Service Robotics Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Service Robotics Market
The service robotics market size was valued at USD 16.35 billion in 2022, and the market is now projected to grow from USD 19.08 billion in 2023 to USD 62.35 billion by 2030, exhibiting a CAGR of 18.4% during the forecast period of 2023-2030.
Due to the COVID-19 pandemic, the application of medical robots increased due to the introduction of automation and social distancing in technology. The situation in the post-pandemic period has accelerated the progress of artificial intelligence, big data and robot technology, increasing the demand for service robotics market growth. This trend is especially prominent in the healthcare and hospitality industries, as advanced robust robots are gaining increasing demand.
Technological advancement for use in robots has steadily improved and even the number of robots manufactured has gone up thus reducing the cost of robots in the last three decades. With increasing demand in developing economies, manufacturing is expected to shift to low-cost areas, which will have the added effect of reducing manufacturing costs. Labour costs are on the rise more than the cost of robots, thereby driving the market. Enhanced robot capabilities and productivity also contribute to service robotics market share.
Moreover, the integration of intuitive technologies into robotics solutions is poised to propel market growth. Technology is improving with time making service robots perform various tasks effectively. In healthcare facilities, defense industries, the logistics industry, and even the agriculture industry, the application of these robots is transforming business operations.
Comprehensive Analysis of Service RoboticsMarket
The exponential growth of the service robotics market is driven by its segmented nature, offering detailed regional assessments influenced by supply and demand dynamics. These segments are systematically categorized based on type and application, providing comprehensive insights into the machinery and equipment industry. The types include, Professional and Personal. The applications include, Domestic and Industrial/Commercial.
Asia Pacific's service robotics market is booming, fueled by technological advancements and automation across sectors. Major economies such as Japan, China, South Korea, and India are driving growth, supported by favourable government policies and economic diversification efforts. China, leading in manufacturing investments, anticipates significant growth, yet local manufacturers struggle due to competition from global giants focusing on localized production, resulting in decreased market share.
Key players in the machinery and equipment industry significantly influence industrial growth and market standards, ensuring a competitive landscape for all participants. These players include, Ricoh (Japan), Honda Motor Co., Ltd. (Japan), iRobot Corporation (U.S.), KUKA AG (Germany), Intuitive Surgical (U.S.), Daifuku Co., Ltd. (Japan), SoftBank Robotics Group Corp. (Japan), Aethon (U.S.), Boston Dynamics (U.S.) and Fetch Robotics, Inc. (U.S.).
In November 2022, Smart Robotics Inc. made different forms of warehouse and logistics robotics solutions towards assisting in selecting fine-tuned products. The company has fulfilled its duty as far as introducing the robots to select the best products available. This collaborative robot can handle office stationery and office supplies among such lightweight merchandise.
Segmentation Table
GlobalService Robotics Market Scope
Study Period 2019-2032
Base Year 2022
Forecast Period 2023-2030
Growth Rate CAGR of 18.4% from 2023 to 2030
Historical Period 2019-2021
Unit Value (USD Billion)
Segmentation By Type, Application, and Region
By Type Professional
Personal
By ApplicationDomestic
Industrial/Commercial
- Transportation & Logistics
- Medical
- Defense
- Construction & Demolition
- Unmanned Vehicles
- Agriculture & Forestry
- Others (Retail, Public Relations etc.)
