Home Bots & Business Service Robotics Market Projected to Reach $293.0 Billion by 2032

Service Robotics Market Projected to Reach $293.0 Billion by 2032

by Pieter Werner

A recent report by Allied Market Research has projected significant growth in the global service robotics market, with an expected valuation of $293.0 billion by 2032, growing at a compound annual growth rate (CAGR) of 24.3% from 2023 to 2032. This growth is attributed to the increasing popularity of service robots in both industrial and non-industrial sectors, high labor costs in industries, and substantial investments in research and development activities.

The report provides an analysis of market dynamics, segmentations, and the competitive landscape. In 2020, the global service robotics industry generated $21.0 billion and is now on a trajectory for significant expansion.

Key Findings of the Report:

Professional Service Robotics Segment Dominance: The professional service robotics segment accounted for the largest share in 2020, over two-thirds of the global market revenue. The demand in this segment is driven by the increasing adoption of automation in various commercial sectors including agriculture, healthcare, and distribution centers.

Growth in Personal Service Robotics: The personal service robotics segment is expected to exhibit the highest CAGR of 25.2% from 2023 to 2032. These robots are increasingly used for domestic tasks such as cleaning, lawn mowing, and entertainment purposes.

Medical Sector as a Leading Application: In terms of applications, the medical segment represented the largest market share in 2020. Service robots in the medical sector are enhancing patient care and supporting healthcare professionals by performing tasks like cleaning and preparing patient rooms autonomously.

Construction and Demolition Segment’s Rapid Growth: The construction and demolition segment is projected to experience the highest CAGR of 28.4% during the forecast period. Service robots are being integrated to improve efficiency, safety, and precision in tasks such as demolition and structure removal, offering a safer alternative to manual labor.

Regional Market Insights: Europe held the largest market share in 2022 and is expected to maintain its dominance. The region is a key center for robot manufacturing and utilization. The Asia-Pacific region is anticipated to witness the fastest growth, with a CAGR of 25.9% from 2023 to 2032, driven by industrialization and urbanization.

The report also profiles leading market players such as AB Electrolux, Aethon Inc., DeLaval, Honda Motor Co., Intuitive Surgical Inc., iRobot Corporation, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics CO., and Yujin Robot Co. Ltd. These companies have implemented various strategies including new product launches, collaborations, and expansions to strengthen their market position.

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