Commercial Service Robotics - G7 | Statista Market Forecast

Revenue in the Commercial Service Robotics market is projected to reach US$11.37bn in 2024.
Medical service robotics dominates the market with a projected market volume of US$7.50bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.40%, resulting in a market volume of US$17.02bn by 2029.
In global comparison, most revenue will be generated United States (US$4.99bn in 2024).

Definition:

The Commercial Service Robotics market presents the market size of service robotics in commercial use cases, e.g., medical robots, logistic robots, and agriculture robots.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Additional information:

The market comprises revenues, volume, and the average price per new installed robot. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Software revenues are included as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Intuitive Surgical, ABB, and Agrobot.

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Medical Service Robotics
Logistic Services Robotics
Agriculture Service Robotics
Other Service Robotics

Consumer Service Robotics

The Commercial service robotics market in the G7 region is experiencing slow growth, influenced by factors such as limited adoption of service robots in various industries and high costs associated with implementing these technologies. However, the increasing demand for automation and efficiency in agriculture, logistics, and medical sectors is expected to drive market growth in the coming years. Other factors such as advancements in artificial intelligence and the need for contactless services due to the ongoing pandemic are also expected to contribute to market growth.

Customer preferences: As businesses continue to prioritize efficiency and cost-effectiveness, there has been a significant increase in the adoption of commercial service robotics in various industries. This trend is driven by the need for automation and streamlined processes, particularly in labor-intensive sectors. Additionally, the growing focus on sustainability and reducing human labor in hazardous environments has also contributed to the rising demand for service robots.

Trends in the market: In G7 countries, the Commercial service robotics Market within the Service robotics Market is experiencing a shift towards healthcare and medical applications. This trend is driven by the increasing demand for automation and efficiency in the healthcare sector. Additionally, there is a growing emphasis on safety and hygiene, leading to the adoption of robotic solutions for tasks such as disinfection and patient care. This presents opportunities for industry players to develop specialized robotics solutions for the healthcare market, while also addressing the growing demand for telehealth and remote patient monitoring services. As the healthcare industry continues to evolve, the trajectory of this trend is expected to continue, with potential implications for increased cost-effectiveness and improved patient outcomes.

Local special circumstances: In G7 countries, the Commercial service robotics Market within the Service robotics Market is heavily influenced by advanced technological advancements and high demand for automation in various industries. However, in emerging markets such as India and Brazil, the market is driven by different factors. In India, the market is propelled by the government's initiatives to promote digitalization and the increasing adoption of smartphones. On the other hand, in Brazil, the rising middle class is driving the demand for convenient and cost-effective healthcare solutions, leading to the popularity of online doctor consultations and digital fitness platforms.

Underlying macroeconomic factors: The Commercial service robotics market is significantly impacted by macroeconomic factors, including global economic trends, national economic health, fiscal policies, and financial indicators. In countries with robust economies and favorable regulatory environments, the market is experiencing rapid growth due to increased investment in service robotics technologies. On the other hand, regions with economic challenges and limited government support in technological advancements witness slower market growth. Furthermore, the rising demand for automation and efficiency in various industries, such as healthcare and retail, is driving the adoption of service robotics, contributing to the market's overall growth.

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.