By Region North America (By Type, By Application, By Country)
- U.S. (By Type)
- Canada (By Type)
Europe (By Type, By Application, By Country)
- U.K. (By Type)
- France (By Type)
- Germany (By Type)
- Rest of Europe (By Type)
Asia Pacific (By Type, By Application, By Country)
- China (By Type)
- India (By Type)
- Japan (By Type)
- Southeast Asia (By Type)
- Rest of Asia Pacific (By Type)
Middle East & Africa (By Type, By Application, By Country)
- GCC (By Type)
- South Africa (By Type)
- Rest of the Middle East & Africa (By Type)
Latin America (By Type, By Application, By Country)
- Brazil (By Type)
- Mexico (By Type)
- Rest of Latin America (By Type)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments –Mergers, Acquisitions and Partnerships
- 4.2. Distribution Analysis
- 4.3. Growth and Penetration Analysis
- 4.4. Pricing Analysis
- 4.5. Value Chain Analysis
- 4.6. Porters Five Forces Analysis
- 4.7. PEST Analysis
- 4.8. Technological Development
- 4.9. Competitive Landscape
- 4.10. Impact of the COVID-19 on Traffic Signal Controller Market
- 5. Global Traffic Signal Controller Market Analysis, Insights and Forecast, 2019-2030
- 5.1. Key Findings / Definitions
- 5.2. Market Analysis, Insights and Forecast – By Product Type
- 5.2.1. Standard Controller
- 5.2.2. Smart Controller
- 5.3. Market Analysis, Insights and Forecast – By Application
- 5.3.1. Urban
- 5.3.2. Suburbs
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia pacific
- 5.4.4. Rest of the world
- 6. North America Traffic Signal Controller Market Analysis, Insights and Forecast, 2019-2030
- 6.1. Market Analysis, Insights and Forecast – By Product Type
- 6.1.1. Standard Controller
- 6.1.2. Smart Controller
- 6.2. Market Analysis, Insights and Forecast – By Application
- 6.2.1. Urban
- 6.2.2. Suburbs
- 6.3. Market Analysis – By Country
- 6.3.1. The U.S.
- 6.3.1.1. By Product Type
- 6.3.1.2. By Application
- 6.3.2. Canada
- 6.3.2.1. By Product Type
- 6.3.2.2. By Application
- 6.3.3. Mexico
- 6.3.3.1. By Product Type
- 6.3.3.2. By Application
- 7. Europe Traffic Signal Controller Market Analysis, Insights and Forecast, 2019-2030
- 7.1. Market Analysis, Insights and Forecast – By Product Type
- 7.1.1. Standard Controller
- 7.1.2. Smart Controller
- 7.2. Market Analysis, Insights and Forecast – By Application
- 7.2.1. Urban
- 7.2.2. Suburbs
- 7.3. Market Analysis – By Country
- 7.3.1. The U.K
- 7.3.1.1. By Product Type
- 7.3.1.2. By Application
- 7.3.2. Germany
- 7.3.2.1. By Product Type
- 7.3.2.2. By Application
- 7.3.3. France
- 7.3.3.1. By Product Type
- 7.3.3.2. By Application
- 7.3.4. Italy
- 7.3.4.1. By Product Type
- 7.3.4.2. By Application
- 7.3.5. Rest of Europe
- 7.3.5.1. By Product Type
- 7.3.5.2. By Application
- 8. Asia Pacific Traffic Signal Controller Market Analysis, Insights and Forecast, 2019-2030
- 8.1. Market Analysis, Insights and Forecast – By Product Type
- 8.1.1. Standard Controller
- 8.1.2. Smart Controller
- 8.2. Market Analysis, Insights and Forecast – By Application
- 8.2.1. Urban
- 8.2.2. Suburbs
- 8.3. Market Analysis – By Country
- 8.3.1. China
- 8.3.1.1. By Product Type
- 8.3.1.2. By Application
- 8.3.2. India
- 8.3.2.1. By Product Type
- 8.3.2.2. By Application
- 8.3.3. Japan
- 8.3.3.1. By Product Type
- 8.3.3.2. By Application
- 8.3.4. Indonesia
- 8.3.4.1. By Product Type
- 8.3.4.2. By Application
- 8.3.5. Thailand
- 8.3.5.1. By Product Type
- 8.3.5.2. By Application
- 8.3.6. Rest of Asia Pacific
- 8.3.6.1. By Product Type
- 8.3.6.2. By Application
