Service Robotics Market to grow at a CAGR of 22.75% from 2022 to 2027 | Increasing adoption of robotics in diverse application fields to boost the market growth- Technavio

NEW YORK, July 6, 2023 /PRNewswire/ -- The service robotics market is set to grow by USD 48,788.55 million from 2022 to 2027, progressing at a CAGR of 22.75% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The increasing adoption of robotics in diverse application fields is a key factor driving market growth. Robots are used in a variety of industries, including automotive, healthcare, agriculture, food and beverage, and robotic surgery. Robots are commonly used in production lines to help with tasks including automobile assembly, welding, and painting. Robots also improve the quality and precision of many operations while enhancing overall manufacturing efficiency. Furthermore, agricultural farmers are rapidly adopting GPS-guided tractors and harvesters since it helps them to manage their farms more efficiently, with energy, saving them time, and labor costs. - Here is an Exclusive report about Market scenarios with a historical period (2017-2021) and a forecast period (2023-2027). Download Sample Report in minutes!

The report on the service robotics market provides a holistic update, market size and forecast, trends, growth drivers, challenges, and vendor analysis. 

The service robotics market covers the following areas:

• Service Robotics Market Sizing
• Service Robotics Market Forecast
• Service Robotics Market Analysis

Service Robotics Market 2023-2027 - Market Dynamics

Major Trends

• Strategic collaborations, partnerships, and mergers and acquisitions (M&A) are the major trends shaping the market.
• To get a competitive edge over other market competitors, service robot manufacturers are making efforts to strengthen their relationships with distributors and robot system integrators through partnerships and collaborations.
• The focus is on providing integrators with tools, such as certain software, along with information and support.
• This can help them to help them serve customers in a better manner.
• For example, ABB supports its channel partners by providing them with training in the form of e-learning and webinars, backup support, sales, and technical support.
• Hence, these factors are expected to drive the market growth during the forecast period.

Significant Challenges

• The high costs associated with robotic systems may restrict the market growth.
• The cost of robots is expected to rise further due to the launch of several new and advanced models of service robotics.
• As a result, middle-class consumers, especially in India, countries from Africa, and other developing countries are expected to limit the adoption of these robots.
• The regulatory standards in the US and Europe are very strict, which is a major challenge for the vendors.
• In addition, these regulations will also affect the international vendors who offer their products outside their region.
• Hence, the increasingly high cost is expected to restrict the market growth during the forecast period.

Service Robotics Market 2023-2027: Market Segmentation

The service robotics market is segmented by application (professional robots and personal robots) and geography (APAC, North America, Europe, Middle East and Africa, and South America).

• The market share growth by the professional robots segment will be significant during the forecast period. A semi- or completely autonomous robot that is meant to carry out commercial duties, excluding manufacturing processes, is referred to as a professional service robot. Furthermore, the advancement in machine learning, artificial intelligence, adaptive computing, and vision systems are also driving the market. The use of robots for business purposes is growing as the Robots-as-a-Service (RaaS) ownership model emerges. The demand for professional service robots is expected to increase during the forecast period due to advancements in 5G telecom services and AI processors.

This report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters- View Sample Report

What's New? -

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Companies Mentioned

• AB Electrolux
• AMP Robotics Corp.
• Blue Ocean Robotics
• Cyberdyne Inc.
• Daifuku Co. Ltd.
• Diligent Robotics Inc.
• Exyn Technologies
• Guangzhou XAG Co. Ltd.
• Harvest CROO Robotics LLC
• Intuitive Surgical Inc.
• Irobot Corp.
• Kongsberg Gruppen ASA
• Samsung Electronics Co. Ltd.
• Singapore Technologies Engineering Ltd.
• SoftBank Group Corp.
• Starship Technologies Inc.
• SZ DJI Technology Co. Ltd.
• Tetra Laval S.A.
• YUJIN ROBOT Co. Ltd.
• Northrop Grumman Corp.

Vendor Offering

• AB Electrolux - The company offers service robotics such as robotic vacuum cleaners.
• Cyberdyne Inc. - The company offers service robotics such as next-gen cleaning robots.
• Diligent Robotics Inc. - The company offers service robotics such as Moxi for hospital assistance.

Gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Related Reports:
The industrial robotics services market is estimated to grow at a CAGR of 6.9% between 2022 and 2027. The size of the market is forecast to increase by USD 7,429.08 million. Furthermore, this report extensively covers market segmentation by application (material handling, welding, and soldering, assembly line, and others), end-user (healthcare and pharmaceuticals, automotive, food and beverages, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The surge in demand for industrial robots is a key factor driving the growth of the market during the forecast period.

The consumer robotics market is estimated to grow at a CAGR of 26.89% between 2022 and 2027. The size of the market is forecast to increase by USD 23,439.8 million. Furthermore, this report extensively covers market segmentation by application (domestic task, education, healthcare, and others), distribution channel (offline and online), and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The growing demand for robotic automation processes is a key factor driving the growth of the market during the forecast period.

