attributed to the growing adoption of service robots such as surgical robots, agricultural robots, and AGVs in the US. Besides, surgical robots are widely adopted. The US also has the largest farmland area compared to the rest of the countries in North America. Tightening regulatory changes have led to a shortage of laborers, often leading to many crops remaining unharvested. This has led to the significant adoption of agricultural robots in the US. Being highly industrialized, the US has a substantial demand for AGVs in warehouses.

Major players operating in the service robotics market include iRobot (US), SoftBank Robotics Group (Japan), Intuitive Surgical (US), JD.com, Inc. (China), Daifuku (Japan), Samsung Electronics Co., Ltd. (South Korea), DJI (China), Kongsberg Maritime (Norway), Northrop Grumman (US), and DeLaval (Sweden).  Apart from these, Exyn Technologies (US), XAG (China), AMP Robotics (US), UVD Robots (Denmark), Diligent (US), HARVEST CROO (US), Starship Technologies (US) are among a few emerging companies in the service robotics market.

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