Global Service Robotics Market to Witness Robust Growth in Coming Years – Projected to Reach worth USD 158 Billion in 2028
Published | 16 March 2022
The global service robotics market's growth can be attributed to the increasingly high adoption of robots for varied applications as they provide high returns on investment, increasing need for automation, increment in funding for research and development, and soaring labor costs…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the global service robotics market was worth USD 35.1 billion in 2021 and is anticipated to reach USD 158 billion by 2028, exhibiting a CAGR of 24.2%. The surge in need for automation across different sectors and the numerous advantages of adopting service robots has made such a high growth inevitable. Increasing adoption of service robots in professional and domestic or personal avenues has led to the market's high growth. Professional service robots bring efficiency at professional fronts, whereas personal service robots are used for domestic and entertainment purposes. Furthermore, rapid innovations in technology further aid in the growth of the global service robotics market.
High Rate of Adoption Of Robots For Varied Applications And Rising Investment On Research And Development Driving Market Growth
The service robotics market has witnessed an upsurge in its adoption, reasons being high labor cost, increased investments in R&D, growing awareness about the benefits of service robots, lack of skilled workforce, and increased demand for automation among professional and personal sectors. With the introduction of new technologies like swarm intelligence, robots can efficiently perform varied, complex tasks. For instance, swarm intelligence allows drones to cover a larger area faster since the Internet range can be extended by sharing the Internet among the drones.Due to such benefits, market growth is projected to spike during 2018-2028.
Inaccurate Results and Concerns Over Data Privacy Coupled with Data Security Inhibiting Market Growth in Critical Operations
Robots are finding applications in critical sectors, such as medical surgeries, bomb diffusion, security, and assistance for senior citizens, but they cannot be programmed for all possibilities. Robots can undergo technical issues, such as viruses in programs or loss of internet connectivity while performing a critical operation. Moreover, there remains a possibility of accidents due to faulty circuits and batteries. It is a major challenge in drones to improve accuracy to prevent collisions with moving objects while changing directions recurrently. Larger flying birds, such as eagles, can, for instance, attack and catch drones. As a result, drones should be able to detect such obstructions from a considerable distance in order to avoid an accident.
Furthermore, drones can be easily affected by strong winds and weather conditions, affecting accuracy. The second big issue that circumcircles the service robotics sector are the ethical issues of data privacy and data security. The valuable information stored in the service robots can be encroached upon and misused. The repercussions of such breach can be immense in areas like the defense sector and healthcare sector, thereupon hampering the growth rate of the global service robotics market.
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Software Component Of Service Robotics Market Expected To Grow With A Higher Growth Rate
The global service robotics market can be segmented into hardware and software based on the component. Although in 2021, the component-wise growth rate of the hardware component was higher, it is estimated to change drastically in the coming years as the deployment of service robots is inclined towards becoming more application-specific. For instance, an AGV programmed for swarm operation on a factory floor can also be programmed for food delivery. Great advancements have been made in the software of robotic vacuum cleaners, with features including live floor mapping and remote activation via integration with voice assistants. Hence, the software market is expected to grow at a higher CAGR than that of hardware during the forecast period.
Impact of COVID-19 on the Service Robotics Market
The deadly COVID-19 pandemic has affected the global value and supply chains that had a disastrous effect on the global service robotics market, especially during the early phases of the COVID-19 lockdowns in 2020. But with time, the market is coping, and the pandemic has necessitated contactless delivery of goods and services, which has only boosted the demand for service robotics. They are finding application in multitudinous sectors, especially the healthcare sector, with several hospitals launching robot nurses to aid and guide the COVID patients. Service robots have also helped fight the COVID-19 pandemic as they have been used in the rescue operations for contactless delivery of food, medicines, etc.
North America Dominates the Global Service Robotics Market
the global service robotics market is categorized into North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America leads the market with the highest share in 2021, owing to high demand from the healthcare sector, growing acceptance of the use of robots in critical operations like medical surgeries, and high investment in research and development. While the Asia-Pacific region shows the highest growth rate due to the contribution of countries such as Japan, China, and Korea, which were the fourth-, fifth-, and sixth-largest manufacturers of service robots, respectively. In addition, as a result of increased industrialization in emerging nations such as India and the Philippines, disposable income has increased, resulting in a boom in demand for service robots. Regional governments play an important role in growing the regional robotics industry; for instance, India intends to invest in military robots and deploy advanced robotic soldiers by 2023. The Chinese government aims at high-end development and up-gradation of its manufacturing industry and is working on integrating robotics, AI, and automation for the purpose. Furthermore, Japan's and China's ageing populations are propelling expansion in the medical technology industry, resulting in a significant market for service robotics in the region.
The global service robotics market is fragmented, with numerous players serving the market. The key players dominating the service robotics market are iRobot, SoftBank Robotics Group, Intuitive Surgical Daifuku, YBERDYNE, DJI, DeLaval, Kongsberg Maritime, Northrop Grumman. Besides these, XAG, AMP Robotics, UVD Robots, Diligent, HARVEST CROO, Starship Technologies, Exyn Technologies other prominent players. The key marketing strategies adopted by the players are new and advanced product launches, collaborations, partnerships, and acquisitions to expand their customer reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the global service robotics market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the global service robotics market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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