Global Trends in Service Robotics Market Share Projected to Hit USD 225.56 Billion by 2032, With 21.6% CAGR: Polaris Market Research

NEW YORK, March 16, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Service Robotics Market Share, Size, Trends, Industry Analysis Report, By Type (Professional and Personal); By Component; By Environment; By End Use; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.

"According to research report, the global service robotics market size/share was valued at USD 32.11 Billion in 2022 and is expected to reach USD 225.56 Billion by 2032, growing at a CAGR of 21.6% during the forecast period."

What are Service Robotics? How Big is Service Robotics Market Size & Share?

• Report Overview

Service robots can perform human tasks and are designed to be autonomous. They are categorized into professional and personal robots. Professional service robots are used in commercial areas such as delivery, firefighting, rehabilitation, and surgery. These robots require accuracy, speed, and safety. Emerging components of professional robots include national security, agriculture, construction, and monitoring.

Personal service robots are used for domestic and entertainment purposes and have advanced features such as emotional sensors, artificial intelligence, and machine vision. The growth of the service robotics market was affected by the economic recession. Still, the pandemic increased demand for automation and social distancing, leading to an expansion in sales of service robots. The development of technology and the use of Big Data and Artificial Intelligence drive demand for service robots.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Key Market Factors Covered in The Report

• The study covers industry drivers, restraints, and opportunities.
• Offers a neutral perspective on market performance.
• Highlights recent industry trends and developments.
• Provides insight into the competitive landscape and strategies of key players.
• Identifies potential and niche segments and regions with promising growth.

Some of the Top Market Players Are:

• Intuitive Surgical Inc.
• Adept Technology Inc.
• Irobot Corporation
• Kuka AG
• Aethon Inc.
• Bluefin Robotics
• GeckoSystems Intl. Corp.
• Panasonic Corporation
• Yujin Robot Co. Ltd.
• Robert Bosch GmbH
• Parrot SA
• Kongsberg Maritime

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Key factors driving the market growth

• Robots are now trophies that signify development, and every nation wants them

Robot manufacturing costs have significantly reduced due to the rise of technology and increased production, with the average cost of a robot decreasing by half in real terms over the last 30 years. The relocation of robot production to low-cost locations, coupled with major manufacturing economies' rising labor costs, makes service robotics an attractive option, supporting Service robotics market expansion.

Service robots offer significant opportunities for developing nations in the industrial and domestic sectors. Although a need for trained personnel exists, adopting automation and robots has matured considerably, leading to increased worker safety and enhanced industry operations. As a result, the demand for service robots in the Asia Pacific region has grown due to the expanding medical technology industry and the use of service robots for domestic and private functions.

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Recent trends influencing the market

• Advanced and Futurist features influence professional and personal usage

Throughout the projected period, there is a growing demand for service robots due to the development of technology and the utilization of Big Data and Artificial Intelligence (AI) in their design.

During the pandemic, service robotics market sales increased due to a rising demand for automation and global social distancing practices. Post-pandemic, adopting robot-based operations and automation will continue to drive the need for these robots to promote integrated automation across various sectors.

Segmentation Assessment

• Professional segment accounted for the largest market share in 2022

The professional service robotics market segmentation holds the largest market share, driven by increasing demand for service robots in logistics, construction, military, and medical industries, as well as automation and mobility in the industrial sectors. The personal robot segment is also expected to grow significantly in the European, ASEAN, and American markets, with applications ranging from assistance and education to entertainment and home maintenance. However, operability and battery capacity remain key areas for improvement.

• In 2022, the market was dominated by the Hardware segment

The market was led by the hardware segment, which accounted for the largest share. This was due to the efficient utilization of various hardware equipment, including switches, relays, dimmers, sensors, cameras, storage devices, monitors, thermostats, valves, actuators, and pumps.

• In 2022, the defense segment held a significant service robotics market share

Service robots for defense and field robots used in agriculture, forestry, milling, and mining had significant market shares in the professional robotics industry. Medical robots were also widely used in rehabilitation and surgery, despite being costly. Service robots were also applied in other fields, such as construction, cleaning, inspection, and security.

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Service Robotics Market: Report Scope

Geographic Overview

• Asia Pacific's burgeoning industrial production and technological advancements are set to drive significant regional development

The Asia Pacific market is primarily driven by the influential economies of Japan, China, and India. Industrial automation is propelled by favorable government policies and economic diversification in emerging economies, increasing service robotics market demand for robots. Rising robot density is a significant factor in the market's expansion in the region.

China is expected to exhibit significant growth and the highest CAGR due to extensive investments in the industrial sector, making it the dominant player in the market. Despite having a sustainable production strategy and a significant manufacturing cluster, local manufacturers targeting domestic consumers have a relatively weak position in the service robotics market.

Browse the Detail Report "Service Robotics Market Share, Size, Trends, Industry Analysis Report, By Type (Professional and Personal); By Component; By Environment; By End Use; By Region; Segment Forecast, 2023 - 2032" with in-depth TOC:  https://www.polarismarketresearch.com/industry-analysis/service-robotics-market       

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Recent Development

• As a strategic investment to enhance its digital process automation capabilities, Ricoh acquired Axon Ivy AG in February 2022.
• Collaborating on the Smart Intelligence Robotic Project Cockpit (SIRPCO), KUKA AG and MHP worked together in November 2021.

Polaris Market Research has segmented the service robotics market report based on type, component, environment, end-use, and region:

By Type Outlook

• Professional
• Personal

By Component Outlook

• Hardware
• Software
• Services

By Environment Outlook

• Ground
• Aerial
• Marine

By End Use Outlook

• Healthcare
• Agriculture
• Construction
• Defense
• Logistics & Transportation
• Domestic
• Entertainment
• Others

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research