Service Robotics Market worth $98.65 billion by 2029 - Exclusive Report by MarketsandMarkets™

PR Newswire · 12/09/2024 15:15

DELRAY BEACH, Fla., Dec. 9, 2024 /PRNewswire/ -- The service robotics market is projected to grow from USD 47.10 billion in 2024 to reach USD 98.65 billion by 2029; it is expected to grow at a CAGR of 15.9% from 2024 to 2029 according to a new report by MarketsandMarkets. The growing usage of robots for new applications providing high returns on investment coupled with the rising use of loT in robots for cost-effective predictive maintenance is a few key factors driving the service robotics market. There is a surge in demand to reduce hospital-acquired infections regularly, which has fueled the demand for disinfection robots. Furthermore, funding for service robotics research has increased significantly in recent years, with governments making substantial investments. By 2028, Al researchers in G20 countries are expected to contribute around USD 11.5 trillion to intelligent technologies.

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Browse in-depth TOC on "Service Robotics Market

312 – Tables

56 – Figures

308 – Pages

Service Robotics Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 47.10 billion

Estimated Value by 2029

$ 98.65 billion

Growth Rate

Poised to grow at a CAGR of 15.9%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Component, Environment, Type, Application, and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Technical issues of robots

Key Market Opportunities

Growing focus on improving the endurance and capability of robots

Key Market Drivers

Mounting adoption of robots to achieve high returns on investment

The software segment for aerial service robots is expected to record the highest CAGR during the forecast period.

The software used in robots consists of a set of coded commands and a list of instructions that program them to perform specific tasks. Robotic software provides functionalities similar to an operating system, offering services such as hardware abstraction, low-level device control, common functionality implementations, inter-process communication, and package management. As robots become increasingly sophisticated, software becomes crucial for their control. The software segment for aerial service robots is projected to experience the highest CAGR during the forecast period, driven by various advancements. Numerous companies are developing software designed to map the 3D data collected by unmanned aerial vehicles (UAVs). This software is commonly used for the semi-automation of UAVs, helping to maintain stability, as take off and landing can be challenging for operators. Additionally, this feature is easy to program and cost-effective.

The hardware segment in by component segment is expected to account for a larger share of the service robotics market during the forecast period.

The hardware segment is anticipated to hold a larger share of the service robotics market during the forecast period, largely due to the emergence of innovative hardware designs. However, the sensors used in service robots can be quite expensive. Additionally, the batteries required for drones are often costly and must be replaced regularly, especially when the drones are used frequently for commercial purposes. This replacement contributes significantly to the overall operating costs of drones. Furthermore, new technologies such as exoskeletons and pool-cleaning robots remain relatively pricey for most urban households. Nonetheless, due to increased adoption and economies of scale, hardware costs are expected to decrease over time. As production processes become more efficient, the prices of hardware components are projected to decline, ultimately providing better cost benefits.

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China in Asia Pacific region is projected to hold the largest market share during the forecast period.

China holds the largest share of the service robotics industry in the Asia Pacific region and will continue the trend during the forecast period. The main factor driving this market in China is the aging population. The country is experiencing a rapid demographic shift, with individuals aged 65 and older projected to constitute 26% of the population by 2050. This aging trend is leading to a labor shortage, which, in turn, is pushing up wages. As a result, the demand for professional robots in various sectors—such as logistics, security, and cleaning—is expected to rise significantly. Additionally, the growing elderly population will likely increase the demand for domestic and assistive robots. Consequently, the demand for delivery robots is also anticipated to grow rapidly.

The report profiles key players in service robotics companies such as Intuitive Surgical Operations, Inc. (US), DJI (China), Daifuku Co., Ltd. (Japan), JD.com, Inc. (China), and iRobot Corporation (US).

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