personal service robotics market is to reach USD 35.9 billion by the end of 2022 with ~38.5% CAGR during forecast period 2020-2030
Personal Service Robotics Market Overview
The fastest-growing technology in the world in today's time is Robotics. It makes everyday life easier. Personal robotics is an invention that allows an individual to use robotics technology for personal purposes. It is a complex technology. But, it is designed for the users having minimum robotic knowledge. The increasing demand for humanoid robotics arouses the growth of the Personal Service Robotics Market. Personal robotics services are essential in commercial, agriculture, healthcare, research, and hospitality.
The distribution of human robots is more in the Asia Pacific regions than in others. Asia is well known for its high rate of the elderly population. Therefore, the requirement for robotics services is increasing every year. Personal Service Robotics Market analysis shows the graph that almost 2 billion robotics are essential in Asia pacific in the future. These robots can perform household tasks such as cleaning, vacuuming, and help you with any household chores. The robots are smarter with voice recognition technology. Also, the adoption of machine learning allows robots to work like humans. Therefore, globally, the personal service robotics market is estimated to reach USD 35.9 billion by the end of 2022, with a 38.5% CAGR during the forecast period from 2020-2030.
The spread of the covid 19 viruses is creating significant changes in the global producing market. The pandemic is slowing down global market operations. There are several consequences on the top market's value chain. The automation and personal service robotics industry faces enormous losses in covid 19. There is an almost 20% decrease in demand in the robotics market. Anyways, there is an unpredictable increase in medical robots during this period. It brings the personal service robotics business into the limelight. The robotics market is recovering to its normal stage. Medical robotics is resourceful mainly in the disinfecting processes.
The spread of the covid 19 viruses is causing drastic changes in the global manufacturing markets. The pandemic is slowing down global market operations. Also, there is several repercussions on the value chain of the top markets. The automation and personal service robotics industry is also facing loses in covid 19. There is a 20% decrease in demand in the robotics market. However, there is an unexpected rise in medical robots during this period. It brings the personal service robotics business into the spotlight. The PSR Market is resuming to normal. Also, Medical robotics is useful mainly in the disinfecting processes. Overall, covid 19 has a positive effect on the Personal Service Robotics Industry.
The crucial market drivers
Today, robotics services are required in almost every field. Especially, the rising advancements in automation, machine learning and artificial intelligence facility stimulate the PSR market. Smart robotics services are replacing human intervention. The demand for robotics has reached a peak during the past two decades. The main reason for this is the decreasing cost of robotics services. The budget-conscious industries and individuals are purchasing the services.
Secondly, robotics services are essential in the developed countries. This robotics uplifts the economy in these regions. Also, they increase productivity in every field. Additionally, robotics offers new opportunities in underdeveloped areas. It is helpful in these regions as it can fulfil the requirements of skilled labours. The Robotics Market Forecast suggests that the robotics enhance economical and industrial growth in future years. Therefore, the low cost and requirement if robotics services act as demand driving factors of the PSR market.
The market growth opportunities
The personal service robotics market has plenty of market growth opportunities in future. The deployment of robotics is essential in every field. The requirement for it is increasing for commercial, industrial and domestic purposes. The most affordable robotics service is for domestic purpose. The demand for kitchen robotics is massive in the future. The adoption of the robotics is happening on a large scale. In the forecast period, it is expected that at least every household will have some form of personal robotics for assistance. The demand for robotics services is fueling due to these factors in 2022. Also, Personal Service Robotics Market Research Report shows that the deployment of robotics prices in healthcare facilities provides more future scope.
The market restraints
The initial expenditure of deploying personal service robotics is the major-market restraint. Huge capital is required to procure, program and integrate these robots. The per annum cost of service for deploying robotics service is expensive. It is a crucial limitation for medium size companies. The deployment of personal service robots is possible only with huge investments. The medium size companies or households find it hard to generate this initial capital. Also, the robotic maintenance cost is another nerve-wracking factor in this market. The cost for up-gradation and replacement are massive. These factors restrain the growth of the personal service robotics market.
The market challenges
The cost of deployment is a significant challenge to the market. The high finance requirements for deploying it for both personal and commercial reasons pose a major challenge. The expense of the robotics service limits the demand from the end-users. Domestics’ users are the most crucial end-users of this market. The high price of this product creates several inconsistencies in the market. Moreover, the use of robotics in commercial spaces is to reduce the number of labour costs. However, the deployment of robotics adds additional cost in commercial spaces. It is the major challenge in this market
Cumulative growth analysis
Creating awareness is one of the crucial requirements of this market. The robotics service has high demands in developed regions. In the underdeveloped regions awareness about the benefits of robotics is less. Robotics services are highly essential to meet labour demands. However, the lack of awareness restricts the growth of the personal service robotics market. Also, R&D is required in the field to establish cost-cutting measures.
The value chain analysis
Europe holds the largest robotics market share in the world. The demand for personal robotics for professional and domestic purpose is high in this region. The personal-service robotics market growth in Europe is expected to be 44% in Europe. The market driving factors are demand from logistics, healthcare, defence and retail industries. Europe is going to reach peak CRGR in the forecast year 2022. The increasing R&D in Europe is responsible for efficient robotics services. Also, governmental initiatives to promote robotics are high in Europe. All these factors fuel the market growth in this region.
The robotics performs Cleaning, vacuuming, lawn cleaning, pool cleaning and floor cleaning work.
The medical robots perform Surgery assistance, checkup and diagnosis.
The field robots perform Farming, harvesting, livestock managing and dairy farming.
The robots perform automation and assist in warehouse duties.
The personal service robotics market is diversified into North America, Europe and Asia pacific. Europe is the central region for the global robotics market. The second-largest market, the Asia-Pacific has high demand. Increasing research and development is the market driving factor. The rate of investment in automation is higher in this region. It is the crucial reason for the highest growth of the robotics market in the forecast year 2022. China, India, Japan and Korea are the key contributors to this market. North America is making considerable improvements in the future. The demand in this region will intensify during the fire cars period.
The key players of the personal service robotics market are introducing interactive robots. It is a measure to improve the intelligence of these robots. As there is a requirement for robotics new development are expected in the forecast period. Also, the key players are making innovations to survive the market competition.
The key players of the personal service robotics market are
The Recent Developments
In January, LG Energy Solution Ltd, Korea's largest electric vehicle battery maker, made its blockbuster Kospi debut and recovered to trade around 45 per cent above its IPO price.
|Market Size||USD 35.9 billion 2030|
|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.|
The growth rate of the robotics market is estimated to be 38.5%. The market value is expected to be 35.9 billion in 2030.
The key players of the market are Samsung Electronics Co. Ltd. (Korea), Hasbro Inc.(U.S.), Ecovacs Robotics Inc (China), ZMP Inc (Japan), Hanool 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.).
The crucial market drivers of the robotics market are the increasing need for automation and affordability.