The growth of the global service robotics market is driven by surge in adoption of service robotics in several sectors, high investment in R&D activities, and heavy labor costs due to lack of skilled labors.

Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) — Allied Market Research recently published a report, titled, “Service Robotics Market by Type (Professional service robotics, Personal service robotics), by Application (Healthcare, Defense, Field, Logistics, Construction, Domestic, Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030.” As per the report, the global service robotics industry was accounted for $21.7 billion in 2020, and is expected to reach $153.7 billion by 2030, growing at a CAGR of 21.2% from 2021 to 2030. Request Sample PDF: https://www.alliedmarketresearch.com/request-sample/524

Major determinants of the market growth

The growth of the global service robotics market is driven by surge in adoption of service robotics in several sectors, high investment in R&D activities, and heavy labor costs due to lack of skilled labors. However, concerns related to data privacy and regulations, huge investment at initial stage, and high maintenance cost hamper the market growth. On the contrary, a surge in demand from emerging economies is expected to open lucrative opportunities in the future. The professional service robotics segment dominated the market

Based on type, the professional service robotics segment garnered the largest share in 2020, holding more than two-thirds of the global service robotics market, attributed to increase in demand for automation in commercial sectors and surge in demand from healthcare, agriculture, and distribution centers. On the other hand, the personal service robotics segment is projected to grow at the highest CAGR of 22.6% during the forecast period, owing to an increase in adoption for service robotics for household chores, entertainment, and security purposes.

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The transportation segment to portray the highest CAGR through 2030

Based on application, the healthcare segment accounted for the largest share in 2020, contributing to more than one-fourth of the global service robotics market, due to the use of robotics in operating rooms in clinical and medical sectors to assist health personnel and improve patient care. Simultaneously, the construction segment is estimated to showcase the fastest CAGR of 24.7% from 2021 to 2030, due to ability of service robots to handle and move construction materials and communicate with labors and other machines.

Europe, followed by North America, held the lion’s share Based on region, Europe dominated with the highest market share in 2020, holding more than two-fifths of the market, attributed to applications such as delivery, security & inspection and disinfection. At the same time, the Asia-Pacific region is anticipated to portray the fastest CAGR of 24.2% during the forecast

period. Factors such as increase in construction activities in India & China and surge in spending capacity on infrastructure are driving the market growth in the region. Inquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/524

Major market players

· Aethon, Inc.

· GeckoSystems Intl. Corp.

· Samsung Electronics Co., Ltd.

· iRobot Corporation

· Intuitive Surgical, Inc.

· Honda Motor Co., Ltd.

· Panasonic Corporation

· Robert Bosch GmbH

· AB Electrolux

· Yujin Robot Co., Ltd.

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