The service robotics market, valued at approximately US$ 33 billion in 2022, is projected to reach a total market worth of US$ 40 billion in 2023. According to the analysis report by FMI on the global service robotics market, it is anticipated to achieve a remarkable Compound Annual Growth Rate (CAGR) of 21% from 2023 to 2033, ultimately reaching a market value of US$ 267 billion by 2033.
Service robotics is now supporting people in many different areas, such as household work, education, and entertainment, in addition to doing critical and dangerous duties for people like medical care and security. As these personal service robots manage time efficiently, reduce the workload of family members and laborers, and increase output by removing the possibility of human mistakes the global service robotics market is witnessing remarkable growth in the present years.
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The sheer accuracy obtained by the deployment of service robotics in high-tech production and testing facilities has remarkably accelerated the market growth. Additionally, the use of such robots by unmanned aerial aircraft, in the agriculture and defense industries has also substantially increased the demand for service robotics in the last few years.
Key Takeaways from the Service Robotics Market Report:
- The medical, and logistics & transportation sub-segment of the industrial or commercial services robotics segment is predicted to have the highest market share in the coming days.
- Given that domestic service robots are utilized to care for elderly people, the residential segment is likewise anticipated to rise strongly through the forecast years.
- Given that the deployment of service robots is anticipated to be more application-specific, it is envisaged that the software component segment would account for a bigger proportion of the global service robotics market share in comparison to the hardware segment.
Recent Developments in the Service Robotics Market Industry
- SoftBank Robotics Group and Bear Robotics, a robotics and AI business venture, came together in Sept 2020 to create and market a new robot dubbed SERVI for use in the catering and hospitality sectors.
- In order to broaden its unified informatics platform, Intuitive Surgical Company secured Orpheus Medical in the year 2020. Orpheus Medical provides hospitals with IT links in addition to experience in organizing, retrieving, and readily storing surgical recordings for usage.
- In order to create a higher generation of adaptable autonomous service robots the ABB Company ASTI Mobile Robotics Group did buy ASTI Mobile Robotics Group in July 2021. With this purchase, Robotics and Automation solutions have improved significantly in the following two years, enabling the firm to enter new product categories and deliver a distinctive service robot for sale.
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Leading Key Players:
- iRobot Corporation
- Intuitive Surgical Inc.
- Honda Motor Co., Ltd.
- Panasonic Corporation
- Aethon Inc.
- Yujin Robot Co. Ltd.
- Samsung Electronics CO., Ltd.
- DeLaval
- Robert Bosch GmbH
- AB Electrolux
- Lely International
- KUKA AG
- Northrop Grumman Corporation
- Kongsberg Maritime AS
- Parrot SA
- DJI
- Daifuku Co. Ltd.
- Dematic Corp.
- Knightscope Inc.
- Brokk AB
- Kollmorgen Corporation
- Stryker Corp.
- Husqvarna AB
- Construction Robotics LLC
- Seegrid Corporation
- JBT Corporation
- SSI Schaefer AG
- BAE Systems
- Neato Robotics
- Transbotics Corp.
- Omron Corp.
- Ecovacs Robotics
- Medtronic PLC
- SMP Robotics Systems Corp.
- Vision Robotics Corp.
- Naio Technologies SAS
- UBTECH Robotics Inc.
- Smith & Nephew PLC
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Service Robotics Market Segmentation:
By Component:
- Hardware
- Software
By Field of Application:
- Professional or Commercial Service Robotics
- Personal or Domestic Service Robotics
By Environment:
- Aerial
- Ground
- Marine
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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