Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Service Robotics Market size is expected to reach $168.6 billion by 2028, rising at a market growth of 23.1% CAGR during the forecast period.
The Domestic segment acquired maximum revenue share in the Global Service Robotics Market by Application in 2021; thereby, achieving a market value of $32.2 billion by 2028. The surging growth of the segment is because of the development of personal service robots that are employed for human well-being. Moreover, domestic robots are in high demand due to the fact that these robots majorly streamline various household projects. This factor would augment the growth of this segment.
The Ground segment is leading the Global Service Robotics Market by Environment in 2021; thereby, achieving a market value of $96.0 billion by 2028. Ground service robots are being utilized for a variety of tasks, including cleaning, surgeries, and elderly care, as well as telepresence and support. The demand for domestic robots for education, cleaning, entertainment, elderly support, and hobby purposes has surged as the number of nuclear families and the global population has grown. Therefore, this factor would play a major role in propelling the growth of this segment. Moreover, over the next few years, the number of residencies all over the world is estimated to significantly increase. In addition, the worldwide geriatric population has raised the demand for assistive robots, which would lead the market for vacuuming robots to several major growth prospects.
The Personal & Domestic market has shown growth rate of 25.3% during (2022 - 2028). Personal service robots are used for leisure and household purposes. Domestic robots, like mops and robotic floor vacuums, are becoming increasingly popular. Cleaning robots are commonly utilized both at home and in the workplace. The availability of these robots on a rental basis is also a major factor that is allowing various people with lesser disposable income to deploy residential service robots across their residencies. New applications are being investigated, like robotic washing and robotic kitchens. Residential service robotics are currently becoming more affordable as a result of growing utilization and manufacturing economies of scale.
The Software market is showcasing a CAGR of 24.9% during (2022 - 2028). The increasing growth of the segment is attributed to the fact that the deployment of these service robots is projected to become more application-specific and therefore, the tendency of an increase is higher for the software component. An AGV programmed for swarm operation on a factory floor, for example, might also be configured for food delivery. Real-time software would be required for delivery drone operations, considering elements such as weather. The majority of developments in robotic vacuum cleaners have occurred in the software, including capabilities such as remote activation and live floor mapping via voice assistant integration. As a result, the software segment is estimated to grow throughout the forecast period.
The North America market dominated the Global Service Robotics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $58.6 billion by 2028. The Europe market is estimated to witness a CAGR of 22.6% during (2022 - 2028). Additionally, The Asia Pacific market would exhibit a CAGR of 23.7% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/service-robotics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Kuka AG, Northrop Grumman Corporation, Intuitive Surgical, Inc., iRobot Corporation, General Electric (GE) Co., Cyberdyne, Inc., Daifuku Co., Limited, SoftBank Robotics Group Corporation, Tetra Laval International S.A., and Neato Robotics, Inc.
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