Increasing smart technologies, growing applications of healthcare, rapid industrialization, increasing investments in R&D, and rising usage of service robots in defense and security are the key factors driving the market growth.
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According statistics MRC, the Global Service Robotics market is expected to grow from $7.5 billion in 2015 reach $28.24 billion by 2022 with a CAGR of 20.9%.
The future market for the service robots lies in personal robots used in household applications. Lack of sophisticated cognitive competencies and high cost are the factors hindering the market growth.
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Professional Service Robots segment leads the market globally with the biggest market share and is expected to grow with a high CAGR during the forecast period due to augmented investments in R&D, increasing awareness regarding the benefits of service robots, and improved demand for automation among professional sectors. Asia Pacific is anticipated hold the largest share in the global market due to growing R&D investments for new robotics technology, mainly for use in defense, rescue and security and medical applications.
Some of the key players in global Service Robotics market include Kongsberg Maritime AS, Samsung Electronics, Sony Corporation, AB Electrolux, Toyota Motor Corporation, Amazon.Com, Inc., Apple Inc., Bluefin Robotics, Fuji Soft Inc., Geckosystems Intl. Corp., Google Inc., Honda Motor Co., Ltd., LG Electronics, Microsoft, Inc, Northrop Grumman Corporation, and IRobot Corporation.
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Service Robotics Market Applications Covered:
Personal Service Robots
Personal assistance robots
Research and Hobbyists
Other Personal Service Robots Applications
Professional Service Robots
Defense, Rescue, & Security
Agriculture and forestry
Other Professional Service Robots Applications
Rest of Europe
Rest of Asia Pacific
Rest of the World
What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 7 years of all the mentioned segments, sub-segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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