Global Market for Service robotics is Anticipated to grow at a Significant Pace i.e., USD 125 Billion during the Forecast Period 2021-2027

Published Date: Jun, 2021

The global service robotics market is growing at a significant rate i.e. projected to reach USD 125 billion by 2027. It will grow at a CAGR of 24.7% during the forecast period 2021-2027. The service robotics industry is booming worldwide because of the increase in the geriatric population requiring assistance and use in various industries such as defense, logistics, agriculture, healthcare, construction, building, inspection, and mobile platform. Service robotics is playing a crucial role in fighting coronavirus as they can provide contact-free alternatives. There is an increase in venture capital investment in R&D activities which will have a positive impact on the service robotics market. Service robots are a big game-changer in the COVID-19 pandemic as they can sterilize hospitals and public places to deliver services.

Browse 53 market data Tables and 35 Figures spread through 215 Pages and in-depth TOC on Service Robotics Market by Type (Professional Service Robots and Personal Service Robots), Component (Hardware and Software), Application (Domestic, Medical, Field, Defense, Rescue, & Security, Entertainment, Education, & Personal, Public Relations, Inspection and Maintenance, Logistics, Construction, Marine, and Others), and Region - Global Forecast to 2027"

By type, rising Demand for Robots in Personal and Professional Sector to Bolster the Growth of the Service Robots Industry

Based upon type, the market is bifurcated into professional service robots and personal service robots. The professional service robots segment will grow significantly over the forecast period 2021-2027 as they automate time-consuming or repetitive tasks. They are used in the healthcare sector such as surgical robots to assist delicate surgeries, monitoring, and surveillance devices, agriculture for spraying fertilizers and constructions, etc. Personal service robots are consumer-facing robots and have high potential growth opportunities in American, European, and ASEAN countries. They automate tasks within homes and are deployed for household chores such as vacuum and floor cleaning, elderly assistance, and entertainment.

Global Service Robotics Market Segmentation Analysis

Segment

Categorization

Leading Category

 Type

Professional Service Robots, Personal Service Robots

Professional Service Robots (Fastest)

Component

Hardware and Software

Hardware (Higher CAGR)

Application

Domestic, Medical, Field, Defense, Rescue, & Security, Entertainment, Education & Personal, Inspection and Maintenance, Logistics, Construction, Marine, and Others

Domestic (Fastest)

Logistics (Largest)

Region

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

North America (Largest)

Asia-Pacific (Fastest)

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“North America is expected to account for the largest share of service robotics market throughout the forecast period.”

North America has the largest market share in the global service robotics market due to the increase in investment and use of robotics in the defense sector. The need for automation across the region and rise in demand from the healthcare sector for therapy, surgical robots have generated impressive revenue for the North America service robotics market. Moreover, the large-scale production of service robotics due to the presence of powerful vendors has led to the growth of the service robotics market in North America.

Some of the key players are IRobot Corporation, Honda Motor Company, Ltd., Intuitive Surgical, Inc., GeckoSystems Intl. Corp., Daifuku Co., Ltd., SZ DJI Technology Co., Ltd., Neato Robotics, YUZIN ROBOT Co., Ltd., Samsung Electronics Co., Ltd., and LG Electronics Inc.

                                                                        Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2019–2027

Historical Period

2019–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Type, Component, Application, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

IRobot Corporation, Honda Motor Company, Ltd., Intuitive Surgical, Inc., GeckoSystems Intl. Corp., Daifuku Co., Ltd., SZ DJI Technology Co., Ltd., Neato Robotics, YUZIN ROBOT Co., Ltd., Samsung Electronics Co., Ltd., and LG Electronics Inc.

Global Service Robotics Market Coverage

Type Insight and Forecast 2020-2027

  • Professional Service Robots
  • Personal service Robots

Component Insight and Forecast 2020-2027

  • Hardware
  • Software

Application Insight and Forecast 2020-2027

  • Domestic
  • Medical
  • Field
  • Defense, Rescue, & Security
  • Entertainment, Education & Personal
  • Inspection and Maintenance
  • Logistics
  • Construction
  • Marine
  • Others

Geographical Segmentation

Service Robotics Market by Region

North America

  • By Type
  • By Component
  • By Application
  • By Country – U.S., Canada, and Mexico

Europe

  • By Type
  • By Component
  • By Application
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Type
  • By Component
  • By Application
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Type
  • By Component
  • By Application
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

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Global Market for Service robotics is Anticipated to grow at a Significant Pace i.e., USD 125 Billion during the Forecast Period 2021-2027