Service Robotics Market by Environment (Aerial, Ground, Marine), Type (Professional, Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Education) and Region - Global Forecast to 2028

The service robotics market 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 market. Robots are increasingly being adopted for new applications due to advantages such as increased productivity, streamlined processes, and greater workplace safety.

The recession’s impact on the service robotics market has been analyzed in this study. The short-term outlook for robot revenues is expected to be worse in the third quarter of 2023. Rising inflation, increasing interest rates, unemployment, and energy crises will lead to slow economic activity. As a result, end-user industries experience deterioration of their businesses, cash flow, and ability to obtain financing, delaying or canceling product purchase plans.

“Camera market to hold a significant share of the market for hardware during the forecast period”

Multispectral cameras capture image data within specific wavelength ranges across the electromagnetic spectrum. This technique is based on the principle that every material responds differently (reflection and absorption) to different wavelengths. Multispectral cameras are equipped in robots for various applications, such as remote sensing, pollution monitoring, field surveillance, food quality, agriculture, astronomy, geological mapping, and medicine. They find applications in laparoscopic telesurgical procedures to inspect organs, detect cancer, and identify pathogens. Surface Optics (US) and Resonon (US) manufacture LightShift and Pika series multispectral cameras, respectively.

“Research and space exploration application for service robotics market is expected to grow at the highest CAGR during the forecast period”

The market for research & space exploration is expected to grow at the highest CAGR during the forecast period. Drones are adopted for scientific research applications as well. Scientists worldwide have been adopting drones for scientific research on volcanoes and marginalized zones (transition zones between the ocean and sea ice). Maxar Technologies (US), Motiv Space Systems (US), Altius Space Machines (US), Northrop Grumman (US), Honeybee Robotics (US), Astrobotic Technology (US), Made In Space (US), and Effective Space Solutions Limited (UK) are some of the key players manufacturing space exploration robots.

“Europe to hold a significant share of the service robotics market during the forecast period”

Europe is projected to hold a significantly large share for service robotics market during the forecast period. An increase in investments for the development of robots for the healthcare and logistics industry is to drive the market in Europe. Aerocámaras, EGROBOTS, Exyn Technologies, and Helm.ai are a few startup companies based in France to have raised significant funding for the development of service robots for various industries. Germany is a pioneer in the adoption of precision farming technologies. 10% of the farmers in the country utilize drones, which indicates the role of robots in the digitization of the sector. The field size of these farms is often more than 50 hectares and is frequently larger than elsewhere in Europe. This has led to significant demand for agricultural robots in the country.

The report profiles key players in the service robotics market with their respective market ranking analysis. Prominent players profiled in this report are Intuitive Surgical (US), DJI (China), Daifuku (Japan), iRobot (US), Samsung Electronics (South Korea), JD.com Inc. (China), DeLaval (Sweden), Kongsberg Maritime (Norway), and Northrop Grumman (US) among others.

Research Coverage:

This research report categorizes the service robotics market on the basis of type, component, environment, application, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the service robotics market and forecasts the same till 2028 (including analysis of recession impact on the market). Apart from these, the report also consists of leadership mapping and analysis of all the companies included in the service robotics ecosystem.

Key Benefits of Buying the Report

The report would help leaders/new entrants in this market in the following ways:

1. This report segments the service robotics market comprehensively and provides the closest market size projection for all subsegments across different regions.

2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.

3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.

4. The analysis of the major 25 companies, based on the strength of the market rank as well as the product footprint will help stakeholders visualize the market positioning of these key players.

5. Patent analysis, trade data, porters five forces analysis, and technological analysis that will shape the market in the coming years has also been covered in this report.