Table of Contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Environment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global service robotics market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global service robotics market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Environment Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Environment Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Professional robots - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Professional robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Professional robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Professional robots - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Professional robots - Year-over-year growth 2022-2027 (%)

• 6.4 Personal robots - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Personal robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Personal robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Personal robots - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Personal robots - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application ($ million)

7 Market Segmentation by Environment

• 7.1 Market segments
• Exhibit 43: Chart on Environment - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Environment - Market share 2022-2027 (%)

• 7.2 Comparison by Environment 
• Exhibit 45: Chart on Comparison by Environment
• Exhibit 46: Data Table on Comparison by Environment

• 7.3 Ground - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Ground - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Ground - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Ground - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Ground - Year-over-year growth 2022-2027 (%)

• 7.4 Aerial - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Aerial - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Aerial - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Aerial - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Aerial - Year-over-year growth 2022-2027 (%)

• 7.5 Marine - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Marine - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Marine - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Marine - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Marine - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Environment 
• Exhibit 59: Market opportunity by Environment ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 61: Chart on Market share by geography 2022-2027 (%)
• Exhibit 62: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 63: Chart on Geographic comparison
• Exhibit 64: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 65: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 69: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 73: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 77: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 85: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 89: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 93: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 South Korea - Market size and forecast 2022-2027 
• Exhibit 101: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 105: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 106: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 107: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 108: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 109: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 110: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 111: Matrix on vendor position and classification

• 12.3 AB Electrolux
• Exhibit 112: AB Electrolux - Overview
• Exhibit 113: AB Electrolux - Business segments
• Exhibit 114: AB Electrolux - Key news
• Exhibit 115: AB Electrolux - Key offerings
• Exhibit 116: AB Electrolux - Segment focus

• 12.4 AMP Robotics Corp.
• Exhibit 117: AMP Robotics Corp. - Overview
• Exhibit 118: AMP Robotics Corp. - Product / Service
• Exhibit 119: AMP Robotics Corp. - Key offerings

• 12.5 Blue Ocean Robotics
• Exhibit 120: Blue Ocean Robotics - Overview
• Exhibit 121: Blue Ocean Robotics - Product / Service
• Exhibit 122: Blue Ocean Robotics - Key offerings

• 12.6 Cyberdyne Inc.
• Exhibit 123: Cyberdyne Inc. - Overview
• Exhibit 124: Cyberdyne Inc. - Product / Service
• Exhibit 125: Cyberdyne Inc. - Key offerings

• 12.7 Daifuku Co. Ltd.
• Exhibit 126: Daifuku Co. Ltd. - Overview
• Exhibit 127: Daifuku Co. Ltd. - Business segments
• Exhibit 128: Daifuku Co. Ltd. - Key news
• Exhibit 129: Daifuku Co. Ltd. - Key offerings
• Exhibit 130: Daifuku Co. Ltd. - Segment focus

• 12.8 Diligent Robotics Inc. 
• Exhibit 131: Diligent Robotics Inc. - Overview
• Exhibit 132: Diligent Robotics Inc. - Product / Service
• Exhibit 133: Diligent Robotics Inc. - Key offerings

• 12.9 Exyn Technologies
• Exhibit 134: Exyn Technologies - Overview
• Exhibit 135: Exyn Technologies - Product / Service
• Exhibit 136: Exyn Technologies - Key offerings

• 12.10 Intuitive Surgical Inc. 
• Exhibit 137: Intuitive Surgical Inc. - Overview
• Exhibit 138: Intuitive Surgical Inc. - Product / Service
• Exhibit 139: Intuitive Surgical Inc. - Key offerings

• 12.11 Irobot Corp.
• Exhibit 140: Irobot Corp. - Overview
• Exhibit 141: Irobot Corp. - Product / Service
• Exhibit 142: Irobot Corp. - Key offerings

• 12.12 Kongsberg Gruppen ASA 
• Exhibit 143: Kongsberg Gruppen ASA - Overview
• Exhibit 144: Kongsberg Gruppen ASA - Business segments
• Exhibit 145: Kongsberg Gruppen ASA - Key news
• Exhibit 146: Kongsberg Gruppen ASA - Key offerings
• Exhibit 147: Kongsberg Gruppen ASA - Segment focus

• 12.13 Northrop Grumman Corp. 
• Exhibit 148: Northrop Grumman Corp. - Overview
• Exhibit 149: Northrop Grumman Corp. - Business segments
• Exhibit 150: Northrop Grumman Corp. - Key news
• Exhibit 151: Northrop Grumman Corp. - Key offerings
• Exhibit 152: Northrop Grumman Corp. - Segment focus

• 12.14 Samsung Electronics Co. Ltd. 
• Exhibit 153: Samsung Electronics Co. Ltd. - Overview
• Exhibit 154: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 155: Samsung Electronics Co. Ltd. - Key news
• Exhibit 156: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 157: Samsung Electronics Co. Ltd. - Segment focus

• 12.15 Singapore Technologies Engineering Ltd. 
• Exhibit 158: Singapore Technologies Engineering Ltd. - Overview
• Exhibit 159: Singapore Technologies Engineering Ltd. - Business segments
• Exhibit 160: Singapore Technologies Engineering Ltd. - Key offerings
• Exhibit 161: Singapore Technologies Engineering Ltd. - Segment focus

• 12.16 Tetra Laval S.A.
• Exhibit 162: Tetra Laval S.A. - Overview
• Exhibit 163: Tetra Laval S.A. - Business segments
• Exhibit 164: Tetra Laval S.A. - Key offerings
• Exhibit 165: Tetra Laval S.A. - Segment focus

• 12.17 YUJIN ROBOT Co. Ltd.
• Exhibit 166: YUJIN ROBOT Co. Ltd. - Overview
• Exhibit 167: YUJIN ROBOT Co. Ltd. - Product / Service
• Exhibit 168: YUJIN ROBOT Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 169: Inclusions checklist
• Exhibit 170: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 171: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 172: Research methodology
• Exhibit 173: Validation techniques employed for market sizing
• Exhibit 174: Information sources

• 13.5 List of abbreviations
• Exhibit 175: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio