The personal services robotics market is expected to reach $35.9 billion at a CAGR of 38.5% by 2030


Future of Market Research

Adoption of Swarm Robotics to Drive Growth of Personal Service Robotics Market

New York, U.S., June 24, 2022 (GLOBE NEWSWIRE) — Personal Service Robotics Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Personal Service Robotics Market” information by Components, by Application and Region – Forecast to 2030” market size to reach USD 35.9 billion, with annual growth rate composed of 38.5% by 2030.

Scope of Personal Service Robotics Market:
The adoption of swarm robotics which allows robots to easily perform different complex jobs will provide strong opportunities for the personal service robotics market over the forecast period. Swarm robotics is simply a method of coordinating many robots into a single system. Swarm robotics has unique qualities of scalability, adaptability and resilience. Robots can easily complete a variety of complicated tasks due to swarm intelligence. For example, swarm intelligence allows drones to cover a larger area faster since internet range can be extended via internet sharing between drones.

Report Scope:

Report metric

Details

Market size

$35.9 billion 2030

CAGR

CAGR 38.5%

Year of reference

2019

Forecast period

2020-2030

Historical data

2018

Forecast units

Value Billion USD

Report cover

Revenue forecasts, competitive landscape, growth factors and trends

Segments Covered

By component, by application

Geographical areas covered

North America, Europe, Asia-Pacific

Main suppliers

Samsung Electronics Co.Ltd. (Korea), Hasbro Inc. (USA), Ecovacs Robotics Inc (China), ZMP Inc (Japan), Hansol Robotics Corp. (Korea), Neato Robotics Inc (USA), F&P Robotics AG (Switzerland), Segway Inc. (USA), Honda Motor Co Ltd. (Japan), iRobot Corporation (USA)

Key market opportunities

The deployment of robotics is essential in all fields.

Key Market Drivers

Demand for robotics has peaked over the past two decades

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Market factors
Falling commodity prices to drive market growth
Personal robots are becoming more and more affordable for budget-conscious people. The average price of personal robots has declined in recent years due to falling raw material costs. The general creation of human service robots has been strongly influenced by the fall in commodity prices. This will drive the growth of the market over the forecast period.

High price to hold back the market
The high price of developing personal service robots might act as a drag on the market during the forecast period.

Data privacy concerns to act as market challenge
Concerns about data privacy and regulation, high maintenance costs, and massive early-stage investments may pose challenges for the market during the forecast period.

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COVID-19 Analysis
The COVID-19 outbreak will only accelerate the use of service robots for functions such as contactless delivery, disinfection, medicine and food delivery, and border control assistance. As a result, this industry is likely to see a number of deployments, especially in the healthcare sector. Moreover, robots are essential in the fight against the SARS-CoV-2 coronavirus. Chinese hospitals, for example, have acquired more than 2,000 UVD disinfection robots from Danish company Blue Ocean Robotics, according to the IFR. These robots roam around patient rooms on their own, covering all major surfaces with just enough UV-C light to destroy infections.

Market Segmentation Covered by Research:
The global personal service robotics market is divided on the basis of components and applications.

By component, software will dominate the market over the forecast period.

By application, the personal service robotics market is segmented into cleaning robot, amusement & toy robot, educational robot, disability assistance robot, companion robot, personal transportation robot, and security robot.

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Regional analysis
Europe to precede personal service robotics market
Due to its high acceptance of new technologies and rapidly increasing disposable income, Europe is likely to have the highest share of the personal service robotics industry. In Europe, the global personal service robotics market is expected to grow by 44%. Demand from the logistics, healthcare, defense and retail sectors is driving the market. In the projected year 2022, Europe will reach the peak of CRGR. Robotic services are more efficient thanks to increased R&D in Europe. In Europe, government attempts to promote robotics are also common. During the projected period, Europe is expected to hold a considerable share of the service robot market. The expansion of automotive, healthcare and electronics industries in the region will propel the service robotics industry in the region. The majority of European countries are developed, have a high per capita income and can afford the expensive cost of some service robots. The market is supported by a strong research base in France and the UK. The German, French and British governments are focusing on creating assistive robots for elderly care due to their aging populations. Domestic robots are being pushed by a labor crisis in Europe. Moreover, in order to fight against COVID-19, European countries are actively adopting robotics. The AI-ROBOTICS against COVID-19 effort was launched by the European Commission to generate ideas for developing artificial intelligence (AI) and robotics solutions, and information on other initiatives that could help tackle to the current situation of COVID-19.

APAC will have admirable growth in the personal service robotics market
Due to growing need for humanoid robots, especially in Japan, increasing population and high investment in technical innovation, Asia-Pacific region is expected to grow between 2016 and 2022. The service robotics market personnel in the Asia-Pacific region is expected to increase significantly due to the high export rate of robotic components and assembled robots, as well as the large pool of personal service robot producers in countries like China and Japan. Asia-Pacific, the world’s second largest market, is in high demand. The market is driven by increased research and development. This region has a higher rate of investment in automation. This is the major reason for the fastest growing robot market in the forecast year 2022.

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The Dominant Key Players in Personal Service Robotics Market Covered Are:

  • Ecovacs Robotics Inc (China)

  • Honda Motor Co Ltd. (Japan)

  • Samsung Electronics Co.Ltd. (Korea)

  • Hasbro Inc. (USA)

  • Hanool Robotics Corp. (Korea)

  • F&P Robotics AG (Switzerland)

  • ZMP Inc (Japan).

  • Segway Inc. (USA)

  • Neato Robotics Inc (USA)

  • iRobot Corporation (USA)

The main contributors to this market are China, Japan, India and Korea. Due to increased construction activity in China and India and increased infrastructure spending capacity, the Asia-Pacific market is expected to grow at the fastest rate of 24.2% during the forecast period. During the forecast period, this market is expected to grow at the fastest rate. This is due to the presence of countries like Japan, China and Korea, which were the fourth, fifth and sixth largest manufacturers of these robots in 2017, according to the IFR. Also, increasing disposable income in developing countries like India and the Philippines due to increased industrialization is expected to boost the demand for service robots. The APAC oil and gas industry has grown significantly over the past two to three years, resulting in a growing need for Autonomous Underwater Vehicles (AUVs) and Remotely Operated Vehicles (ROVs). In India, Australia, and China, there is a growing trend towards automation and globalization, which is supporting the APAC service robotics market.

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