"Beyond Automation: Redefining Industry with Service Robotics Market Insights and Forecasts"

April 16, 2024

April 16^th,2024/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Service Robotics Market.

The Service Robotics Market report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

“The Service Robotics Market is expected to grow from USD 53.21 billion in 2022 to USD 199.33 billion by 2029 at a CAGR of 20.8% during the forecast period”. The integration of machines and systems to create streamlined processes is what the Internet of Things (IoT) represents. Predictive maintenance involves the anticipation of potential issues before they arise. 

Segments Analysis

By Environment Type

The market for aerial robots is projected to achieve the highest compound annual growth rate (CAGR) during the forecast period. This growth is driven by the increasing adoption of commercial drones across various applications, such as agricultural field surveying and traffic monitoring. Commercial drones, in particular, have higher selling prices compared to consumer drones, contributing significantly to market expansion.

Additionally, the reduction in manufacturing costs of unmanned aerial vehicles (UAVs) and advancements in using solar cells as a power source for drones is expected to decrease propulsion system costs, further propelling the market growth.

By Application Type

The market for personal and domestic robot segments is poised to experience a higher compound annual growth rate (CAGR) compared to that of professional robots over the forecast period. This growth is primarily fueled by the increasing adoption of domestic robots, such as robotic floor vacuums and mops.

A key driver behind this surge in adoption is the accessibility of robots for rental purposes. Particularly, cleaning robots are extensively utilized both in personal and professional settings.

Regional Analysis

Asia Pacific is anticipated to witness the highest growth rate throughout the forecast duration. The service robotics market is segmented geographically into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The remarkable growth in Asia Pacific is attributed to the presence of major manufacturing countries in the region, including South Korea, Singapore, Japan, and China. According to the International Federation of Robotics (IFR), these countries were ranked first, second, third, and fifth, respectively, in terms of service robot manufacturing in 2022.

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Features of the Report

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Service Robotics Market analysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

About Stratview Research

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. It is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

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Author : Emily