Service Robotics Market size worth $21.78bn by 2022
Published Date: July 19, 2016 Author: Global Market Insights, Inc.
Service Robotics Market size is estimated to reach USD 21.78 billion by 2022 as per a new research report by Global Market Insights, Inc. Leading industry participants focus on R&D to ensure efficient product development and innovation.
High demand from military and defense applications due to extensive usage across these areas is forecast to fuel service robotics market size. Autonomous navigation along with the ability to control objects autonomously, especially for carrying out complex assistance tasks, is a major growth driver. Healthcare applications are benefitted by the use of these products to ensure superior quality of care and sustainable medical provision. The segment is projected to surpass USD 6 billion by 2022. Introduction of technological advancements to enhance dexterity, stability, and precision, as well as the incorporation of 3D ultrasound and MRI to facilitate easier future reference and effective procedure planning through real-time imaging are major use cases.
Positive regulatory landscape on a global level is also expected to provide a fillip to service robotics market share. For example, Japan’s METI has invested considerably in R&D and created a roadmap for technology implementation. The EU’s SPARC Robotics Project covers product development for manufacturing, agriculture, health, transport, civil security, and households. Unmanned Ground Vehicle (UGV) market growth presents viable growth opportunities in the defense and military sectors.
Browse key industry insights spread across 90 pages with 60 market data tables & 41 figures & charts from the report, “Service Robotics Market Size By Application (Personal, Professional) Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 - 2022” in detail along with the table of contents:
Key insights from the report include:
- Global shipments are forecast to exceed 28 million units by 2022, growing at 22.9% CAGR from 2015 to 2022.
- Professional service robotics market share was more than 70% of the global revenue in 2014. This can be attributed to considerable price trend as compared to their personal counterparts. These products are used in agriculture, assisted surgery, and in the UAV market for military applications.
- Online retailers are looking towards optimizing their logistics and supply chain to minimize lead time and offer better customer experience, which will fuel revenue across the logistics segment.
- Household service robotics market size is anticipated to cross USD 4 billion by 2022. Global consumption will also remain strong in the coming years due to growing demand for automation.
- Design and development for generic applications is usually done in accordance to a set of standard conditions, which might not be suitable for extreme conditions such as extremely low or high temperatures or the presence of too many obstacles. Imparting cognitive competencies involves a high level of programming, which is possible only for domain-specific programmers and may pose a challenge to growth.
- U.S. service robotics market share was the key region in 2014, with North American industry revenue set to grow at over 17% CAGR over the forecast timeframe.
- Notable companies operating in the industry include Yujin Robots, iRobot, LG Electronics, Toyota, Honda, Samsung, Hanool Robotics, etc.
Global Market Insights has segmented the service robotics industry on the basis of application and region:
Global Service Robotics Market Application Analysis (Volume, Thousand Units & Revenue, USD Million; 2012 - 2022)
- Mobile platforms
- Underwater systems
- Construction & Demolition
Global Service Robotics Market Regional Analysis (Volume, Thousand Units & Revenue, USD Million; 2012 - 2022)
- North America
- Asia Pacific
- Latin America