The global service robotics market is growing at a significant rate i.e. projected to reach USD 125 billion by 2027. It will grow at a CAGR of 24.7% during the forecast period 2021-2027. The service robotics industry is booming worldwide because of the increase in the geriatric population requiring assistance and use in various industries such as defense, logistics, agriculture, healthcare, construction, building, inspection, and mobile platform.
Service robotics is playing a crucial role in fighting coronavirus as they can provide contact-free alternatives. There is an increase in venture capital investment in R&D activities which will have a positive impact on the service robotics market. Service robots are a big game-changer in the COVID-19 pandemic as they can sterilize hospitals and public places to deliver services.
Based upon type, the market is bifurcated into professional service robots and personal service robots. The professional service robots segment will grow significantly over the forecast period 2021-2027 as they automate time-consuming or repetitive tasks. They are used in the healthcare sector such as surgical robots to assist delicate surgeries, monitoring, and surveillance devices, agriculture for spraying fertilizers and constructions, etc. Personal service robots are consumer-facing robots and have high potential growth opportunities in American, European, and ASEAN countries. They automate tasks within homes and are deployed for household chores such as vacuum and floor cleaning, elderly assistance, and entertainment.
North America has the largest market share in the global service robotics market due to the increase in investment and use of robotics in the defense sector. The need for automation across the region and rise in demand from the healthcare sector for therapy, surgical robots have generated impressive revenue for the North America service robotics market. Moreover, the large-scale production of service robotics due to the presence of powerful vendors has led to the growth of the service robotics market in North America.
Some of the key players are IRobot Corporation, Honda Motor Company, Ltd., Intuitive Surgical, Inc., GeckoSystems Intl. Corp., Daifuku Co., Ltd., SZ DJI Technology Co., Ltd., Neato Robotics, YUZIN ROBOT Co., Ltd., Samsung Electronics Co., Ltd., and LG Electronics Inc.
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