The service robotics market is segmented by application (professional robots and personal robots) and geography (APAC, North America, Europe, Middle East and Africa, and South America). Strategic collaborations, partnerships, and mergers and acquisitions (M&A) are the major service robotics market trend which will positively influence the market value.
The service robotics market share will value over USD 48788.55 million by 2027
It is estimated to expand at a CAGR of 22.75% from 2022 to 2027
The service robotics market size will witness a YOY growth rate of 20.48% in 2023
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Service robot manufacturers are continuously making efforts toward improving their relationships through collaborations and partnerships with robot system integrators and distributors to attain a competitive advantage over other players in the market. This will help the service robotics market to grow during the forecast period.
Robots are being employed in numerous fields today, including in the automotive, healthcare, agriculture, food and beverage industries and robotic surgery. The automotive sector is the biggest end-user of robotics, accounting for more than 30% of overall industrial robot installations. Robots also enhance the quality and precision of different processes while increasing the overall efficiency of the manufacturing process. All these factors are driving the global service robotics market during the forecast period.
Some of the major service robotics market vendors are:
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The high costs associated with robotic systems are the major hindrance for market players
The service robotics market structure is fragmented in nature.
40% of service robotics market growth will develop from APAC.
The market growth by the professional robots segment will be significant during 2023-2027