Service Robotics Market Slated to Evolve at a Robust CAGR of 16.6% through 2031
Westford, USA, May 13, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the service robotics market will attain a value of USD 78.72 billion by 2031, with a CAGR of 16.6% over the forecast period (2024-2031). The increasing adoption of automation and growing integration of advanced robotics with automation are projected to bolster the demand for service robotics in the future. Launch of new digital transformation initiatives and increasing acceptance of robots are also slated to favor market development in the long run.
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Browse in-depth TOC on “Service Robotics Market”
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Pages – 197
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Tables – 59
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Figures – 75
Service Robotics Market Overview:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$ 23.04 Billion |
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Estimated Value by 2031 |
$ 78.72 Billion |
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Growth Rate |
Poised to grow at a CAGR of 16.6% |
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Forecast Period |
2024–2031 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Type, Application, and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the world |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Integration of artificial intelligence and other advanced technologies with service robotics |
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Key Market Drivers |
Growing demand for automation in all walks of life |
High Deployment of Service Robots in Commercial Sector Allows Professional Robot Segment to Dominate Market
The rise in use of service robots across various industry verticals has increased rapidly and this is the key factor allowing the professional robot segment to hold sway over the global service robotics demand outlook. Increasing investments in the adoption of automation in different industry verticals and growing acceptance of service robots in professional settings are also helping this segment’s dominance.
Growing Availability of Affordable Personal Robots Allows Domestic Application Segment to Expand Rapidly
Robotics technology has come a long way and these advancements have led to the high availability of affordable robots for personal and domestic applications. Growing disposable income of people around the world and evolving consumer preferences are projected to fuel the demand for service robotics in domestic applications going forward.
High Use of Service Robotics in Commercial and Personal Applications Allows Europe to Dominate Market
European consumers and business owners have been quick to integrate and utilize robots in their lives, which has helped this region maintain a high market share. From logistics to smart homes, almost all industry verticals in Europe are utilizing robotics in some or the other form. Germany, France, and Italy are estimated to be the most rewarding markets for service robotics suppliers looking to make a mark in this region.
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Service Robotics Market Insights:
Drivers
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Growing availability of advanced service robots.
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Increasing adoption of automation in commercial as well as domestic applications.
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Rising labor costs and unavailability of skilled labor.
Restraints
Prominent Players in Service Robotics Market
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iRobot Corporation
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KUKA AG
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ABB Ltd.
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FANUC Corporation
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Yaskawa Electric Corporation
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Kawasaki Heavy Industries Ltd.
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Nachi-Fujikoshi Corporation
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DJI
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Intuitive Surgical Inc.
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SoftBank Robotics Group Corp.
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Key Questions Answered in Service Robotics Market Report
This report provides the following insights:
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Analysis of key drivers (rising labor costs, shortage of skilled labor, rising availability of advanced service robots, growing use of automation in commercial and domestic verticals), restraints (high costs of service robots, uncertain economic impact due to job displacement), and opportunities (integration of advanced technologies such as AI and ML, rising use of service robots in hospitality and healthcare sectors, emergence of collaborative robotics), influencing the growth of Service Robotics market.
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Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
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Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Service Robotics market.
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Market Development: Detailed analysis of potential regions where the market has potential to grow.
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Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
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Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
Related Reports:
Global Artificial Intelligence (AI) Robots Market
Global Warehouse Robotics Market
About Us:
SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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 have 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
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