The Service Robot Market was valued at USD 30.58 Billion in 2021; it is expected to rise to USD 173.18 Billion by 2030. is growing at a rate of 21.26% between 2022-2030.
A service robot is booming because of the increased adoption of robots in new applications and higher funding for research. In the wake of the COVID-19 epidemic, hospitals are facing a greater need to reduce the number of hospital-acquired infections. This has increased the demand for sterilization and sanitation robots
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Service Robot Market: Drivers
IoT is being increasingly used in robots to perform predictive maintenance cost-effectively
The Internet of Things is the digital networking of different machines and systems to create integrated processes. Predictive maintenance refers to the ability to predict potential problems before they occur. A cloud-based IoT solution can store terabytes and run parallel machine learning (ML), algorithms on multiple computers. This allows you to predict potential hazards and pinpoint when your industrial equipment is likely to fail. The cloud stores data from different sensors on a robot, such as voltage and heat sensors. The data is then analyzed using ML algorithms. ML algorithms can detect unusual data patterns and reveal hidden correlations.
Maintenance activities were traditionally scheduled according to the time since the last check and the equipment’s age. According to the ARC Group (USA), only 18% of equipment fails due to age. 82% of the remaining failures are random. IoT has been used in predictive maintenance robots to reduce downtime and maintenance costs. iRobot (US), Amazon Robotics(US), and DJI (China) are just a few companies that have integrated IoT into their service robots for predictive and maintenance.
Service Robot Market: Restraints
Concerns about data privacy and regulations
Data ownership is a controversial topic, especially in light of the rise in software services for robotics. Ground robots may capture data that is completely different to drones. The cloud now holds the personal information of individuals, thanks to the increased use of domestic robots for chores, education, entertainment and other household tasks. Third parties, such as databases and marketing agencies, can buy these data. This can lead to the loss of privacy. Amazon (US), and Google (US), have enabled voice activation for robots like Roomba (vacuum cleaners) and Lynx (humanoid). These devices’ voices can be misused and infringed. Data security is also an important consideration. Governments worldwide must also consider ethical issues related to robots, such as liability frameworks or the possibility of reusing robot-collected data in research or studies. The lack of standardization complicates the integration of robotics systems. Most equipment manufacturers use their own interface protocols to communicate. Data breaches can seriously affect businesses in the healthcare, military and defense sectors. Therefore, regulations are needed that do not restrict robotics-related technologies.
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Service Robot Market Key Trends:
The Market Share of Professional Robots
The professional robots include field robots, defense and security robots, medical assisting robots (MAR), medical assistant robots (MAR), public robots, electric industry robots, and robots for construction.
The construction industry has adopted service robots to reduce labor costs and labor shortages and prevent labor accidents. Because there are fewer human errors, it helps to build more reliable buildings. Robotics such as 3D printing and demolition robots are also being adopted in the construction industry.
Exoskeleton robots can be used for public relations. Public relations robots are mostly used to help customers find an item or complete a task. These robots can be found in retail to assist customers in finding items and completing tasks.
Services robots are used in the medical and healthcare industries as therapy and diagnostic systems, treatment and rehabilitation systems, and robot-assisted surgery.
Recent development:
July 2021: ABB purchased ASTI Mobile Robotics Group to develop the next generation of flexible automation with autonomous mobile robots. This acquisition will enhance Robotics and Machine Automation solutions and allow the company to develop new business areas.
January 20, 2121 – OMRON Corporation announced selling its i4 SCARA robotics robot. This robot automates high-speed, high-precision assembly and transport while being easy to install.
February 2020 – Intuitive Surgical acquired Orpheus Medical to increase its integrated informatics platform. Orpheus Medical provides information technology connections and expertise for easy processing and archiving surgical video.
Scope of the Report
| Attribute | Details |
| Market Size in 2021 | USD 30.58 Billion |
| Growth Rate | CAGR of 21.26% |
| Historical Years | 2016-2020 |
| Base Year | 2021 |
| Quantitative Units | USD In Bn |
| No. of Pages in Report | 200+ Pages |
| No. of Tables & Figures | 150+ |
| Format | PDF/Excel |
| Direct Order This Report | Available- To Purchase This Premium Report Click Here |
Key Market Players:
- Intuitive Surgical
- IRobot
- Dyson
- Neato Robotics
- Sharp
- Toshiba
- Panasonic
- Gecko Systems
- Northrop Grumman Corporation
- ECA Group
- Kongsberg Maritim
- Fujitsu Frontech Limited
- Kawasaki
- REWALK
- Sony
- Honda
- Toyota
- SoftBank
- Hitachi
- ALSOK
Type
- Personal Service Robots
- Professional Service Robots
Application
- Household Robots
- Education/Entertainment Robots
- Nursing/Rehabilitation Robots
- Medical Robots
- Agriculture, Forestry, Livestock Farming and Fisheries Robots
- Logistic Robots
Industry, By Region
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- Middle East & Africa [GCC, North Africa, South Africa]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
Key questions:
· How was the company profile selected?
· What are the market’s effects on Service Robot?
· What are some of the most prominent trends in Service Robot globally?
· What’s the market study period?
· What are the segments covered by the Service Robot Market?
· Which is the largest end-user of the Service Robot Market?
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