Service Robots Market worth USD 65.23 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Service Robotics Market by Component (Hardware (Airframe, Sensors, Cameras, Actuators, Power Supply, Control Systems, Navigation Systems, Propulsion System, and Others)and Software), by Type (Professional, and Personal), by End User (Logistics, Military and Defense, Medical and Healthcare, Public Relations, Construction, and Agriculture), and by Region - Global Trends, Market Share, and Forecast to 2027". The global service robotics market was valued at USD 21.4 billion in 2020 to USD 65.23 billion by 2027, at a CAGR of 28.17% from 2021 to 2027. The hospitality industry has started to embrace robots in customer-facing roles. For instance, a 2013 established robotics company, Savioke, introduced its customer service robot, Relay, which is used by hotel brands, including Aloft, Embassy Suites, Hampton Inn, Crowne Plaza, Holiday Inn Express, Hyatt Place, Residence Inn, Sheraton, and Westin (in select locations). The service robot can deliver items like food, drinks, electronics, flowers, etc., to guest rooms.

The hospitality industry has started to embrace robots in customer-facing roles. For instance, a 2013 established robotics company, Savioke, introduced its customer service robot, Relay, which is used by hotel brands, including Aloft, Embassy Suites, Hampton Inn, Crowne Plaza, Holiday Inn Express, Hyatt Place, Residence Inn, Sheraton, and Westin (in select locations). The service robot can deliver items like food, drinks, electronics, flowers, etc., to guest rooms. According to recent studies, the United States, which spent around 17% of its GDP on healthcare, is projected to experience long-term shortages of physicians and nurses. By the year 2025, it is expected to number 155,000 and 500,000, respectively. In such scenarios, automating operational activities like the transport of drugs, samples, etc., increases the productivity of the healthcare organization and enables them to offer efficient healthcare services at minimum costs. The United Kingdom, Canada, Germany, Sweden, Australia, and France, which spend almost 11.5% of their GDP on healthcare, can also be considered potential markets.

Global Service Robots Market Segmentation

The overall service robots market has been segmented into component, type, end user, and region.

By Component Outlook (Volume, Thousand Units, Value, USD Million, 2017-2027)

• Software
• Hardware
  • Airframe
  • Sensors
  • Cameras
  • Actuators
  • Power Supply
  • Control Systems
  • Navigation Systems
  • Propulsion Systems
  • Others

By Environment Outlook (Volume, Thousand Units, Value, USD Million, 2017-2027)

• Aerial
• Ground
• Marine

By Type Outlook (Volume, Thousand Units, Value, USD Million, 2017-2027)

• Professional
• Personal and Domestic          

By End User Outlook (Volume, Thousand Units, Value, USD Million, 2017-2027)

• Medical and Healthcare
• Public Relations
• Logistics
• Military and Defense
• Construction
• Agriculture

By Region Outlook (Volume, Thousand Units, Value, USD Million, 2017-2027)

• North America (US, Mexico, Canada)
• South America (Brazil, Argentina, Peru, Colombia, Rest of Latin America)
• Europe (Germany, Italy, UK, France, Spain, Poland, Slovenia, Slovakia, Hungary, Russia, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, South Korea, Indonesia, Malaysia, India, Vietnam, Myanmar, Cambodia, the Philippines, Thailand, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Professional Robots, by type, is estimated to hold the largest market share during the forecast period

Based on the type, the global service robots market has been segmented into professional and Personal Robots. In 2020, Professional Robots had the largest market revenue share of 78% and growing at a CAGR of 26.55%, during the forecast period. In recent years, external and internal security threats have forced various Global Spending on Military Robotics, government organizations to adopt these solutions, substantially contributing to the healthy growth of the service robotics market. These systems are used to conduct discrete surveillance activities or implement activities that are highly dangerous to human personnel.

Moreover, Diagnostic systems, robot-assisted surgery or therapy, rehabilitation systems, and other medical robots are significant healthcare service robots considered in the scope. Healthcare is one of the most important markets for service robots at a global level. The growing adoption of advanced technologies in the healthcare sector, especially in the developed economies, is driving the studied segment of the market.

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The Asia Pacific accounts for the largest market share during the forecast period

Based on the regions, the global service robots market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market revenue share of 70.86% in the global service robots market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America. In the Asia Pacific, Japan has one of the highest proportions of the elderly, which is expected to rise significantly by 2030. It is expected that 33% of the population will exceed 65 years, and 20% will exceed 75 years by 2020, thus boosting the demand for healthcare services in the country. The growing aging population in Japan is expected to fuel the demand for humanoid robots useful for the elderly. Additionally, high disposable income and the need for convenience in developed countries boost the demand for personal robots.

After the Asia Pacific, Europe had a market revenue share of 17.10% in 2020. Europe is also one of the significant markets for service robotics, owing to continuous R&D in this field and the increasing demand for robotics in numerous industries. European Union and its member countries have set up several programs intended to encourage innovation in this sector. The EU funds programs to support research, service robot awareness-raising campaigns, and the series of tournaments run throughout Europe by the European Robotics League (ERL). Following these events, students and researchers are motivated to set up companies to make practical use of the technologies they developed for the competition.

Some of the major companies that operate in the global service robots market are are Daifuku Co. Ltd, Dematic Corp., Swisslog Holding AG (KUKA), Northrop Grumman Corporation, Seegrid Corporation, Murata Machinery Ltd, Omron Adept Technology, Inc., Bastian Solutions Inc., JBT Corporation, SSI Schaefer AG, Grenzebach GmbH & Co. KG, Transbotics Corporation, Mazor Robotics Ltd, Smith & Nephew PLC, Stryker Corp., Intuitive Surgical Inc., Knightscope Inc., SZ DJI Technology Co. Ltd, and Kollmorgen Corporation.

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