Latest News- Service Robotics Market: Professional robots is expected to lead the Application segment during 2025-2029

The Service Robotics Market is being driven by Growing demand for robotic automation processes

The Service Robotics Market is expected to grow at a CAGR of 33.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 132930.2 million. Advanced technologies, including 5G and artificial intelligence, are receiving significant support from governments in Europe, North America, Asia, the Middle East and Africa, and South America, to drive the growth of the service robotics market. Notably, the European Commission's updated robotics work program under Horizon Europe, which commenced in April 2024, has allocated approximately €174 million (USD183.5 million USD) for the 2023-2025 period. This strategic initiative aims to bolster industrial leadership in artificial intelligence, data, and robotics, with applications extending to clean energy, healthcare, and smart manufacturing. This global push, fueled by government backing, is poised to expedite the implementation of robotics solutions across various industrial and non-industrial sectors. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Professional robots
  • Personal robots
• Environment
  • Ground
  • Aerial
  • Marine
• Component
  • Hardware
  • Software
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for robotic automation processes
• Increasing adoption of robotics in diverse application fields
• Increasing use of IoT in robots for cost-effective predictive maintenance

However, the market also witnesses some limitations, which are as follows:

• High cost associated with robotic systems
• Lack of skilled technicians
• Stringent regulations and safety concerns related to robotics

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Market Scope in Service Robotics Market Research Report

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Research Analysis Overview

The Service Robotics Market encompasses a range of advanced robotic technologies, including telepresence robots for remote communication, collaborative robots (cobots) for working alongside humans, mobile manipulation robots for versatile movement, and AI-driven systems with computer vision algorithms and 3D mapping. Sensor networks, human-machine interfaces, intuitive controls, and cloud-based control enable remote operation and data logging for applications such as personalized care, inventory management, and fleet management. Surgical robots, assistive devices, and companion robots offer enhanced capabilities in healthcare and daily life, while floor cleaning, window cleaning, lawn mowing robots, and security patrols ensure efficiency in domestic and industrial settings. Precision agriculture robots, construction robots, inspection drones, autonomous vehicles, smart homes, and smart cities applications further expand the market's reach, driving innovation and growth.

Market Research Overview

The Service Robotics Market is a significant segment of the larger Industrial Machinery and Supplies and Components Market. This market encompasses businesses specializing in robotics technology for industrial applications, including autonomous navigation, computer vision, object recognition, path planning, motion control, and sensor fusion. The Industrial Machinery and Supplies and Components Market, in turn, comprises companies manufacturing industrial machinery and components, such as presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the market size is determined by the combined revenue generated by these manufacturers catering to the industrial sector. Factors driving the expansion of the Industrial Machinery, Supplies and Components Market include the increasing industrial output and capacity additions in process and discrete industries due to the burgeoning demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing countries.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/