Service Robotics Market Size

Service Robotics Market Report 2017-2024 | Proficient Analysis of Key Players, Types, Future Prospects Details for Business Rate

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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.

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Table of content:

Chapter 4.   Service Robotics Market, By Product

4.1.  Global service robotics market share by product, 2016 & 2024

4.2.  Professional

4.2.1. Market estimates and forecast, 2013 – 2024

4.2.2. Market estimates and forecast, by region, 2013 – 2024

4.3.  Personal

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.  Professional

5.2.1. Market estimates and forecast, 2013 – 2024

5.2.2. Market estimates and forecast, by region, 2013 – 2024

5.2.3. Defense

5.2.3.1.       Market estimates and forecast, 2013 – 2024

5.2.3.2.       Market estimates and forecast, by region, 2013 – 2024

5.2.4. Field

5.2.4.1.       Market estimates and forecast, 2013 – 2024

5.2.4.2.       Market estimates and forecast, by region, 2013 – 2024

5.2.5. Healthcare

5.2.5.1.       Market estimates and forecast, 2013 – 2024

5.2.5.2.       Market estimates and forecast, by region, 2013 – 2024

5.2.6. Logistics

5.2.6.1.       Market estimates and forecast, 2013 – 2024

5.2.6.2.       Market estimates and forecast, by region, 2013 – 2024

5.2.7. Others

5.2.7.1.       Market estimates and forecast, 2013 – 2024

5.2.7.2.       Market estimates and forecast, by region, 2013 – 2024

5.3.  Personal

5.3.1. Market estimates and forecast, 2013 – 2024

5.3.2. Market estimates and forecast, by region, 2013 – 2024

5.3.3. Household

5.3.3.1.       Market estimates and forecast, 2013 – 2024

5.3.3.2.       Market estimates and forecast, by region, 2013 – 2024

5.3.4. Entertainment

5.3.4.1.       Market estimates and forecast, 2013 – 2024

5.3.4.2.       Market estimates and forecast, by region, 2013 – 2024

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Global Service Robotics Market Size 2017 Growth, Analysis, Opportunities and Forecast To 2024

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Market Size Forecasters Add New Global Service Robotics Market by Manufacturers, Countries, Type and Application, Forecast to 2024 to its research database. The report presents a deep study of the market growth factors and drivers. The report spread across 90 pages with table and figures in it.

The SPARC robotics project is slated to contribute heavily to the development of this industry and create more than 240,000 potential job profiles.

Service robotics market is slated to register a revenue of more than USD 22 billion by 2024 registering a CAGR of 18% over the period of 2016-2024.

This Market Size Forecasters report examines the Service Robotics Market for the period 2017- 2024. The primary objective of the report is to analyse the underlying factors that are driving growth of the futuristic outlook market: Service Robotics Market, which is significantly transforming buying habits of consumers across various markets.

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Scope of the Report:

This report focuses on the Service Robotics in Global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.

Service Robotics Market By Applications

Global service robotics market finds applications in personal and professional services. The personal application segment includes household and entertainment products. The professional application segment includes the defense, medical, logistic, and construction sectors, in addition to underwater systems and mobile platforms.

Service robotics industry for personal application segment is predicted to record a revenue of more than USD 7 billion by 2024. The professional application segment was valued at USD 4.5 billion in 2014 and contributed to more than 70% of global industry share.

Medical service robotics market was valued at 2 billion in 2014 and is predicted to cross USD 6 billion by 2024, growing at CAGR of 15% over 2016-2024.

Logistics service robotics industry size for global shipments is expected to register a CAGR of 23% over 2016-2024.

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There are Table of Content and Various Chapters to deeply display the global Service Robotics Market

Chapter 1    Methodology and Scope

Chapter 2    Executive Summary

Chapter 3    Service Robotics Industry Insights

Chapter 4    Service Robotics Application Insights

Chapter 5    Service Robotics Regional Insights

Chapter 6    Competitive Insights

6.1    AB Electrolux

6.2    Fujitsu Frontech Limited

6.3    GeckoSystems

6.4    Hanool Robotics Corp

6.5    Honda Motor Co. Ltd.

6.6    iRobot Corporation

…………

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Service Robotics Market Size by Application (Personal, Professional) to 2022

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MarketStudyReport.com adds “Service Robotics Market Size by Application (Personal, Professional) Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2022” new report to its research database. The report spread across 90 pages with table and figures in it.

Industry Overview

Global Service Robotics Market size is predicted to touch $21.71 billion mark by end of 2022 and register more than 17.81% CAGR during forecast timeframe. Favorable government policies supporting creation of service robots along with steady demand from defense sector is predicted to stimulate the industry demand in future. The reason for this is reduction of human involvement in defense sector resulting in less number of causalities due to military operations. Unmanned defense vehicles are mainly deployed in military sector to perform all kinds of activities.
Medical robotic system is a growing field intended to function in line with MRI(Magnetic Resonance Imaging), fluoroscopy, ultrasound imaging and CT(Comotography) scan. Growing technological breakthroughs like magnetic resonance imaging and 3D ultrasound are predicted to promote industry expansion as these technologies ease real time imaging for future reference and effective process planning.

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Positive initiatives like innovation program and civilian research by European Union in robotics is predicted to promote industry growth and can potentially generate greater than 241,000 jobs. All these factors are predicted to drive global service robotics market trends. But modernized cognitive competencies and lack of customization is predicted to inhibit industry growth during forecast timeframe.

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Application Overview

Global service robotics market is segmented into different applications like personal service robotics application and professional service robotics application.
Personal service robotics segment is further sub-segmented into household applications and entertainment segment. With significant gains, personal service robotics market share is predicted to surpass $6.81 billion by end of forecast timeframe.

Professional service robotics segment was evaluated $4.51 billion for 2014. It include mobile platforms, medical applications, military applications, logistics, underwater systems, demolition & construction and mobile platforms. In 2014, there was a demand for service robotics in military applications owing to use of unmanned aerial vehicles by armed personnel.

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Regional Overview

Service robotics industry is segmented into major geographical regions that include North America, APAC, MEA, Europe and Latin America.

North America contributed more than $2.41 billion to overall industry share for 2014 and predicted to touch $8.61 billion mark by end of 2022 at CAGR of more than 17% during forecast timeframe. Growing applications in underwater systems, military sector, logistics, construction, medicine and mobile platforms are predicted to enhance the product demand.

European industry is anticipated to contribute about $6.56 billion by end of 2022 and make expected gains of more than 16.51% during forecast period.

APAC service robotics market was evaluated at more than $901 million for 2014 and is predicted to touch $4.1 billion mark by end of forecast timeline. Key growth drivers for the region include household and military applications.

MEA service robotics industry is predicted to record CAGR of more than 22% during forecast timeframe.

Competitive Overview

Key industry players profiled in report include iRobot Corporation, AB Electrolux, Samsung Electronics, Gecko Systems, Honda Motor Company Limited, Fujitsu Frontech Limited, Hanool Robotics Corporation, LG Electronics, Sony Corporation, Yujin Robot Company Limited and Toyota Motor Corporation.

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