Service robot market expected to soar

The global service robotics market is expected to be worth more than $40 billion in 2023, with a total valuation of $267 billion by 2033.

By Future Market Insights March 2, 2023
Courtesy: Chris Vavra, CFE Media and Technology

Robotics insights

  • The worldwide service robots market is expected to go ore than six-fold over the next decade to more than $250 billion.
  • The market growth is driven by robotics advances in high-tech manufacturing and testing facilities in many different industries.

The projected value of the worldwide service robots market is over $40 billion in 2023, and it is predicted to grow at an amazing CAGR of 21% between 2023 and 2033. The market for service robots is expected to reach a total value of up to $267 billion by 2033, according to a paper on the subject.

In addition to performing important and risky tasks for humans like medical care and security, service robots are increasingly assisting people in a wide range of fields, including home chores, education, and entertainment. The worldwide service robotics market is now seeing a spectacular expansion because of these personal service robots’ ability to manage time effectively, lessen the workload of family members and workers, and boost production by eliminating the chance of human errors.

The market growth has been significantly driven by the sheer precision attained by the use of service robots in high-tech manufacturing and testing facilities. The market for service robotics has significantly expanded in recent years due to the usage of such robots by unmanned aerial vehicles, in the agriculture, and defense industries.

Key takeaways from the service robotics market study

  • The industrial or commercial services robotics category is expected to have the largest market share in the near future, followed by the logistics and transportation, and medical sub-segments.
  • The residential segment is also predicted to grow substantially over the projection years since domestic service robots are used to care for elderly persons.
  • Considering that it is predicted that the deployment of service robots will be more application-specific, it is anticipated that the software component segment will account for a larger percentage of the worldwide service robotics market than the hardware component segment.

Future Market Insights is a CFE Media and Technology content partner. Edited by Chris Vavra, web content manager, Control Engineering, CFE Media and Technology,