Service Robotics Market to Grow $24.10 billion, Globally by 2020: Analysis of Key Players

Sarasota, FL -- (SBWire) -- 01/10/2018 --Zion Market Research has published a new report titled "Service Robotics Market (Professional Service Robots and Personal Service Robots) for Health Care, Defense, Agriculture, Logistics, Aerospace, Research and Development and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022". According to the report, global service robotics market was valued at around USD 9.01 billion in 2016 and is expected to reach approximately USD 24.10 billion in 2022, growing at a CAGR of slightly above 17.8% between 2017 and 2022.

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Service robots are used in industries and for the domestic purpose to aid a human in performing a job which is recurring and hard for humans to perform. Service robotics is used to perform everyday jobs that are repetitive, dull, dangerous, and dirty in nature. A service robot is a robot that performs useful tasks such as lawn mowing, automatic floor mopping, dishwashing, and much more for humans apart from their industrial uses. There are two major types of service robots such as professional service robots and personal service robots. Personal service robots are used for household work and entertainment and professional service robots are used for a commercial task like defense, health care, logistics, agriculture and others.

A major factor for driving the service robotics market is strong demand from defense and healthcare sectors. Further, increase in the demand from urban households for domestic cleaning, home security and surveillance are anticipated to support the service robotics market growth. Advancement in technology to develop autonomous and safe robots is expected to fuel market growth in coming years. However, the high price of service may curb the demand for service robotics over the forecast period. Nonetheless, rising application areas globally are expected open new avenues for the market growth over the next few years. Moreover, ongoing research & development in the field of service robotics is expected to offer potential growth opportunity for this market.

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Service robotics market is segmented on the basis of product, application, and region. On the basis of product, the service robotics market divided into professional service robots and personal service robots. By application, the market is bifurcated into healthcare, defense, logistics, agriculture, research & development. Defense and healthcare sectors are leading sectors in service robotics market. In the healthcare sector, the robots are used for surgery training which is expected to fuel service robotics market demand in future. Pharmaceutical is expected to show the robust demand of service robotics over the forecast period.

Due to rising usage of service robotics in defense, automotive and healthcare, demand for service robotics was the highest in North America. North America is followed by Asia-Pacific and Europe in terms of demand. In Europe, service robotics market is mainly driven by manufacturing industry and expected to show sizable growth in next coming decade. Asia Pacific is expected to be the fastest-growing region to the growing economies in the region such as China, India, and Japan among others.

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The report also includes detailed profiles of end players such as Samsung Techwin Co. Ltd., Touch bionics Ltd, AB Electrolux, iRobot Corporation, Robert Bosch GmbH, Mako Surgical Corporation, Intuitive surgical Inc., Honda Motors Co. Ltd., Panasonic Corporation and Dyson Ltd.