This Forum is for: DMNForums Comments
FROM: Alina John
DATE: Feb. 04, 2016 7:06 am gmt
SUBJECT: Global Service Robotics Market Exhibits 18.80% CAGR, Driven by High Demand
KEYWORDS: Service Robotics Market
KEYWORDS: Service Robotics Market
“service robotics market was valued at US$5.57 bn in 2014, and is expected to reach US$22.5 bn by 2021, growing at a CAGR of 18.8% from 2015 to 2021”
Increasing demand for service robots in defense is one of the important factors driving the service robotics market. Use of service robots in defense is likely to decrease the number of death casualties during war. Most used service robots in defense are unmanned aerial vehicles, and unmanned ground vehicles. Additionally, rapid industrialization is also acting as an important driver in this market. Service robots works faster than humans thus, reducing the work time and increases work efficiency. They are used to lift heavy parts, welding of automobiles, helps in painting and many more in industries. The service robotics market is also driven by the increasing investment in research and development. The service robots are used in carrying out various complex tasks that are difficult for humans to carry out in the research labs.
North America held the largest market size for service robotics market. The market in North America is growing at a CAGR of 17.9% during the forecast period. One of the important drivers of this market is the increasing use of service robots in defense sectors. Moreover, in North America professional service robots held the largest market share in 2014 In addition, the defense sector held the largest market share of 15.6% followed by health care segment in 2014. However, high cost associated with development is acting as one of the major restraint in this market. Asia Pacific is the fastest growing market and the growth can be attributed to the growing economies in the region such as China, India, Japan, South Korea and Australia among others.
Professional Robots and Defense Industry to Retain Leading Positions in Respective Areas
The markets for professional and personal service robots are the two major segments of the global service robotics products market. Among the two, the professional robots market occupied the topmost position with a share of 66.10% in the global market. Analysts projects this market segment to witness further development at a CAGR of 18.60% during the period of 2015-2021 on account of sturdy rise in industrialization and automation across the globe.
Defense, healthcare, agriculture, logistics, infrastructure, aerospace, entertainment, and research and development are the key application areas for service robots. The defense industry emerged as the biggest end user for service robots in 2014 and was closely followed by the healthcare market, where the defense sector accounted for a market share of 17.80% and the healthcare industry held 14.10% share of the overall industry.The demand for service robots from defense industry is likely to maintain its pace at a CAGR of 17.20% between 2015 and 2021, retaining the leadership of this industry.
Some of the leading players in the service robotics market are AB Electrolux (Sweden), Touch bionics Ltd (U.K)., iRobot Corporation (U.S), Samsung Techwin Co. Ltd. (South Korea), Robert Bosch GmbH (Germany), Mako Surgical Corporation (U.S), Intuitive Surgical Inc.(U.S), Honda Motors Co. Ltd. (Japan), Panasonic Corporation (Japan) and Dyson Ltd. (U.K) among others. The report provides estimates in terms of revenue (USD Billion) from 2015 to 2021 by studying the global service robotics market.