Home Press Releases Global Service Robotics Market Projected to Reach $84.8 billion by 2028

Global Service Robotics Market Projected to Reach $84.8 billion by 2028

by Press Room

(EMAILWIRE.COM, March 30, 2023 ) The service robotics market is projected to reach USD 84.8 billion by 2028 from USD 41.5 billion in 2023; it is expected to grow at a CAGR of 15.4% from 2023 to 2028. The few driving factors are growing adoption of robots for new applications, surging use of IoT in robots for cost-effective predictive maintenance, and increasing use of disinfection robots due to rising cases of hospital-acquired infections (HAIs) are driving the growth of the service robotics market. Robots are increasingly being adopted for new applications due to advantages such as increased productivity, streamlined processes, and greater workplace safety.

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A service robot has emerged as a promising solution for several applications, such as companionship, logistics, medical, education, agriculture and forestry, space, entertainment, domestic tasks, personal and elderly assistance, home security, construction, and demolition, marine, and inspection and maintenance. Service robots can assist humans in performing a broad range of tasks, especially for specialized applications such as last-mile delivery, inspection, and maintenance. Service robotics companies also find applications in other sectors, such as drones in courier/cargo delivery and automated mining vehicles. Although service robots are finding increasing demand from several applications, the availability of safe robots at affordable prices is emerging as a major challenge for the market.

Based on offering: Software is becoming important for market players to control and evaluate robots. Active pelvis orthosis (APO) and optimized power transfer are software developed at universities and research institutes for robots in healthcare applications. Drones can also build elevation models and photogrammetry maps using software such as Pix4D. The market for software is expected to grow at a higher rate as the deployment of service robots is more application specific. For instance, an AGV programmed to be deployed for swarm operation on a factory floor could also be programmed for food delivery. As delivery drones sometimes need to operate in harsh conditions, such as stormy and rainy environments, these drones require real-time software to operate flawlessly. Most of the advancements in robotic vacuum have taken place in their software, with features including live floor mapping and remote activation through integration with voice assistants. Hence the existing players and new entrants from the software in robotics space can target the various sector in order to increase their revenue.

Based on environment: The market for ground-based service robots is not only expected to have the largest share of the market but is also expected to have the fastest CAGR during the forecast period. Ground based

robots have applications such as cleaning, agriculture, transport, communication and surgery. The demand for assistive robots and AGVs is increasingly being used for warehousing application, owing to the increase in ageing population globally. Hence, ground based service robots is the fastest growing segment and profitable opportunity for market players.

Based on region, Asia Pacific is expected to record the highest growth rate during the forecast period, primarily due to presence of developing countries such as China, Japan, and South Korea manufacturing service robots for domestic use. India being a developing country, there is less disposable income. Also, there is an abundance of the labor force in India. Therefore, the demand for service robots in India is low at present. According to India Brand Equity Foundation, the Indian e-commerce market is expected to grow to USD 200 billion by 2026 due to the rising smartphone penetration, the launch of 5G networks, and increasing consumer wealth. India is sprinting ahead in space research and has been endeavoring to include artificial intelligence for further progress.

Major players operating in service robotics market include Intuitive Surgical (US), DJI (China), Daifuku (Japan), iRobot (US), DeLaval (Sweden), JD.com (China), Samsung Electronics co. Ltd. (South Korea), Kongsberg Maritime (Norway), Northrop Grumman (US), Neato Robotics (US), KUKA Swisslog (Switzerland), Stryker Corporation (US), Lely (Netherlands), ECA Group (France), 3DR (US), Softbank Robotics (Japan), Parrot SA (France), Cyberdyne (Japan), GE Inspection Robotics (Switzerland), and Starship Technologies (US) among others.

Many companies are enhancing their facilities using exoskeletons along with the evolution of exoskeleton robots across various industrial applications. There is an increase in the need for automation; hence, manufacturers are focusing on developing user-friendly prototypes to help employees adapt to exoskeletons. Thus, the intensifying need for human augmentation in industrial sectors creates opportunities for the growth of the exoskeleton market.

News Also Covered: https://www.prnewswire.com/news-releases/service-robotics-market-worth-84-8-billion-by-2028—exclusive-report-by-marketsandmarkets-301776979.html

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