Service Robotics Industry
Service Robotics Market Report 2017-2024 | Proficient Analysis of Key Players, Types, Future Prospects Details for Business Rate
The 2017-2024 report on global Service Robotics market explores the essential factors of Service Robotics industry covering current scenario, market demand information, coverage of active companies and segmentation forecasts.
Service Robotics market is projected to reach a revenue of over USD 20 billion in 2024. These systems are anticipated to witness a high growth during the forecast time span owing to their high convenience, reliability, and the efficiency as compared to the conventional labor solutions. The rising proliferation of IoT and the integration of AI are aiding in the transformation of the service robotics market.
These systems reduce the number of faults and errors and provide accurate and high-quality services. The cost of labor is increasing at a very drastic rate. For instance, hourly labor costs in the Euro area (EU28) witnessed a 2.2% yearly growth until 2016. The increase in labor costs is increasing the overall costs of the goods and services that are produced. Additionally, these can reduce an organization?s profits and cause them to incur higher financial costs such as payroll taxes, increments, and hiring subsidies.
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The adoption of the service robotics market is highly beneficial in the reduction of human casualties suffered during activities, primarily in defense and certain research activities such as underwater cave discoveries. In recent years, internal and external security threats have compelled governments of various organizations to adopt these solutions and are substantially contributing to the strong growth of the service robotics market. These systems can be used in conducting discrete surveillance activities or for implementing activities that are highly dangerous to human personnel.
The personal product segment of the service robotics market is predicted to dominate in terms of revenue during the forecast timeframe. Personal robots, such as vacuum cleaners, automated wheelchairs, and domestic servants, among others have aided in improving the quality of life and providing an increased convenience to their users. For instance, in homes with geriatric inhabitants, who live alone, these robots are ideally suited for monitoring and diagnosing patients by relaying the information back to the medical practitioners or alerting authorities during emergencies such as when the patient falls from a wheelchair.
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The professional application segment of the service robotics market is anticipated to witness a high growth owing to the increasing adoption of these systems for carrying out mundane and monotonous tasks such as milking, packing, and other activities. Medical robot systems are finding increasing applications in providing assistance during surgeries, therapy, and patient caring, contributing to the heavy growth of the service robotics market. For instance, Robot Aps has developed and launched a rehabilitation robot to assist health professionals with patients, who are bed-ridden, reducing the dependence on nurses for actions such as heavy lifting.
The increase in manufacturing and industrial activities, primarily in the South-East Asian and Latin American regions, contributes to the strong growth of the service robotics market. For instance, warehousing robots are deployed in factory spaces to reduce monotonous activities such as shelving and packing and increasing the output as compared to the manual labor. Additionally, the Asia Pacific region is also incorporating these systems as a part of its education and teaching sector. Pre-schools in Singapore, for instance, have implemented humanoid robots on a testing basis to deliver high-quality education to students.
The service robotics market players comprise Bluefin Robotics, BAE Systems, AeroVironment, Inc., OMRON Adept Technologies, Inc., 3D Robotics, iRobot Corporation, Medtronic, Delaval International AB, ECA Group, Geckosystems Intl. Corp., and Intuitive Surgical, Inc. Companies are required to continuously invest in business strategies, such as R&D, partnership, mergers, and acquisitions, to sustain growth in the global service robotics market. For instance, in May 2016, Medtronic entered into a partnership agreement with Mazor for the development of surgery robots and the launch of its internally-developed robotic surgery program.
