Service Robotics Market Growth and Emerging Trends

The “Service Robotics Market Research Report Overview by 2024” market size is reached USD 16.35 billion by 2022 and it is projected to reach USD 62.35 billion by 2030 between the forecast period and expected Compound annual growth rate of 18.4% between the forcast period by (2022-2030).

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Service Robotics Market Share, Size & Industry Analysis, By Type (Professional and Personal) By Application (Domestic and Industrial/Commercial), and Regional Forecast Between, 2023-2030

Major Keyplayers of service robotics market:

Some of the key players operating in the global service robotics Industry are:

• Ricoh (Japan)
• Honda Motor Co., Ltd. (Japan)
• iRobot Corporation (U.S.)
• KUKA AG (Germany)
• Intuitive Surgical (U.S.)
• Daifuku Co., Ltd. (Japan)
• SoftBank Robotics Group Corp. (Japan)
• Aethon (U.S.)
• Boston Dynamics (U.S.)
• Fetch Robotics, Inc. (U.S.)

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Key industry developments of service robotics market:

• Smart Robotics Inc. which is a designer and provider of logistics and warehouse robotics solution developed and launched a smart merchandise picker robot. This collaborative robot (Cobot) can handle lightweight merchandize such as office stationery and office supplies.
• Ricoh acquired Axon Ivy AG as a part of its strategic investment with an objective to expand its digital process automation capabilities.
• KUKA AG and MHP collaborated to work on Smart Intelligence Robotic Project Cockpit (SIRPCO).
• Robot Corporation acquired Aeris Cleantec AG, an air purification company with an objective to diversify the product portfolio with air purification systems.
• HYUNDAI MOTOR GROUP acquired 80% stake in Boston Dynamics to strengthen its position in the field of robotics.

Drivers and restraints of service robotics market:

• Driver: Advancements in Artificial IntelligenceProgress in AI technology enhances the capabilities of service robots, enabling them to perform complex tasks, make autonomous decisions, and interact more effectively with humans.
• Driver: Growing Demand for AutomationThe increasing need for automation in various sectors, including healthcare, hospitality, and logistics, drives the adoption of service robots to improve efficiency and reduce operational costs.
• Driver: Aging PopulationThe rising elderly population creates a demand for service robots in healthcare and home assistance, providing support for daily activities and enhancing the quality of life for seniors.
• Restraint: High Initial CostsThe substantial initial investment required for purchasing and integrating advanced service robots can be a barrier for small and medium-sized enterprises and individual users.
• Restraint: Technological and Operational ChallengesService robots can face challenges related to technology integration, reliability, and user acceptance, which may affect their effectiveness and widespread adoption.

Regional Insights:

• North America (By Type, By Application, By Country)
  • U.S. (By Type)
  • Canada (By Type)
• Europe (By Type, By Application, By Country)
  • Germany (By Type)
  • U.K. (By Type)
  • France (By Type)
  • Rest of Europe (By Type)
• Asia Pacific (By Type, By Application, By Country)
  • China (By Type)
  • India (By Type)
  • Japan (By Type)
  • Southeast Asia (By Type)
  • Rest of Asia Pacific (By Type)
• Middle East & Africa (By Type, By Application, By Country)
  • GCC (By Type)
  •  South Africa (By Type)
  • Rest of the Middle East and Africa (By Type)
• Latin America (By Type, By Application, By Country)
  • Brazil (By Type)
  • Mexico (By Type)
  • Rest of South America (By Type)

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

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