Published: Jul, 2018
The vendor landscape of the global service robotics market features a largely consolidated nature, says Transparency Market Research on the basis of a recently published report. Such a consolidated mainly exists due to the presence of a handful of players the market. Four leading companies, namely AB Electrolux, Samsung Techwin Co. Ltd., iRobot Corporation, and Panasonic Corporation collectively accounted maximum shares. However, the number of players increasing entering the global service robotics market is increasing by the day, which is expected to intensify the competition in the next few years.
With an increasing demand for industrial-grade products occurring in almost every sector, a high requirement for automation in the form of robotics to mass produce commodities is being felt all over the globe. This has made manufacturers developing robotic services that deliver functional transformation and commercial excellence. In this way, a key strategy adopted by most players working in the global service robotics market involves achieving extensive product and service differentiation to stay ahead in the competition.
According to experts from Transparency Market Research, the global service robotics market had gained revenue worth US$5.57 bn in 2014, which is further expected to grow up to US$22.50 bn by the end of 2021. This growth is projected to occur at a stellar CAGR of 18.8% during the forecast period from 2015 to 2021.
Mammoth Investments by Players Promises Market to Witness Spectacular Expansions
A rapidly increasing demand for fast production capacities in industrial environments is primarily driving the global service robotics market. Such a high demand mainly exists in automotive assemblies, telecom networks, food and beverage processing, aircrafts and other large transportation forms, heat treating machines, bench presses and other heavy machines, devices used for steering and ship stabilization, and various other systems. Moreover, several companies are pouring large sums of money to facilitate research and developmental processes regarding robotics in industrial automation. This too has been responsible for propelling growth in the global service robotics market.
Various industrial segments are adopting robotic systems to reduce labor burden, consequently making the market grow at a respectable pace. Robotic automation also brings into picture the implementation of various innovative solutions, compared to manual processes. All these factors are certainly expected to fuel the global service robotics market, and make it thrive spectacularly and better than current times during the forthcoming years.
High Expenses Required to Develop Robotic Systems Stunts Expansion
However, steep costs required to set up robotic systems for machinery production, as well as expensive research and development activities undertaken for the same is greatly hampering the global service robotics market’s growth. High installation and maintenance expenses are discouraging small-scale plants and industries to avoid robotic automation completely. Moreover, lack of awareness regarding benefits of robotics in several regions too is posing as an obstacle to the market in several developing and emerging economies. Nevertheless, several end user segments such as pharmaceuticals, chemicals, water management, and electronics, are witnessing a rampant need for robotic services. This is certainly expected to soon reduce the restraints affecting the global service robotics market.
This review of is based on a recent market research report published by Transparency Market Research, titled, “Service Robotics Market (Product - Professional Service Robots and Personal Service Robots; Application - Defense, Agriculture, Healthcare, Logistics, Aerospace, Infrastructure, Entertainment, and Research and Development) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
- A rapidly increasing demand for fast production capacities in industrial environments is primarily driving the global service robotics market.
- A key strategy adopted by most players working in the global service robotics market involves achieving extensive product and service differentiation to stay ahead in the competition.
The global service robotics market has been segmented as presented below:
Global Service Robotics Market by Product
- Professional Service Robots
- Personal Service Robots
Global Service Robotics Market by Application
- Research and Development
Global Service Robotics Market by Geography
- North America
- Asia Pacific
- Rest of the World
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