Table of content:
Chapter 4. Service Robotics Market, By Product
4.1. Global service robotics market share by product, 2016 & 2024
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast, by region, 2013 – 2024
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast, by region, 2013 – 2024
Chapter 5. Service Robotics Market, By Application
5.1. Global service robotics market share by application, 2016 & 2024
5.2.1. Market estimates and forecast, 2013 – 2024
5.2.2. Market estimates and forecast, by region, 2013 – 2024
220.127.116.11. Market estimates and forecast, 2013 – 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
22.214.171.124. Market estimates and forecast, 2013 – 2024
126.96.36.199. Market estimates and forecast, by region, 2013 – 2024
188.8.131.52. Market estimates and forecast, 2013 – 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
220.127.116.11. Market estimates and forecast, 2013 – 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
22.214.171.124. Market estimates and forecast, 2013 – 2024
126.96.36.199. Market estimates and forecast, by region, 2013 – 2024
5.3.1. Market estimates and forecast, 2013 – 2024
5.3.2. Market estimates and forecast, by region, 2013 – 2024
188.8.131.52. Market estimates and forecast, 2013 – 2024
184.108.40.206. Market estimates and forecast, by region, 2013 – 2024
220.127.116.11. Market estimates and forecast, 2013 – 2024
18.104.22.168. Market estimates and forecast, by region, 2013 – 2024
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Service Robotics Market Trends Global Industry Analysis, Top Manufacturers, Share, Growth, Statistics, Opportunities & Forecast to 2022
Global Service Robotics Market Research Report 2017 to 2022 presents an in-depth assessment of the Service Robotics including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Service Robotics investments from 2017 till 2022.
Service Robotics Market size is estimated to reach USD 21.78 billion by 2022 as per a new research report by Market Study Report. Leading industry participants focus on R&D to ensure efficient product development and innovation.
High demand from military and defense applications due to extensive usage across these areas is forecast to fuel service robotics market size. Autonomous navigation along with the ability to control objects autonomously, especially for carrying out complex assistance tasks, is a major growth driver. Healthcare applications are benefitted by the use of these products to ensure superior quality of care and sustainable medical provision. The segment is projected to surpass USD 6 billion by 2022. Introduction of technological advancements to enhance dexterity, stability, and precision, as well as the incorporation of 3D ultrasound and MRI to facilitate easier future reference and effective procedure planning through real-time imaging are major use cases.
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Positive regulatory landscape on a global level is also expected to provide a fillip to service robotics market share. For example, Japan’s METI has invested considerably in R&D and created a roadmap for technology implementation. The EUs SPARC Robotics Project covers product development for manufacturing, agriculture, health, transport, civil security, and households. Unmanned Ground Vehicle (UGV) market growth presents viable growth opportunities in the defense and military sectors.
Key insights from the report include:
Global shipments are forecast to exceed 28 million units by 2022, growing at 22.9% CAGR from 2015 to 2022.
U.S. service robotics market share was the key region in 2014, with North American industry revenue set to grow at over 17% CAGR over the forecast timeframe.
Professional service robotics market share was more than 70% of the global revenue in 2014. This can be attributed to considerable price trend as compared to their personal counterparts. These products are used in agriculture, assisted surgery, and in the UAV market for military applications.
Online retailers are looking towards optimizing their logistics and supply chain to minimize lead time and offer better customer experience, which will fuel revenue across the logistics segment.
Household service robotics market size is anticipated to cross USD 4 billion by 2022. Global consumption will also remain strong in the coming years due to growing demand for automation.
Design and development for generic applications is usually done in accordance to a set of standard conditions, which might not be suitable for extreme conditions such as extremely low or high temperatures or the presence of too many obstacles. Imparting cognitive competencies involves a high level of programming, which is possible only for domain-specific programmers and may pose a challenge to growth.
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Notable companies operating in the industry include Yujin Robots, iRobot, LG Electronics, Toyota, Honda, Samsung, Hanool Robotics, etc.
Global Market Insights has segmented the service robotics industry on the basis of application and region:
Global Service Robotics Market Application Analysis (Volume, Thousand Units & Revenue, USD Million; 2012 – 2022): Professional, Defense, Field, Medical, Logistics, Mobile platforms, Underwater systems, Construction & Demolition, Others, Personal, Entertainment and Household.
Global Service Robotics Market Regional Analysis (Volume, Thousand Units & Revenue, USD Million; 2012 – 2022): North America, Europe, Asia Pacific, Latin America and MEA.
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Related Reports: –
Global Service Robotics Market Research Report 2017
This report studies Service Robotics in Global market, especially in North America, Europe, China, Japan, Southeast Asia and India, focuses on top manufacturers in global market, with capacity, production, price, revenue and market share for each manufacturer, covering
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