The service robots market is estimated to increase from USD 36.2 billion in 2021 to USD 103.3 billion by 2026, growing at a CAGR of 23.3 percent. Government funding is accelerating the expansion of this application.
During the projected period of 2021 to 2026, the market for research and space exploration applications is predicted to expand at the fastest Compound Annual Growth Rate or CAGR. Several factors are driving the adoption of robots for space exploration applications, including the growing need for servicing existing geostationary satellites and debris removal, the increasing number of technological advancements in autonomous systems, and the rising demand for on-orbit manufacturing and assembly in the International Space Station (ISS).
In Europe, the rise of the automotive, healthcare, and electronics sectors will lead to the growth of the service robotics market in the region, and in turn, it will have a substantial share of the service robots market during this projected period. The majority of European nations are developed, have high per capita incomes, and can afford the high cost of specific service robots. France and the United Kingdom have a strong research foundation that supports the service robotics business.
A labor shortage in Europe is increasing the need for assistant robots, and because of the aging population in Germany, France, and the United Kingdom, governments are focused on the development of assistive robots for senior care.
Furthermore, European governments have been aggressively deploying robots to combat COVID-19. The European Commission has created the AI-ROBOTICS vs. COVID-19 effort to generate ideas for the deployment of artificial intelligence (AI) and robotics solutions, as well as information on other initiatives that might aid in the resolution of the current COVID-19 conflict. Other factors that are driving the growth of the service robotics market include:
In 2020, the US government gave USD 22.6 billion to NASA, while the European Space Agency got USD 15.9 billion in financing from its 22 member nations in 2019. Space exploration robots are predicted to be in further high demand in North America. This is owing to the increased demand for robotic space activities from significant organizations such as NASA and the Department of Defense, as well as the rising reliance on space assets and the need to enable safety in space operations.
These robots are also employed in space to assist humans in lifting and managing massive items. During the projection period, the market for professional robots will have a bigger share than the market for personal and domestic robots.
Professional service robots are high-tech, complex, and expensive service robots that are progressively being deployed in industries, hospitals, public buildings, and hazardous areas, and are likely to have a bigger market share throughout the projection period. They are in high demand due to their broad-scale flexibility.
Service robots include drones, automated guided vehicles (AGVs), agricultural robots, inspection robots, construction robots, robotic kitchens, laundry robots, unmanned surface vehicles (USVs), autonomous underwater vehicles (AUVs), remotely operated vehicles (ROVs), inspection robots, telepresence robots, humanoid robots, surgical robots, cleaning robots, and many more.
Propulsion systems are expected to account for a significant portion of the hardware market during the projected period. For any type of service robot, whether ground-, aerial-, or marine-based, propulsion systems are often the most expensive components, as they must be durable and they often require a higher degree of precision and quality control during manufacturing. This comprises all of the various motors and actuators that power these vehicles. As a result, propulsion systems are predicted to contribute the most to the hardware industry when compared to the other components.