Written by Rana Ali• September 11, 2024• 9:45 am• Business

Service Robotics Market Size and Growth Forecast Report 2024-2032

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Service Robotics Size

The global service robotics market is poised for explosive growth, with projections indicating a remarkable increase from $21.26 billion in 2023 to $359.77 billion by 2032. This extraordinary expansion represents a compound annual growth rate (CAGR) of 36.39% from 2024 to 2032. The market’s phenomenal growth is driven by the numerous advantages offered by service robots, including enhanced accuracy, superior quality services, elimination of human errors, and reduced operational costs.

Service Robotics Market Table of Content and Sample Download: https://www.renub.com/service-robotics-market-p.php

Understanding Service Robotics

Service robots are designed to interact with humans and aid by performing tasks beneficial to people in various environments. Unlike industrial robots, service robots are utilized in diverse settings such as homes, healthcare facilities, workplaces, and social spaces.

Key applications of service robots include:

Healthcare: Assisting in surgeries, physiotherapy, and patient care, improving surgical precision and recovery times.
Domestic use: Performing household chores like floor cleaning, lawn maintenance, and elderly care.
Security: Monitoring and surveillance in public spaces.
Customer service: Enhancing retail and hospitality industries by automating customer care tasks.
Education: Facilitating interactive learning and skill acquisition.

Advancements in artificial intelligence, machine learning, and sensor technology continue to expand the capabilities and adoption of service robots globally, enabling greater autonomy and versatility in task performance.

Key Drivers of Market Growth

Aging Global Population: The increasing elderly population worldwide has created a significant demand for healthcare services and assistance with daily activities. Service robots address these challenges by:

Providing support in medical treatments and health monitoring
Assisting with domestic chores
Offering companionship to the elderly

This trend is particularly evident in developed countries like Japan, where service robots play a crucial role in managing an aging society and improving the quality of life for older adults.

Growing Demand for Convenience and Personalized Services

Consumer appetite for convenience and tailored services has accelerated the adoption of service robots in homes and businesses:

Domestic robots, such as vacuum cleaners and personal assistants, reduce household workload and enhance living experiences.
In retail and hospitality, robots improve customer satisfaction through faster checkouts, automated services, and personalized product recommendations.

As consumers seek efficient solutions for their daily tasks and business operations, the integration of advanced robots becomes increasingly essential in modern society and commerce.

Technological Advancements: Rapid progress in artificial intelligence, machine learning, and sensor technology has dramatically enhanced the capabilities of service robots:

Improved decision-making abilities allow for greater autonomy and responsibility.
Advanced sensors enable better interaction in complex environments.
Enhanced processing power and battery life increase operational efficiency and duration.

These technological advancements have expanded the range of tasks service robots can perform, boosting their adoption across various industries including healthcare, transportation, and hospitality.

The European Service Robotics Market

Europe’s service robotics market is experiencing significant growth, driven by technological advancements, labor shortages, and aging populations. Key players in this market include:

Germany: A leader in developing advanced service robots for medical, industrial, and domestic applications, supported by strong emphasis on innovation and research.
United Kingdom: Growing demand in healthcare and logistics sectors, with increasing adoption of robotic systems in hospitals, retail, and e-commerce for tasks such as surgery assistance, patient care, and inventory management.
France: Progressing in agricultural and domestic robotics, with innovations addressing farming challenges and growing importance of household assistance and cleaning robots.

Leading Companies and Recent Developments

Key players in the global service robotics market include KUKA, iRobot Corporation, Intuitive Surgical Inc., Panasonic Corporation, Fanuc, ABB Ltd., and Stryker Corporation.

Recent industry developments highlight ongoing innovation and market dynamics:

May 2024: EveryBot, previously focused on robotic mop cleaners, acquired AI robotics company Highcore to enter the personal mobility market, expanding its product portfolio and exploring new opportunities in AI-driven electric wheelchairs.

January 2024: Angeles Equity Partners acquired Acieta from Mitsui & Co., marking its fourth entry into the robotics integration market and enhancing capabilities in tending, welding, and palletizing equipment across various industries.

March 2023: Stryker introduced Mako Total Knee 2.0, featuring enhanced user experience, reliable results, and a digital tensioner for intraoperative knee stability assessment during total knee arthroplasty.

Relate Reports

Industrial Robotics Market: https://www.renub.com/industrial-robotics-market-p.php

Global Robotics Market: https://www.renub.com/global-robotics-market-volume-and-forecast-962-p.php

Automotive Seat Market: https://www.renub.com/automotive-seat-market-p.php

Europe Automotive Robotics Market: https://www.renub.com/europe-automotive-robotics-market-p.php

Segments – Market & Volume has been covered from 5 viewpoints:

Transportation & Logistics
Professional Cleaning
Medical Robotics
Hospitality
Agriculture & Field

Countries – Market has been covered from 16 viewpoints:

America

United States
Canada
Mexico
Others

Europe

France
Germany
Italy
Spain
Others

Asia Pacific

China
India
Japan
Republic of Korea
Thailand
Others

Rest of the World

Company Insights:

· Overview

· Recent Development & strategies

· Product Portfolio

Financial Insights

Key Players Analysis:

KUKA
iRobot Corporation
Intuitive Surgical Inc.
Panasonic Corporation
Fanuc
ABB Ltd.
Stryker Corporation

About the Company:

Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.