Service Robotics Market

Global Service Robotics Market Size (2024 to 2029)

The global service robotics market is estimated to reach USD 48.14 billion in 2024 and USD 101.11 billion by 2029, growing at a CAGR of 16% during the forecast period.

Global Service Robotics Market Drivers:

The key areas and factors that are driving the market forward are the need for the companies and firms to automate and effectively systemize their product portfolios and relevant data, especially where human intervention cannot be deployed, the vast requirement for the companies to operate their entire workflow digitally and reduce the levels of social dependency for trivial works, the increased demand and need for faster processing and accuracy of networked robots, the need to cut down the unwanted or extra labor costs and handling costs involved and also immense pressure on companies to meet their deadlines, etc. However, the huge need for installation costs and lack of technical expertise are some of the factors hampering the global market growth.

GLOBAL SERVICE ROBOTICS MARKET REPORT COVERAGE:

This research report on the global service robotics market has been segmented and sub-segmented based on the operating environment, application, and region.

Global Service Robotics Market - By Operating Environment:

• Ground
• Aerial
• Marine
• Automated Underwater Vehicles
• Remotely Operated Underwater Vehicles
• Unmanned Surface Vehicles Controls

Global Service Robotics Market - By Application:

• Personal Services
• Professional Services

Global Service Robotics Market - By Region:

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus

North America is the regional player among all other regions globally. Europe and the Asia Pacific regions are the fastest-growing regional markets, following North America.

KEY MARKET PARTICIPANTS:

The major companies operating in the global service robotics market include Northrop Grumman Corporation (U.S.), KUKA AG (Germany), iRobot Corporation (U.S.), Kongsberg Maritime AS (Norway), DJI (China), Intuitive Surgical, Inc. (U.S.), Parrot SA (France), Gecko Systems Intl. Corp. (U.S.), Honda Motor Co. Ltd. (Japan), Adept Technology, Inc. (U.S.), Bluefin Robotics- now wholly owned subsidiary of General Dynamics Mission Systems, Inc. (U.S.), ECA Group (France), Aethon Inc. (U.S.), DeLaval International AB (Sweden), and Lely Holding S.a.r.l. (Netherlands).

RECENT HAPPENINGS IN THE MARKET:

• In March 2019, General Motors is investing USD 20 million at its Romulus, Michigan, propulsion plant to increase its capacity for future 10-speed transmission production of V6 engines used in several GM cars, trucks, and crossovers.
• In February 2019, Swisslog secured significant orders valued at around $17 million for its warehouse management solutions and applications, including Auto Store and SAP EWM.
• In January 2019, Vecna Robotics (Vecna) unveiled its latest product, the fifth-generation autonomous pallet handling system. The new Pallet Jack will be the first self-driving vehicle to include an autonomous pallet pro-driving type.
• In December 2017, KUKA acquired Visual Components, a company specializing in 3D simulation software solutions for plant planning. This acquisition is expected to dictate the next phase of intelligent automation.
• In June 2017, Yaskawa launched the MOTOMAN-HC10 collaborative robot, which, in addition to its industrial robot collection, claims to work with humans with minimal communication and without the need for any special safety gate. This will increase its potential for users globally.