- 9. Latin America Traffic Signal Controller Market Analysis, Insights and Forecast, 2019-2030
- 9.1. Market Analysis, Insights and Forecast – By Product Type
- 9.1.1. Standard Controller
- 9.1.2. Smart Controller
- 9.2. Market Analysis, Insights and Forecast – By Application
- 9.2.1. Urban
- 9.2.2. Suburbs
- 9.3. Market Analysis – By Country
- 9.3.1. Mexico
- 9.3.1.1. By Product Type
- 9.3.1.2. By Application
- 9.3.2. Brazil
- 9.3.2.1. By Product Type
- 9.3.2.2. By Application
- 9.3.3. Rest of Latin America
- 9.3.3.1. By Product Type
- 10. Middle East & Africa Traffic Signal Controller Market Analysis, Insights and Forecast, 2019-2030
- 10.1. Market Analysis, Insights and Forecast – By Product Type
- 10.1.1. Standard Controller
- 10.1.2. Smart Controller
- 10.2. Market Analysis, Insights and Forecast – By Application
- 10.2.1. Urban
- 10.2.2. Suburbs
- 11. Competitive Analysis
- 11.1. Key Industry Development
- 11.2. Global Market Ranking Analysis (2022)
- 11.3. Competition Dashboard
- 11.4. Comparative Analysis – Major Players
- 11.5. Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 11.5.1. Aldridge Traffic Controllers (New South Vales, Australia)
- 11.5.1.1. Overview,
- 11.5.1.2. Products & services,
- 11.5.1.3. SWOT analysis,
- 11.5.1.4. Recent developments,
- 11.5.1.5. strategies,
- 11.5.1.6. financials (based on availability)
- 11.5.2. Traffic Technologies Pty Ltd (Victoria, Australia)
- 11.5.2.1. Overview,
- 11.5.2.2. Products & services,
- 11.5.2.3. SWOT analysis,
- 11.5.2.4. Recent developments,
- 11.5.2.5. strategies,
- 11.5.2.6. financials (based on availability)
- 11.5.3. SENA TRAFFIC SYSTEMS (Kuala Lumpur, Malaysia)
- 11.5.3.1. Overview,
- 11.5.3.2. Products & services,
- 11.5.3.3. SWOT analysis,
- 11.5.3.4. Recent developments,
- 11.5.3.5. strategies,
- 11.5.3.6. financials (based on availability)
- 11.5.4. Dynamic Traffic System Sdn Bhd. (Selangor, Malaysia)
- 11.5.4.1. Overview,
- 11.5.4.2. Products & services,
- 11.5.4.3. SWOT analysis,
- 11.5.4.4. Recent developments,
- 11.5.4.5. strategies,
- 11.5.4.6. financials (based on availability)
- 11.5.5. PPK Technology Sdn. Bhd.(Malacca, Malaysia)
- 11.5.5.1. Overview,
- 11.5.5.2. Products & services,
- 11.5.5.3. SWOT analysis,
- 11.5.5.4. Recent developments,
- 11.5.5.5. strategies,
- 11.5.5.6. financials (based on availability)
- 11.5.6. Johnson Controls (Cork, Ireland)
- 11.5.6.1. Overview,
- 11.5.6.2. Products & services,
- 11.5.6.3. SWOT analysis,
- 11.5.6.4. Recent developments,
- 11.5.6.5. strategies,
- 11.5.6.6. financials (based on availability)
- 11.5.7. Siemens AG (Munich, Germany)
- 11.5.7.1. Overview,
- 11.5.7.2. Products & services,
- 11.5.7.3. SWOT analysis,
- 11.5.7.4. Recent developments,
- 11.5.7.5. strategies,
- 11.5.7.6. financials (based on availability)
- 11.5.8. Sumitomo Electric Industries, Ltd. (Osaka, Japan)
- 11.5.8.1. Overview,
- 11.5.8.2. Products & services,
- 11.5.8.3. SWOT analysis,
- 11.5.8.4. Recent developments,
- 11.5.8.5. strategies,
- 11.5.8.6. financials (based on availability)
- 11.5.9. Indra Sistemas, S.A. (Madrid, Spain)
- 11.5.9.1. Overview,
- 11.5.9.2. Products & services,
- 11.5.9.3. SWOT analysis,
- 11.5.9.4. Recent developments,
- 11.5.9.5. strategies,
- 11.5.9.6. financials (based on availability)
- 11.5.10. ECONOLITE (California, U.S.)
- 11.5.10.1. Overview,
- 11.5.10.2. Products & services,
- 11.5.10.3. SWOT analysis,
- 11.5.10.4. Recent developments,
- 11.5.10.5. strategies,
- 11.5.10.6. financials (based on availability)
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