Global service robotics market is expected to garner $34.7 billion by 2022, registering a CAGR of 23.9% during the forecast period 2015 - 2022. Service robots are the robots designed to assist humans and perform useful tasks, excluding industrial and manufacturing automation applications.
Portland, OR -- (SBWIRE) -- 02/27/2018 -- Service robots have gained increased acceptance across various industries owing to improved efficiency, reduced operation costs, and enhanced safety for the workforce. The growing need of automation across industries encouraged organizations to adopt service robotics for high precision and delivery of high-quality services. Increasing labor costs coupled with lack of skilled workforce further accelerates the growth of the market. Professional service robots find applications in industries such as healthcare, defense, agriculture, logistics, and construction.
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Increasing need for safety along with government regulations for labor protection drives organizations to adopt service robotics for enhanced safety at workplace. The growing penetration of mobile devices facilitates the development of advanced robotic systems and boosts the growth of market. Vendors in the market focus on developing affordable and energy-efficient robots for small and medium enterprises to cater to the growing requirements of consumers. The significant rise in investments in R&D for the development of service robots along with the establishment of organizations including Standardized Procedures for the Advancement of Robotic Combat (SPARC) and International Federation of Robotics (IFR), further fosters the growth of the market.
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Key findings of Service Robotics Market:
- The service robotics market is projected to exhibit a significant growth owing to increasing demand of automation from various industries, rising application areas, and growth in emerging economies.
- The professional robotics segment is anticipated to dominate the market in terms of revenue owing to the increasing applications from healthcare, defense, rescue and security, agriculture, logistics, and construction industries.
- The healthcare industry is excepted to maintain its leading position in the market during the forecast period in terms of revenue.
- Europe is likely to dominate the market throughout the forecast period.
Prominent players offering service robotics solutions in the market include iRobot Corporation, Intuitive Surgical, Inc., Honda Motor Co., Ltd., Panasonic Corporation, and Aethon Inc. These players introduce new products to enhance their portfolios and collaborate with each other to strengthen and expand their market and geographical presence.