Service Robotics Market Global Industry Opportunity and Demand from 2016 to 2024!

Press Release   •   Nov 09, 2016 18:55 IST

The global service robotics market is predicted to reach US$22.50 bn by 2021, with its revenue registering a CAGR of 18.8% between 2015 and 2021.

The professional service robots market is slated to command about 65% of the market in 2021 with a value of US$14.64 bn. The most important segment of the service robotics market, professional service robots are mostly used in hazardous environment in defense and in healthcare. Besides, they are also used in agriculture, aerospace, logistics, infrastructure, and research. Personal service robots are used for entertainment, education, and other domestic chores.

By application, the service robotics market can be segmented into agriculture, infrastructure, defense, healthcare, aerospace, logistics, research and development, and many more. At present, defense and healthcare hold maximum share of the market and are slated to maintain their dominant position in the coming years till 2021.

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Regionally, North America, being a developed industrialized nation, leads the market on account of requirements in defense, manufacturing processes, and healthcare. Besides, the demand is also generated from agriculture, underwater, research, and domestic sectors. The region is slated to command about 35% of the market in 2021. The Asia Pacific service robotics market follows North America on account of Japan, China, South Korea and India, which are leading manufacturers of service robots. Service robots have enjoyed steady demand in the European markets too, particularly in areas like defense, logistics, agriculture, underwater, and healthcare.

Defense and Industries Filliping Market the Most

The defense sector has provided the maximum fillip to the service robotics market. It requires service robots to navigate grisly terrains and reduce human casualties. Rapid industrialization is another crucial growth driver for automated processes in manufacturing need service robots that improve efficiency and reduce production time. The increasing emphasis on research and development to produce more sophisticated robots for carrying out various tasks, has also led to demand.

High cost of research and development is one deterrent to the market. Yet another restraining factor is the interface of service robots, which are not easy enough to follow and navigate. “The interface of the service robot is not familiar to most of the consumers. The complicated interface of the service robots is also one of the major restraints in the service robotics market. Moreover, a newly launched service robots in the market is likely to have a different interface than the existing robots. With this dynamic interface it is possible that the consumers face difficulties in interacting with the service robots or face difficulties in understanding the complex interface,” explains the analyst of the TMR report.

The global service robotics market is not a consolidated one. The four key players account for almost equal share of the market and together they controlled a little over a half of the overall market in 2014. Among them, iRobot Corporation acquired Evolution Robotics in 2012 which put it at a marginally dominant position with a market share of 16.5% in 2014. It has an array of offerings mostly meant of medical, business, and defense sectors. Next, in terms of market share was Samsung Techwin Co. Ltd., which was followed by Panasonic Corporation and AB Electrolux.

Sectors in which service robots are finding increasing applications are aerospace, defense, security, medical, and agriculture. Given the fact that the service robotics market is highly fragmented, the players try to outperform others with new, innovative product offerings by investing heavily in research and development. Cutthroat environment also leads to frequent acquisitions and partnerships, which helps leading vendors to grow their market share further.