Service Robotics Market is expected to touch US$22.50 bn by 2021
The top four players in the global service robotics market are Panasonic Corporation, iRobot Corporation, AB Electrolux, and Samsung Techwin Co. Ltd, finds Transparency Market Research in a new report. Collectively, these players held a dominant share of 58.5% in the global market in 2014, observes Transparency Market Research’s latest report. Business expansion and development of new products will be the presiding themes seen amongst competitive players in the global market.
“The next few years will see companies focus on developing intelligent products that offer extremely innovative solutions to meet the growing need for advanced automation in various sectors,” says the senior analyst of this research report. Service robots that come with enhanced cognitive ability to deliver results with precision and dexterity in real-time will enjoy the advantage of better differentiation. The progress of service robotics companies will depend on the future capabilities of robots across various industrial and professional verticals.
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Automation in Defense Shows High Potential
With both internal and external security threats mounting in countries across the world, the respective governments and defense sector are collectively seeking solutions to reduce human casualties by making greater use of robots on the field. This has paved the way for successful operation for unmanned ground vehicles and demining vehicles as well as unmanned aerial vehicles. TALON and METAL-STORM are the two commonly used service robots in the U.S. defense sector owing to their advantage of dealing with tasks without human intervention.
The ground-breaking discoveries in automation have been the very essence of the rising adoption of service robots in a wide spectrum of activities. From healthcare to agriculture, the global service robotics market is experiencing a huge scope for growth as it drastically raises work efficiency. Marked by accuracy and precision, service robots are being extensively used to perform complex surgeries in the healthcare sector. The growing research and development activities will also bolster the uptake of service robots as companies are vying to introduce robots with advanced mechanisms, improved artificial intelligence, and sophisticated algorithms.
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High Capital Investment Strains Market
The high funding required to research and develop high-end service robots is straining this market. The uncertainty in the number of years of research required to commercialize products has also deterred players from investing in design and development of service robots. At the consumer end, the difficulty in understanding the complex interface of service robots is also dissuading investments in these machines. These factors are likely to hamper the growth of the market.
Adoption of Service Robotics in Defence Sector Puts North America in the Lead
The opportunity in the global service robotics market is estimated to reach US$22.50 bn by 2021 as compared to US$5.57 bn in 2014. From 2015 and 2021 this market will expand at a CAGR of 18.8%. Amongst the various product types, professional service robotics will be preferred by consumers. This trend will help take the segment’s valuation to US$14.64 bn by the end of 2021. In terms of geography, North America is expected to lead the service robotics market with a whopping CAGR of 17.9% during the forecast period as the defense sector is rapidly adopting these products.
This review is based on Transparency Market Research’s report, titled “Service Robotics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
- Global service robotics market to be worth US$22.50 bn by 2021
- Professional robots to take up sizeable share in the market with a revenue of US$14.64 bn by 2021
- Defense sector in North America to keep region at forefront with high adoption of service robots
The market has been segmented as follows:
Global Service Robotics Market: By Product Type
Professional service robots
Personal service robots
Global Service Robotics Market: By Application
Research and development
The report provides a cross sectional analysis of all the segments with respect to the above mentioned regions.
Global Service Robotics Market: By Geography/ Country
Rest of North America
Rest of Europe
Rest of Asia Pacific
Rest of the World
Rest of Rest of the World