Service Robotics Market is projected to reach a revenue of over USD 20 billion in 2024. The rising demand for robots with advanced capabilities to assist humans in everyday lives is anticipated to drive the service robotics market over the forecast timeline. The emerging trend of innovations from many engineering and scientific disciplines and technological advancements such as AI, machine learning, 3D sensors, machine vision, and big data analysis further contribute to the industry demand. In addition, the increasing penetration of robots in military & defense applications followed by the significantly rising defense budgets across the major economies is providing an impetus to the service robotics market.
The growing deployment of robots across households is anticipated to showcase a positive impact on the service robotics market growth. The household robots help in reducing the burden on their human counterparts by performing domestic tasks such as floor & window cleaning, vacuum cleaning & lawn-mowing and letting them focus on more important tasks. Increasing penetration of entertainment robots in various sectors, such as retail, BFSI, and hospitality, enables the interactive experience deepening the engagement with in-store customers. The robots can bring in a transformation by making use of advanced technologies such as facial recognition, speech recognition, and emotion recognition. However, factors such as rising R&D expenses and capital investments are expected to limit the industry demand.
The personal product segment of the service robotics market is predicted to dominate in terms of revenue during the forecast timeframe. Personal robots, such as vacuum cleaners, automated wheelchairs, and domestic servants, among others have aided in improving the quality of life and providing an increased convenience to their users. For instance, in homes with geriatric inhabitants, who live alone, these robots are ideally suited for monitoring and diagnosing patients by relaying the information back to the medical practitioners or alerting authorities during emergencies such as when the patient falls from a wheelchair.
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The professional application segment of the service robotics market is anticipated to witness a high growth owing to the increasing adoption of these systems for carrying out mundane and monotonous tasks such as milking, packing, and other activities. Medical robot systems are finding increasing applications in providing assistance during surgeries, therapy, and patient caring, contributing to the heavy growth of the service robotics market. For instance, Robot Aps has developed and launched a rehabilitation robot to assist health professionals with patients, who are bed-ridden, reducing the dependence on nurses for actions such as heavy lifting.
Increasing utilization of healthcare robots in applications, such as surgeries, diagnostics, monitoring, and mental & physical therapy, will drive the healthcare service robotics market growth. Hospitals are increasingly using robotics in rehabilitation activities, which include orthotics and assistive devices such as wheelchairs. However, the demand for robotics in the logistics sector is on the rise owing to the growing e-commerce sector followed by the increasing efforts by industries to reduce the labor cost & optimize the processing speed.
The U.S. service robotics market is anticipated to witness growth over the forecast timeline. It can be attributed to the rising demand for robots across various sectors, which include defense, logistics, healthcare, agriculture, and households. Increasing number of players entering the marketplace with new & advanced technological features further contributes to the regional industry demand. Moreover, the increasing adoption of household robots for performing everyday tasks coupled with the rising wage rates across various economies is compelling the adoption of robots, contributing to the Asia Pacific service robotics market.
Companies in the service robotics market comprise iRobot, DJI, Intuitive Surgical, Inc., Parrot SA, Bluefin Robotics, Northrop Grumman Corporation, DeLaval, Lely, Medtronic, Yujin Robot, Samsung Electronics, Honda Motors Corp., 3D Robotics, AeroVironment, Inc., Ecovacs Robotics, and Softbank Robotics.