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Global Service Robotics Market Exhibits 18.80% CAGR, Driven by High Demand from Defense Industry

Posted on Dec 28, 2015

Transparency Market Research (TMR), in its latest report, provides a comprehensive overview of the present dynamics and growth trajectory exhibited by the global service robotics market. Based on the survey conducted, the report pegs the global service robotics market at close to US$5.6 bn in 2014. The market is expected to reach US$22.5 bn by 2021. If the figures hold true, the market will exhibit a robust CAGR of 18.80% between 2015 and 2021. The report is titled “Service Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021” and is available on TMR’s official website for sale.

 

Browse the full Service Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021 report at https://www.transparencymarketresearch.com/service-robotics-market.html

As the demand for automation rises from every sector of an economy, companies invest more on research and development of the latest technologies and equipment aimed at reducing the burden on human labor. A trend similar to this is observed in the defense and military sectors globally, which the report evaluates and examines in detail. Demand for service robotics, particularly from the defense industry, is expected to rise as tensions pertaining to bilateral relations between several neighboring countries escalate. Unmanned aerial vehicles and ground vehicles are the most popular service robots deployed by the defense sector. The use of these robots is likely to reduce the number of casualties and deaths during war.  

 

Apart from increasing demand from the defense sector, rapid industrialization is also aiding growth of the global service robotics market. Service robots are faster and more efficient than humans at almost any task. Thus, they help improve efficiency and reduce work time particularly, in the manufacturing sector. Service robots are used across industries to carry out different functions such as packaging, welding, painting, and lifting heavy objects.

service-robotics-market

For the purpose of the study, the report segments the global service robotics market into personal and professional service robots based on product type. Of these, professional service robots led the market in 2014. Rapid industrialization and increasing demand for automation have been fuelling the demand for professional service robots worldwide.Based on application, the market is segmented into agriculture, defense, logistics, healthcare, infrastructure, aerospace, research and development, entertainment, and others. Of these, the defense sector accounted for the majority of demand. The defense segment accounted for 17.8% of the market, trailed by the healthcare segment, which held 14.1% of the market in 2014.

 

Regionally, the global service robotics market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Of these, North America held the largest share of market in 2014, followed by Asia Pacific, Europe, and Rest of the World.

 

Global Service Robotics Market, by Product

  • Professional service robots
  • Personal service robots

Global Service Robotics Market, by Application:

  • Defense
  • Agriculture
  • Health care
  • Logistics
  • Aerospace
  • Infrastructure
  • Entertainment
  • Research and development
  • Others

Global Service Robotics Market, by Geography:

  • North America
  • Europe
  • Asia Pacific
  • RoW

 

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

 

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

 

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