Global Robotics Market Size And Forecast Report 2024-2032

Service Robotics Market

The value of the global service robots market was estimated at USD 21.26 Billion in 2023 and it is anticipated to increase at a compound annual growth rate (CAGR) of 36.39% to reach USD 359.77 Billion by 2032. Aside from important human duties, service robots can carry out industrial automation components. The purpose of service robots is to provide either full or partial autonomy. service robots market .Professional and personal robots are the two types of service robots. In business settings, professional service robots help people in tasks including delivery, firefighting, rehabilitation, and surgery.

Segments – Market & Volume has been covered from 5 viewpoints:

1. Transportation & Logistics

2. Professional Cleaning

3. Medical Robotics

4. Hospitality

5. Agriculture & Field

Expanding Operations in Construction is one of the growth factors

In 2016, there were estimated to be 794,431 built-up areas (BUAs) worldwide. This number is expected to increase to roughly 849,406 people by 2022. In addition, it's predicted that by 2050, 2 million more buildings would be built.

As a result, it is predicted that demand for robotics services would increase. Even though construction robots are still in the early phases of research, once the first commercially viable robots hit the market, certain important applications started to take shape. Two of the new uses for construction robots are bricklaying robots and the 3D printing of large structures using robotic arms and additive manufacturing techniques. Additionally, they are becoming more and more well-liked as a cost-effective automation solution. These robots have a significant potential market share due to the construction industry's ongoing use of robotic automation.

High Initial Investment Costs to Restrain Market Expansion

The substantial upfront costs associated with programming, integration, procurement, and other accessories pose a significant obstacle to the expansion of the service robot’s sector. Furthermore, the Robotic Industries Association estimates that the annual maintenance cost of service robots is between USD 10,000 and USD 2,50,000. This makes it difficult for companies, particularly small and medium-sized ones, to obtain significant sums of money because of the low volume of production and low return on investment associated with these robots. The cost of ownership for service robots rises due to the need to replace sensors, software, and other devices, which slows down the rate of growth in the industry. As a result, the market growth for service robots has slowed down due to all of these concerns.

Countries – Market has been covered from 16 viewpoints:

• America

o United States

o Canada

o Mexico

o Others

• Europe

o France

o Germany

o Italy

o Spain

o Others

• Asia Pacific

o China

o India

o Japan

o Republic of Korea

o Thailand

o Others

• Rest of the World

The USA Will Continue to Lead the Market

Based on the Renub Research analysis on the services robotics market for the years 2024 to 2032, the United States of America leads the global market with a significant number of market participants. The research states that it still has enough foundation and prospects to keep onto its shareholding throughout the years of projection.

In order to maintain their competitiveness in the upcoming service robotics industry, the majority of the major businesses are also involved in the practice of acquiring smaller players in order to increase their regional influence. In order to expand its unified informatics platform, Intuitive Surgical Inc. ultimately purchased Orpheus Medical in early 2020. Orpheus Medical provides hospitals with access to IT resources and expertise in swiftly processing and archiving surgical recordings.

Company Insights is divided into 4 viewpoints:

• Overview

• Recent Development

• Product Portfolio

• Revenue

Key Players Analysis:

1. KUKA

2. iRobot Corporation

3. Intuitive Surgical Inc.

4. Panasonic Corporation

5. Fanuc

6. ABB Ltd.

7. Stryker Corporation

About the Company:

Renub Research is a Market Research and Information Analysis company with more than 14 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 7000 syndicated reports and worked on more than 500 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.