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
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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.
Related Reports:
Robotics Market
Delivery Robots Market
Warehouse Robotics Market
Smart Robot Market
SCARA Robot Market
About Us:
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.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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