Service Robotics Market Size By Application (Personal, Professional) Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 - 2022
Published Date: January 2016 | 90 Pages | Report ID: GMI130 Report Format: PDF
Service robotics market size is estimated to reach USD 21.7 billion by 2022, growing at over 17.8% from 2015 to 2022. Favorable government initiatives supporting development of service robots coupled with stable demand from military and defense sectors is predictable to encourage demand over the next few years. In the defense sector, it reduces the human involvement, thereby reducing the number of victims in military actions. Unmanned ground vehicles are chiefly deployed in defense sector in order to perform dull, dirty, and dangerous activities.
North America service robotics market size by application, 2012-2022 (USD Million)
Medical service robotics market size exceeded USD 2.1 billion in 2014 and is likely to exceed USD 6 billion by 2022, growing at CAGR of over 15% during the forecast period. Medical robotic system is an increasing field which is intended to work with MRI, CT scan, fluoroscopy and ultrasound imaging. With increasing technological innovations on the ground of stability, precision and dexterity it is projected to drive the industry growth. The technological innovations include integration of 3D ultrasound and magnetic resonance imaging to facilitate real-time imaging for competent procedure planning and easy future reference.
Favorable initiatives in order to support the industry growth such as, EU backed civilian research and innovation program in robotics called the SPARC robotics project, which has a potential to foster the development of robotics as well as create more than 240,000 jobs is likely to drive service robotics market.
In addition, Japan Ministry of Economics, Trade and Industry (METI) has been investing heavily in research and development. METI has created a robotics technology roadmap based on industry analysis as well as scientific evidence obtained from academic and business people. However, lack of customization and advanced cognitive competencies is anticipated to hinder the industry growth over the forecast period.
Service Robotics Market, By Application
Professional service robotics market size was USD 4.5 billion in 2014. It includes defense, field, medical, logistics, mobile platforms, underwater systems, construction & demolition and others. In 2014, demand originated mainly from the defense sector, as a result of their adoption in unmanned aerial vehicles among others. Personal service robotics is classified into entertainment and household application areas. With substantial gains, forecast of over USD 6.8 billion by 2022 has been derived.
Service Robotics Market, By Region
North America was valued over USD 2.4 billion in 2014. It is expected to reach USD 8.6 billion by 2022 at a CAGR of over 17% over the coming few years. Increasing application in defense, field, medical, logistics, mobile platform, underwater systems and construction is expected to boost the demand in this region. Europe was projected to make USD 6.55 billion by 2022, with gains estimated of over 16.5% from 2015 to 2022.
Asia Pacific service robotics market size was valued over USD 900 million in 2014 and is likely to reach USD 4 billion by 2022. Key drivers for this region include defense and household applications. Major industry participants such as Honda Robotics, Fujitsu Frontech,and iRobot Corporation among others have resulted in high brand awareness and increased demand for high-end premium priced products. MEA service robotics market size is expected to grow at over 22% from 2015 to 2022.
Competitive Market Share
The global service robotics market share is highly competitive with established players driving sales through technological innovations. The market comprises hardcore robotics companies (e.g. – iRobot, Yujin Robots) that compete alongside consumer electronics manufacturers (LG Electronics, Samsung), automotive specialists (Honda, Toyota) and technology-driven companies (Google Inc.).
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