Service Robotics - India | Statista Market Forecast

Revenue in the Service Robotics market is projected to reach US$281.50m in 2024.
Consumer service robotics dominates the market with a projected market volume of US$151.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.78%, resulting in a market volume of US$491.30m by 2029.
In global comparison, most revenue will be generated United States (US$8.68bn in 2024).

Definition:

The Service Robotics market presents the market size of robotics in service use cases, e.g., commercial service robots or consumer service robots. Service robots are intended for personal or professional use and are designed to assist humans in carrying out certain tasks.

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.

Structure :

The Commercial Service Robotics and Consumer Service Robotics markets can be found within the Service Robotics market. The Commercial Robotics market is further split into a range of service industries that have the highest adoption of robots. This includes agriculture service robotics, logistics service robotics, medical service robotics, and all other service industries, which are all covered by the Other Industry Robotics market.

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 robot. 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 iRobot.

For more information on the data displayed, use the info button right next to the box.

Commercial Service Robotics
Consumer Service Robotics

robots used in industrial use cases

The Service Robotics market in India is experiencing moderate growth, impacted by factors such as increasing adoption of automation technologies, growing demand for efficiency in various industries, and rising awareness of the benefits of robotics. The market's growth rate, which is currently declining, is affected by challenges such as high upfront costs and limited awareness among consumers.

Customer preferences: As India's population continues to age, there is a growing demand for service robots in the healthcare sector. This is driven by a desire for increased efficiency and cost-effectiveness in caregiving, as well as a cultural preference for personalized and attentive care. Additionally, the rise of smart homes and connected devices has led to an increased demand for service robots that can assist with household tasks and provide companionship to older individuals. This trend is expected to continue as the country's elderly population grows and consumers become more comfortable with integrating technology into their daily lives.

Trends in the market: In India, the Service robotics Market within the Robotics Market is experiencing a surge in demand for robots in healthcare, agriculture, and logistics industries. This trend is driven by the government's focus on promoting automation and the growing need for efficient and cost-effective solutions. The market is also witnessing an increase in the adoption of AI and IoT technologies in service robots, enabling them to perform complex tasks and improve their capabilities. This trend is expected to continue, creating opportunities for industry stakeholders to innovate and expand their offerings.

Local special circumstances: In India, the service robotics market is growing rapidly due to the country's high population and increasing demand for automation in various industries. The government's initiatives to promote manufacturing and the adoption of advanced technologies have also contributed to the market's growth. Additionally, the cultural acceptance of robots as a means to improve efficiency and productivity has further boosted the market. However, the lack of proper regulations and infrastructure for the development and deployment of service robots remains a challenge for the market's growth in India.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market in India is influenced by macroeconomic factors such as technological advancements, government initiatives, and rising demand for automation in various industries. With the government's "Make in India" campaign and increasing investment in research and development, the country is witnessing a surge in the adoption of service robots. Additionally, the growing need for cost-effective and efficient solutions, especially in the healthcare and manufacturing sectors, is driving the demand for service robotics in the country.

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.