As per the current market research conducted by the CMI Team, the global Service Robotics Market size is expected to record a CAGR of 15.1% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 28.3 Billion. By 2032, the valuation is anticipated to reach USD 100.4 Billion.
Service Robotics Market: Growth Factors and Dynamics
- Technological Advancements: The continuous advancement in robotics technologies, including artificial intelligence (AI), machine learning, computer vision, and sensor technologies, has significantly enhanced the capabilities of service robots. Improved functionality and performance contribute to the increasing adoption of service robotics across various industries.
- Increased Labor Costs and Workforce Shortages: Rising labor costs and shortages in certain industries, such as logistics, healthcare, and agriculture, have led businesses to explore and invest in service robotics. Robots can automate repetitive tasks, reduce labor dependency, and enhance operational efficiency, making them an attractive solution for industries facing workforce challenges.
- Rising Demand in Healthcare: The healthcare industry has witnessed a growing demand for service robots, particularly in tasks such as surgery, diagnostics, and patient care. Robots are being employed to enhance precision in medical procedures, assist healthcare professionals, and improve overall patient outcomes.
- E-commerce and Warehouse Automation: The growth of e-commerce and the need for efficient warehouse and logistics operations have driven the adoption of service robots. Robotics solutions for material handling, order fulfillment, and inventory management have become essential in meeting the demands of fast-paced and high-volume distribution environments.
- Rapid Urbanization and Smart Cities Initiatives: The growth of urbanization and the development of smart cities worldwide have created opportunities for service robots to play a role in various urban applications. These applications include robotic assistance in public spaces, smart infrastructure maintenance, and the integration of robotic technologies into city planning for improved efficiency and sustainability.
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Service Robotics Market: Partnership and Acquisitions
- In 2022, JD.com, Inc., through JD Logistics, has launched autonomous delivery robots in Shanghai for contactless last-mile delivery. These robots, with a 100-kilogram cargo capacity and an 80-kilometre per charge range, exemplify JD.com’s commitment to innovative solutions for efficient and secure logistics in urban environments.
- In 2021, Medtronic Plc unveiled the Hugo RAS System, a robotic-assisted surgery system catering to gynecologic and urologic procedures. This advanced system is poised to enhance precision and effectiveness in minimally invasive surgeries, offering innovative solutions in the medical field.
Service Robotics Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Service Robotics Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The pandemic disrupted global supply chains, affecting the production and distribution of service robotics components. Lockdowns, travel restrictions, and factory closures led to delays in manufacturing and challenges in sourcing necessary materials, impacting the overall supply chain for service robotics.
- Decreased Capital Expenditure: Many industries experienced financial constraints and reduced capital expenditure during the pandemic. Businesses were cautious about investing in new technologies, including service robotics, as they faced uncertainties regarding market demand, economic recovery, and the duration of the crisis.
- Shift in Priorities and Applications: The pandemic prompted a shift in priorities for businesses and industries. Some sectors, such as healthcare and logistics, saw an increased demand for certain types of service robots (e.g., telepresence robots, disinfection robots), while other applications faced a slowdown due to reduced operations and focus on essential services.
- Increased Emphasis on Automation: The pandemic highlighted the importance of automation in maintaining business continuity and reducing reliance on human labor in times of crisis. Post-COVID, businesses are likely to accelerate their adoption of service robotics for automation to enhance resilience and operational efficiency.
- Rising Demand for Healthcare Robots: The healthcare sector, which experienced a surge in demand for robots during the pandemic, is expected to continue adopting service robotics for various applications. This includes robot-assisted surgery, telemedicine support, and the use of autonomous robots for tasks that minimize human exposure to infectious diseases.
- Accelerated E-commerce and Logistics Growth: The e-commerce sector, which witnessed significant growth during the pandemic, will continue to drive demand for service robotics in logistics and warehouse automation. Robot handling, order fulfilment, and last-mile delivery are expected to play a crucial role in meeting the demands of the evolving retail landscape.
- Focus on Contactless Solutions: The increased focus on hygiene and safety during the pandemic has amplified the demand for contactless solutions. Service robots equipped with features like touchless interfaces, autonomous navigation, and disinfection capabilities are likely to see increased adoption in various industries to minimize the risk of virus transmission.
List of the prominent players in the Service Robotics Market:
- iRobot Corporation
- Intuitive Surgical Inc.
- Dyson Ltd.
- Aethon Inc.
- KUKA AG
- ABB Ltd.
- Yaskawa Electric Corporation
- FANUC Corporation
- SoftBank Robotics Holdings Corp.
- Blue Ocean Robotics A/S
- Northrop Grumman Corporation
- Amazon Robotics
- UBTECH Robotics Corp.
- Hanson Robotics Limited
- Boston Dynamics
- Others
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