Zion Market Research, the market research group announced the analysis 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"
Sarasota, FL -- (SBWIRE) -- 07/05/2017 -- 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.
A service robot is a robot that performs useful tasks for humans or equipment without industrial automation function. Service robots help humans by performing a job that is dull, distant, and repetitive, including household everyday jobs. There is two major type of service robotics such as professional service robots and personal service robots. Personal service robots are used for a non-commercial job, for example, domestic servant robot, pet exercising robot, personal mobility assists robot and automated wheelchair. A professional service robot is used for a commercial task and operated by a well-trained operator for example surgery robot in hospitals, cleaning robot for public places, fire-fighting robot, and delivery robot in offices or hospitals.
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High adoption of service robotics in personal and professional applications is a major factor in driving the growth of this market. Also, high demand in defense sector of service robotics is also fueling the market growth. However, the high price associated with the development of service robots is expected to hamper the market growth in the near future. Moreover, strong demand from healthcare and defense sectors across the globe is expected to open new growth opportunities for service robotics in upcoming years.
On the basis of the type, the service robotics market is divided into professional service robotics and personal robotics service. The professional service robotics accounted the highest share in 2016 due to the accomplishment of various tasks with or without the direct intervention of humans and expected to record highest CAGR over The forecast period. By application, service robotics market demand is mainly propelled by healthcare and defense sector.
North America held highest market share due to a quick rise in the production development capacities and industrialization. Furthermore, the rapidly growing automotive industry in North America is also expected to drive the demand for the overall industry. Due to emerging economies such as India, Japan, and China, Asia Pacific is estimated to show the fastest growth for service robotics market.
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The key participants in service robotics pace are Touch bionics Ltd, iRobot Corporation, Samsung Techwin Co. Ltd., AB Electrolux, Robert Bosch GmbH, Mako Surgical Corporation, Panasonic Corporation Intuitive surgical Inc., Honda Motors Co. Ltd., Dyson Ltd. and others.