North America held the largest market size for service robotics market. The market in North America is growing at a CAGR of 17.9% during the forecast period. One of the important drivers of this market is the increasing use of service robots in defense sectors.
Albany, NY -- (SBWIRE) -- 12/30/2015 -- Service robots are the fully autonomous systems that have the ability to carry out the services without or with human assistance. They are used in different sectors assisting human in performing duties that are not possible for humans to perform. The service robots are segmented into professional and service robots based on their product types. The professional robots are used for commercial purpose whereas personal robots are used for domestic uses. They are used in many sectors and one of the most important areas of application is the medical sector and defense. They are used to assist human in performing duties that are not possible for humans to perform.
Increase in investment in research and development, rapid industrialization and increase in demand for service robots in defense and security are the major drivers which are driving the service robotics market. The application of robots in several industries such as defense, healthcare, logistics, media and entertainment are expected to stipulate the demand of service robots during the forecast period. Moreover, use of service robots in defense is likely to decrease the number of death casualties and cause less damage to properties during war or combat situations. Additionally, with the rapid industrialization the demand for service robotics is expected to increase during the forecast period. Service robotics in industries leads to the rise of automation in the market globally.
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High cost associated with development is acting as restraining factors in service robotics market. From designing to development it is a long procedure which takes a long time and charges extra costs before the actual manufacturing of service robots. Moreover, complicated interface of service robots is also an important factor acting as a restraint of this market.
Underdeveloped mobile automation is one of the major opportunities of this market. Most of the service robots are either stationary and are focused on performing a single task only. But the mobile automation in service robots is yet to be explored as they are still underdeveloped. The mobile service robots are used in the research and development labs to carry out different experiments. Moreover, increasing application areas globally is also a major opportunity of this market. The service robot is likely to be used in almost every sector and thus reduces the work load of humans.
The research study analyzes the Service Robotics market on a global level and provides anticipate in terms of revenue (USD billion) from 2015 to 2021. It recognizes the restraints and drivers affecting the industry and analyzes their impact during the anticipated period. Additionally, it identifies the major opportunities for market growth in the next few years.
The report segments the service robotics market based on geography into North America, Europe, Asia-Pacific, and Rest of the World. These segments are anticipated in terms of revenue (USD billion). Based on product types, the report segments the market into professional and personal service robotics. It also segregates the market based on the applications. It includes defense, agriculture, health care, logistics, aerospace, infrastructure, entertainment, research and development and others. These segments have also been anticipated based on geography in terms of revenue (USD billion).
The study includes market attractiveness analysis, where the applications are benchmarked based on growth rate, market scope, and general attractiveness. Company market share analysis of various industry participants are provided in this report.
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The key players have also been profiled based on company overview, financial overview, recent developments and business strategies. Major market players in this report include AB Electrolux (Sweden), Touch bionics Ltd (U.K)., iRobot Corporation (U.S), Samsung Techwin Co. Ltd. (South Korea), Robert Bosch GmbH (Germany), Mako Surgical Corporation (U.S), Intuitive surgical Inc.(U.S), Honda Motors Co. Ltd. (Japan), Panasonic Corporation (Japan)and Dyson Ltd. (U.K) among others.
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