Global Service Robots Market Outlook
Revenue, 2024
Forecast, 2034
CAGR, 2024 - 2034
Service Robots are beings designed to help people with various tasks, from everyday chores to challenging endeavors They stand out for their capacity to engage socially with individuals adjust to different situations and carry out assignments accurately and effectively.
Market Key Insights
- The Service Robots market is projected to grow from $20.4 billion in 2024 to $124 billion in 2034. This represents a CAGR of 19.8%, reflecting rising demand across Healthcare and Rehabilitation, Agriculture and Horticulture and Transportation and Delivery.
- iRobot Corporation, SoftBank Robotics Group, Aethon Inc are among the leading players in this market, shaping its competitive landscape.
- U.S. and China are the top markets within the Service Robots market and are expected to observe the growth CAGR of 19.0% to 27.7% between 2024 and 2030.
- Emerging markets including UAE, Singapore and Brazil are expected to observe highest growth with CAGR ranging between 14.9% to 20.6%.
- Transition like AI Integration Surge in Service Robots is expected to add $14.9 billion to the Service Robots market growth by 2030
- The Service Robots market is set to add $104 billion between 2024 and 2034, with manufacturer targeting Lawn Mowing & Healthcare End Use Application projected to gain a larger market share.
- With Surge in technological advancements, and Growing elderly population, Service Robots market to expand 509% between 2024 and 2034.
Opportunities in the Service Robots
The busier our lives get nowadays the more people are wanting automated solutions for household tasks. Robots like self operating vacuum cleaners and lawn mowers are becoming more popular in cities. This shift shows a chance, for creating and selling robots that can handle various house chores, which could really change how we clean our homes in the future.
Growth Opportunities in North America and Europe
North America Outlook
North America continues to lead the service robots market with a presence of top service robot companies in a competitive environment characterized by innovation and originality. The flourishing healthcare and hospitality industries in this region offer promising prospects for growth due to the use of technology and an increasing elderly population requiring support, from service robots.
Europe Outlook
Europe holds a position in the service robots industry due to its thriving manufacturing industries and strict safety standards that encourage creativity and progressiveness. Germany and the UK notably engage in competition within this sector. The increasing preference, for home automation and the expanding presence of medium enterprises signal significant market potential.
Market Dynamics and Supply Chain
Driver: Surge in Technological Advancements, and Rising Labour Costs and Labour Shortages
The rising population of individuals globally plays a crucial role in driving the demand for service robots in the market sector significantly. As the number of adults grows steadily over time worldwide and their requirements for daily assistance increase accordingly service robots have also become increasingly popular as they effectively address mobility issues, health monitoring concerns and the need for companionship among seniors. This change, in demographics also creates a market opportunity for service robots to cater to these evolving needs.
Restraint: High Initial Investment
Opportunity: Healthcare Transformation and Evolving Hospitality Sector
The hospitality sector is going through a transformation in operations due to the increasing presence of service robots designed to interact with customers and improve service quality and efficiency effectively. The industry is continuously seeking ways to stand out and provide experiences for customers; service robots play a crucial role, in achieving this goal by setting new service benchmarks and enhancing customer interactions significantly.
Challenge: Regulatory Hurdles and Safety Concerns
Supply Chain Landscape
Applications of Service Robots in Healthcare & Rehabilitation, Agriculture & Horticulture & Transportation & Delivery
Service robots are widely employed in healthcare settings like hospitals and nursing homes for purposes such as assisting surgeons with enhanced accuracy during surgeries and minimizing mistakes while promoting quicker patient healing processes. These robots contribute significantly in the field by providing tailored treatment plans for patients and ensuring compatibility with surgical imaging equipment for precise real time evaluations. Intuitive Surgical and Medtronic stand out as companies excelling in the utilization of service robots, within the healthcare industry.
Autonomous delivery robots and service vehicles are revolutionizing the field of supply chain management and logistics by ensuring safer delivery of goods in various environments like rough terrains and urban areas with efficiency and ease of use being key benefits highlighted by major players such as Amazon Robotics and Starship Technologies during this period where reduced human contact is crucial for safety reasons during events, like pandemics.
In agriculture industry service robots are commonly used for activities like planting crops and monitoring their growth to improve farming precision and lessen environmental effects. Deere & Company and Autonomous Tractor Corporation are the players, in this sector. They aim to improve crop health management minimize labor and enhance agricultural productivity overall.
Recent Developments
Techtron unveiled service robots equipped with AI technology tailored for use, in healthcare facilities to support the management and care of patients.
The new service robots, from GigaRobots are designed for the hospitality sector. Come with cutting edge machine learning capabilities.
Innovbotics has introduced self operating service robots that combine IoT and laser technology to help with home automation and upkeep.