Global Service Robotics Market is to grow at a CAGR of 21% during the forecast period 2023 to 2033

The global service robotics market net worth is estimated to be around US$ 40 Bn in 2023 and is anticipated to register an impressive CAGR of 21% from 2023 to 2033. As per the analysis report on the service robotics market the overall valuation of the market is projected to reach up to US$ 267 Bn by the year 2033. 

Besides carrying out necessary and hazardous tasks for people such as medical care and security, service robotics is now also assisting people in a variety of other fields, including household work, education, and entertainment. As these personal service robots manage time efficiently, reduce the workload of family members and labourerslaborers, 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 defence defense industries has also substantially increased the demand for service robotics in the last few years. 

Key Takeaways from the Service Robotics Market Study 

• 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 individualspeople, 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. 

Competitive Landscape for the Service Robotics Market 

• 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 among others are some of the major players in the global service robotics market.

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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. 

Key Segments

By Component:

• Hardware
  • Airframe
  • Sensors
  • Cameras
  • Actuators
  • Power Supply
  • Control Systems
  • Navigation Systems
  • Propulsion Systems
  • Others
• Software

By Field of Application:

• Professional or Commercial Service Robotics
  • Field Robots
  • Professional Cleaning
  • Inspection and Maintenance
  • Construction and Demolition
  • Customer Service
  • Logistics Systems (Manufacturing and Non-manufacturing)
  • Medical Robots
  • Rescue and Security Robots
  • Defense Robots
  • Underwater Systems (Civil/General)
  • Powered Human Exoskeletons
  • Public Relation Robots
  • Others
• Personal or Domestic Service Robotics
  • Robots for Domestic Tasks
  • Entertainment Robots
  • Education and Research Assistance
  • Elderly and Handicap Assistance
  • Others

By Environment:

• Aerial
• Ground
• Marine
• Others

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