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?
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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Key factors driving the market growth
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
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.
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.
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.
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
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.
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Polaris Market Research has segmented the service robotics market report based on type, component, environment, end-use, and region:
By Type Outlook
By Component Outlook
By Environment Outlook
By End Use Outlook
By Region Outlook
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