Service Robotics Market Achieves Progress in Autonomous Navigation

According to a new report by Grand View Research, Inc., the global service robotics market is projected to reach USD 107.75 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.4% from 2024 to 2030. Global demand for service robotics was estimated to exceed 18 million units by 2020. A key factor propelling this growth is the increasing need for assisted living solutions and efforts to offset rising labor costs in developed nations.

Service robots offer significant benefits, particularly in performing tasks that are otherwise challenging or hazardous. They also handle routine activities with high precision and efficiency, contributing to improved productivity.

The industry has seen substantial expansion, with numerous companies entering the market and enhancing their automation technologies to gain a competitive edge. Key components used in the production of service robots include microcontrollers, actuators, manipulators, sensors, and power supplies.

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Service Robotics Market Report Highlights

• In 2023, the mobile platforms segment accounted for the largest revenue share at 32.9%. Nevertheless, professional service robots generated the highest revenue, making up over 70% of the global market. This category includes field, medical, defense, and logistics robots.
• North America, following Europe and the Asia-Pacific (APAC) region, held a 27.6% market share in 2023, with the United States being the leading contributor in North America. This growth is driven by rapid industrialization, expanded production capacities, and the booming automotive sector in the region.
• The global service robotics market is characterized by intense competition, especially between manufacturers of specialized service robots and those producing industrial robots.

Key Players in the Service Robotics Market

• ABB Ltd
• Kuka AG
• iRobot Corporation
• SoftBank Robotics Holdings
• Kongsberg Maritime AS
• Honda Motor Co., Ltd.
• Daifuku Co., Ltd.
• ECA Group
• Parrot SA

Gather more insights about the market drivers, restrains and growth of the Service Robotics Market