Service Robotics Market to grow at a CAGR of 30.25% during 2024-2028
The Service Robotics Market is expected to grow at a CAGR of 30.25% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 90412.8 million. Advanced technologies such as 5G and artificial intelligence are increasingly being prioritized by governments globally to drive the growth of their service robotics markets. For instance, the Chinese Robot Industry Development Plan outlines strategic goals including the development of multiple internationally competitive robot manufacturers and industrial clusters. In Germany, the government is committed to implementing new digital technologies in the industry as part of its High-Tech Strategy. Notably, high-end robots represent over 40% of China's domestic market share, and the country aims to increase robot density to 100 robots per 10,000 workers. European, North American, Asian, Middle Eastern, and South American governments share similar ambitions, recognizing the potential of robotics to enhance industrial productivity and competitiveness.
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Technavio analysts predict that the Professional robots subsegment will lead the Application segment during 2024 and 2028 The professional robot market encompasses semi-autonomous and fully autonomous robots specifically engineered to execute commercial tasks, excluding manufacturing operations. This sector is undergoing a transformative technological evolution, driven by groundbreaking advancements in robot capabilities. These advancements are fueled by innovations in machine learning, artificial intelligence, adaptive computing, and vision systems. Furthermore, the emergence of the Robots-as-a-Service (RaaS) business model is increasing professional robot adoption. The integration of advanced 5G telecom services and AI processors is projected to boost demand for professional robots throughout the forecast period.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish growing demand for robotic automation processes
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The service robotics market is experiencing significant growth, driven by the increasing demand for automation and innovation in various industries. One of the key areas of expansion is in the use of inspection robots, particularly in sectors such as agriculture and critical operations. Agricultural robots, equipped with 3D data and aerial photogrammetry, are revolutionizing farming by providing accurate assessments of crop health and soil conditions. Elsewhere, professional robots are being used by organizations like the European Space Agency and government funding bodies to explore new frontiers. In the realm of aerial drones, professional UAVs are being utilized for tasks such as infrastructure inspection and disaster response. As the global population continues to grow and food demand increases, the need for efficient and accurate agricultural practices is more important than ever. Service robotics, including inspection robots and aerial drones, are helping to meet this need, while also reducing the risk to human workers. In the healthcare sector, service robots are being used to improve patient care and reduce hospital-acquired infections (HAIs). Natural language processing and user interfaces are making these robots more accessible and effective, while regulations and AI researchers are working to ensure that they provide accurate results. Meanwhile, advancements in Wi-Fi technology, such as Super Wi-Fi and Whizpace, are enabling more robust and reliable connections for drones and other service robots. As the service robotics market continues to evolve, it will be interesting to see how these technologies continue to shape the landscape.
The industrial machinery and supplies and components market encompasses businesses involved in the manufacturing of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio's market analysis, the global industrial machinery and supplies and components market size is determined by the consolidated revenue generated by the manufacturers of machinery and components utilized in industrial applications. The expansion of the global economy, particularly in developing countries, is driving the growth of the industrial output in process and discrete industries, leading to increased demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages. This, in turn, is fueling the growth of the industrial machinery, supplies, and components market.
The Service Robotics Market is experiencing significant growth, fueled by the growing demand for robotic automation processes. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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