The service robotics market size is projected to reach USD 84.8 billion by 2028 from USD 41.5 billion in 2023; it is expected to grow at a CAGR of 15.4% from 2023 to 2028.
Growing adoption of
robots for new applications, surging use of IoT in robots for cost-effective
predictive maintenance, and increasing use of disinfection robots due to rising
cases of hospital-acquired infections (HAIs) are driving the growth of the service
robotics industry. Robots are increasingly being adopted for new applications
due to advantages such as increased productivity, streamlined processes, and
greater workplace safety.
Service robotics market
for aerial robots expected to grow at highest CAGR during the forecast period
The service robotics
market for aerial drones is expected to grow at the highest CAGR during the
forecast period. UAVs are garnering high
demand from the agriculture industry due to the need for improved and efficient
farming, driven by the growing demand for food to fulfill the requirements of
the growing global population.
Professional UAVs are
considered a low-cost alternative to traditional aerial photogrammetry for
surveying and mapping. For photography and filmmaking, professional UAVs offer
unique advantages over conventional methods, such as extended range, agility, and
the ability to film acrobatic shots.
Service robotics market
for software component to grow at higher CAGR than that of the hardware
component during the forecast period
The market is estimated
to be higher for the software component as the deployment of service robots is
likely to become more application-specific. Several companies are developing
software to map 3D data collected by UAVs.
Software are generally
used for semi-automation of UAVs to maintain their stability since the takeoff
and landing of UAVs can be a challenge for UAV operators. This feature is easy
to program and inexpensive.
Research and space
exporation application to grow at higher CAGR during the forecast period
The research and space
exploration segment is expected to grow at the highest CAGR during the forecast
period, attributed to the rising government funding related to space
exploration.
For instance, in 2020,
the US government provided USD 22.6 billion to NASA. In 2019, the European
Space Agency received funding of USD 15.9 billion from its 22 member states.
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Professional robots to
hold a larger share than that of personal and domestic robots during the
forecast period
The professional service
robots are expected to hold a larger market share as compared to domestic
service robots during the forecast period. The service robots used for
professional applications include drones, agricultural robots, inspection
robots, humanoid robots, exoskeletons, construction robots, unmanned surface
vehicles (USVs), and autonomous underwater vehicles (AUVs) among others.
Humanoid robots are used
in various industries, such as retail, hospitality, education, archeology,
rescue applications, and space. For instance, Robotmea Middle East, an outcome
of the partnership between Robotron Incorporation (Australia) and Minirobot
Corporation (South Korea), is developed to redefine education by adding
robotics and AI in the existing curriculums of schools, colleges, and
universities. Exoskeletons are used in industries to increase the endurance of
workers. For instance, in January 2020, Delta Airlines (US) partnered with
exoskeleton company Sarcos Robotics (US) to help employees lift luggage.
Service robotics market
in North America to hold largest market share during the forecast period
The factors driving the
market in the North America include the high per capita income, ongoing
research programs, increasing aging population, and shortage of labor due to
stringent immigration laws.
Mexico is still a
developing country, and many service robots have not penetrated Mexico due to
their high cost. Mexico can offer a good opportunity for service robots owing
to a strong agriculture industry and various free trade agreements signed by
the country. The following table lists some of the players operating in this
region.
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