Service Robotics Market Forecast to reach $21.78bn by 2022

The industry outlook Service Robotics Market Size By Application (Personal, Professional) Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022 by Global Market Insights, Inc. says Service Robotics Market size is estimated to reach USD 21.78 billion by 2022.

The emerging service robotics market is majorly driven by its widespread acceptance both in personal and professional sectors. Advanced new capabilities in robot cognitive coupled with features such as accuracy, high quality outcome and reliability are the attributing factors favoring the industry growth. Government regulations supporting the practice of service robots in defense &military is also augmenting the global outlook.

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The extensive use of service robotics in medical sector is also a key propellant which pushing the industry share. Upgradation of technology in medical fields with an inclusion of magnetic resonance imaging, fluoroscopy, CT scan, 3D ultrasonic is fueling the service robots’ adaptation in the health care sector. Medical application is expected to surpass a revenue of USD 6 billion by 2022. Rising urge for automation will further boost the industry trends considerably.

Based on the type of application, service robotics market is fragmented into professional and personal service robots. Professional service robots accounted for a revenue share worth over USD 4.5 billion in 2014 and is projected to witness an upward swing over the coming five years, owing to its high demand in medical and defense sectors. Personal service robotics market has an extensive set of application in the entertainment and household sector and is expected to cross 6 billion by 2022.

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North America service robotics industry led the global landscape followed by Europe and Asia Pacific in 2014. North America is forecast to remain in the dominant position in terms of service robotics market size and is assessed to reach over USD 8.6 billion by 2022 with a sharp growth rate of 17% over the period 2015 -2022. Increased adaptation of service robots, enhanced usability, evolving economics and expanding application areas is driving the Europe service robotics market and is expected to witness an upsurge registering a revenue of USD 6.55 billion with gains estimated at a CAGR of 16.5% over 2015- 2022. MEA is predicted to be one of the prominent industry base and is anticipated to record a CAGR of 22% over the coming five years.

Prominent players enhancing the service robotics industry include Samsung, Toyota, Yujin Robots, and irobots, Hanool Robotics.

Table of Content of Service Robotics Market:

Chapter 1    Methodology and Scope

1.1    Research Methodology

1.1.1     Initial data exploration

1.1.2     Statistical modeling and forecast

1.1.3     Industry insights and validation

1.2    List of Data Sources

Chapter 2    Executive Summary

2.1    Service robotics market snapshot, 2012 – 2022

Chapter 3    Service Robotics Industry Insights

3.1    Market segmentation

3.2    Market size and growth prospects

3.3    Value chain analysis

3.4    Market dynamics

3.4.1       Key growth drivers

3.4.2       Industry pitfalls & challenges

3.5    Key growth opportunities

3.6    Porter’s analysis

3.7    Service robotics competitor analysis, 2014

3.8    PESTEL analysis

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