Service robots growing 6x faster than industrial robots

In recent years, the service robot market has experienced profound changes, driven by advancements in artificial intelligence (AI) and machine learning.

These technologies have enabled the creation of robots capable of performing a wide array of tasks with unprecedented accuracy and efficiency. Consequently, the service robot sector has seen exponential growth, outpacing the industrial robot market by a significant margin.

Data from Altindex.com indicates that the service robot market is projected to expand by 66%, reaching a valuation of $55 billion by 2028. This growth rate is six times higher than that of the industrial robot segment.

The COVID-19 pandemic played a crucial role in accelerating the adoption of service robots. These machines provided safer ways to perform various tasks, minimising human contact and reducing infection risks. Despite the pandemic’s impact receding, the popularity of service robots continues to rise, supported by their deployment across diverse sectors such as healthcare, hospitality, retail, and logistics.

Several factors contribute to the growing appeal of service robots:

• Lower operational costs: robots can reduce expenses associated with human labour
• 24/7 operation: unlike humans, robots can work continuously without breaks
• Enhanced safety: robots can operate in environments hazardous to humans
• Personalised services: robots can offer customised experiences based on individual needs

The service robot industry’s revenue nearly doubled over the past six years, increasing from $18.2 billion in 2018 to an anticipated $33.5 billion in 2024. Looking ahead, the market is expected to sustain impressive growth. According to a Statista survey, global service robot market revenue is set to increase by 65% over the next four years, reaching $55 billion by 2028. In comparison, the industrial robots segment is forecasted to grow by only 11%, from $9.3 billion to $10.4 billion in the same period.

The United States is poised to lead in generating revenue from service robots, with projections indicating the US market will gross over $14 billion in 2028 – an increase of 55% from this year. Meanwhile, China’s service robot market is expected to grow even more robustly, with revenues surging by 60% to $10.6 billion by 2028.

Technological advancements and rising demand across various sectors, including healthcare, logistics, hospitality, and domestic use, have significantly increased the number of service robots. From 2016 to 2023, their numbers more than tripled, growing from around 10 million to almost 36 million. This upward trend is set to continue, with projections for 2024 indicating over 38 million service robots. By 2028, the total number of service robots in personal and professional use is expected to jump by 60%, nearing 65 million units.

The service robot market is undergoing a remarkable transformation, driven by technological innovation and growing demand across multiple industries. With substantial growth projections and increasing deployment, service robots are set to play an integral role in the future of automation, offering numerous benefits from cost savings to enhanced safety and personalised services.

Source: https://industrialnews.co.uk/service-robots-growing-6x-faster-than-industrial-robots/