Service Robotics Market worth over $22bn by 2024
Published Date: March 29, 2018 Authors: Ankita Bhutani, Pallavi Bhardwaj
Service Robotics Market size is set to exceed USD 22 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are forecast to grow at over 20% CAGR from 2017 to 2024.
The rising demand for robots with advanced capabilities to assist humans in everyday lives is anticipated to drive the service robotics market over the forecast timeline. The emerging trend of innovations from many engineering and scientific disciplines and technological advancements such as AI, machine learning, 3D sensors, machine vision, and big data analysis further contribute to the industry demand. In addition, the increasing penetration of robots in military & defense applications followed by the significantly rising defense budgets across the major economies is providing an impetus to the service robotics market.
The growing deployment of robots across households is anticipated to showcase a positive impact on the service robotics market growth. The household robots help in reducing the burden on their human counterparts by performing domestic tasks such as floor & window cleaning, vacuum cleaning & lawn-mowing and letting them focus on more important tasks. Increasing penetration of entertainment robots in various sectors, such as retail, BFSI, and hospitality, enables the interactive experience deepening the engagement with in-store customers. The robots can bring in a transformation by making use of advanced technologies such as facial recognition, speech recognition, and emotion recognition. However, factors such as rising R&D expenses and capital investments are expected to limit the industry demand.
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Browse key industry insights spread across 250 pages with 287 market data tables & 32 figures & charts from the report, “Service Robotics Market Size By Product (Professional, Personal), By Application (Professional [Defense, Field, Healthcare, Logistics], Personal (Household, Entertainment]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Rising deployment of professional robots, such as drones, ground-based, and marine robots across the military & defense sector, is anticipated to drive the service robotics market growth. It can be attributed to the advantages offered by these machines, which include reducing human casualties, performing hazardous tasks, lowering the operational costs, collecting better intelligence, enabling effective surveillance, and improving the attack capabilities. Furthermore, increasing demand for the automated processes with higher efficiency and accuracy across the dairy sector to improve the productivity is driving the field robots segment in the service robotics market.
Increasing utilization of healthcare robots in applications, such as surgeries, diagnostics, monitoring, and mental & physical therapy, will drive the healthcare service robotics market growth. Hospitals are increasingly using robotics in rehabilitation activities, which include orthotics and assistive devices such as wheelchairs. However, the demand for robotics in the logistics sector is on the rise owing to the growing e-commerce sector followed by the increasing efforts by industries to reduce the labor cost & optimize the processing speed.
The U.S. service robotics market is anticipated to witness growth over the forecast timeline. It can be attributed to the rising demand for robots across various sectors, which include defense, logistics, healthcare, agriculture, and households. Increasing number of players entering the marketplace with new & advanced technological features further contributes to the regional industry demand. Moreover, the increasing adoption of household robots for performing everyday tasks coupled with the rising wage rates across various economies is compelling the adoption of robots, contributing to the Asia Pacific service robotics market.
Companies in the service robotics market comprise iRobot, DJI, Intuitive Surgical, Inc., Parrot SA, Bluefin Robotics, Northrop Grumman Corporation, DeLaval, Lely, Medtronic, Yujin Robot, Samsung Electronics, Honda Motors Corp., 3D Robotics, AeroVironment, Inc., Ecovacs Robotics, and Softbank Robotics. The industry is highly competitive in nature followed by the presence of a large number of players. Furthermore, the industry is rapidly evolving and is subjected to shifting consumer needs and changing technologies. Industry players are heavily investing in R&D and increasingly focusing in the areas of product development and maintenance & support services.
Service robotics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in Units from 2013 to 2024, for the following segments:
Service Robotics Market, By Product
Service Robotics Market, By Application
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia