Artificial Intelligence
Personal Service Robotics Market Anticipated to Hit USD 35.9 Billion at a Whopping 38.5% CAGR by 2030 – Report by Market Research Future (MRFR)
New York, US, 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, growing at a compound annual growth rate of 38.5% by 2030.
Personal Service Robotics Market Scope:
The adoption of swarm robotics that enables robots in performing different complex works with ease will offer robust opportunities for the personal service robotics market over the forecast period. Swarm robotics simply put is a method for coordinating many robots in a single system. Swarm robotics feature unique scalability, adaptability, and resilience qualities. Robots can easily accomplish a variety of complicated jobs because to swarm intelligence. For example, swarm intelligence allows drones to cover a bigger area faster since the Internet range can be extended via sharing the Internet among the drones.
Report Scope:
| Report Metric | Details |
| Market Size | USD 35.9 Billion 2030 |
| CAGR | CAGR 38.5% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value USD billion |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Component, By Application |
| Geographies Covered | North American, European, Asian Pacific |
| Key Vendors | Samsung Electronics Co. Ltd. (Korea), Hasbro Inc.(U.S.), Ecovacs Robotics Inc (China),ZMP Inc (Japan),Hansol Robotics Corp. (Korea), Neato Robotics Inc (U.S.), F&P Robotics AG(Switzerland), Segway Inc.(U.S.), Honda Motor Co Ltd. (Japan),iRobot Corporation (U.S.) |
| Key Market Opportunities | The deployment of robotics is essential in every field. |
| Key Market Drivers | The demand for robotics has reached a peak during the past two decades |
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Market Drivers
Falling Price of Raw Materials to Boost Market Growth
Personal robots are becoming more affordable to budget-conscious individuals. The average price of personal robots has reduced in recent years due to lower raw material costs. The general creation of personal service robots has been significantly influenced by the drop in raw material prices. This will boost market growth over the forecast period.
High Price to act as Market Restraint
The high price to develop personal service robots may act as a market restraint over the forecast period.
Concerns about Data Privacy to act as Market Challenge
The concerns regarding data privacy & regulations, high maintenance cost, and massive investments at the initial stage may act as market challenges over the forecast period.
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COVID-19 Analysis
The COVID-19 epidemic will only accelerate the use of service robots for functions such as contactless delivery, disinfection, medication and food delivery, and border control assistance. As a result, this industry is likely to see a number of deployments, particularly in the healthcare industry. Furthermore, robots are vital in the fight against the SARS-CoV-2 coronavirus. Chinese hospitals, for example, have acquired over 2,000 disinfection UVD robots from Danish firm Blue Ocean Robotics, according to IFR. These robots walk around patient rooms on their own, covering all important surfaces with just enough UV-C light to destroy infections.
Segmentation of Market Covered in the Research:
The global personal service robotics market is bifurcated based on component and application.
By component, software will lead the market over the forecast period.
By application, the personal service robotics market is segmented into Cleaning Robot, Entertainment & Toy Robot, Education Robot, Handicap Assistance Robot, Companion Robot, Personal Transportation Robot, and Security Robot.
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Regional Analysis
Europe to Precede Personal Service Robotics Market
Because of its high acceptance of new technology and quick increase in 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 predicted to expand by 44%. Demand from the logistics, healthcare, defense, and retail industries are driving the market. In the anticipated year 2022, Europe will reach peak CRGR. Robotics services are more efficient thanks to increased R&D in Europe. In Europe, government attempts in promoting robotics are also common. During the projected period, Europe is likely to hold a considerable share of the service robots market. The expansion of the automotive, healthcare, & 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 United Kingdom. The governments of Germany, France, and the United Kingdom are focusing on the creation of assistive robots for the elderly care as a result of their ageing populations. Domestic robots are being driven by a labor crisis in Europe. Furthermore, in order to combat COVID-19, European countries are actively embracing robotics. The AI-ROBOTICS vs. COVID-19 effort was launched by the European Commission to generate ideas to develop artificial intelligence (AI) & robotics solutions, and information on other initiatives which could assist address the current COVID-19 situation.
APAC to Have Admirable Growth in Personal Service Robotics Market
Due to expanding need for humanoid robots especially in Japan, increasing population, and high technical innovation investments, the Asia-Pacific region is expected to grow between 2016 and 2022. The personal service robotics market in the Asia Pacific area is expected to increase significantly due to the high export rate of robotic components and assembled robots, as well as the vast pool of personal service robot producers in countries such as China and Japan. Asia-Pacific, the world’s second-largest market, is in high demand. The market is being driven via increased research & development. This region has a greater rate of automation investment. It is the primary reason for the robots market’s fastest growth in the forecast year of 2022.
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Dominant Key Players on Personal Service Robotics Market Covered are:
- Ecovacs Robotics Inc (China)
- Honda Motor Co Ltd. (Japan)
- Samsung Electronics Co. Ltd. (Korea)
- Hasbro Inc. (U.S.)
- Hanool Robotics Corp. (Korea)
- F&P Robotics AG (Switzerland)
- ZMP Inc (Japan).
- Segway Inc. (U.S.)
- Neato Robotics Inc (U.S.)
- iRobot Corporation (U.S.)
The major contributors of this market are China, Japan, India, and Korea. Due to increased construction activity in China and India and increased spending capacity on infrastructure, the market in Asia-Pacific is likely to grow at the fastest rate of 24.2 percent during the forecast period. During the forecast period, this market is predicted to develop at the fastest pace. This is owing to the presence of countries like Japan, China, and Korea, which were the fourth, fifth, and sixth largest manufacturers of such robots in 2017, according to IFR. Furthermore, rising disposable income in developing nations like India & the Philippines, due to increased industrialization, is predicted to boost demand for service robots. The APAC oil and gas industry has grown significantly in the last two to three years, resulting in a growing need for autonomous underwater vehicles (AUVs) & remotely operated vehicles (ROVs). In India, Australia, and China, there is a growing trend of automation & globalization, which is supporting the APAC service robotics market.
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