Technological Progress in Automation Enables Higher Uptake of Service Robotics
The game-changing potential of artificial intelligence combined with sophistication in automation has rendered a ripe market for the global service robotics market. From performing complex surgical procedures to enabling effortless unmanning of defense vehicles, service robotics have come a long way in the past decade. The technical ability to automate a range of tasks with varying complexities has spurred an exponential demand for service robots in various industries such as agriculture, defense, healthcare, logistics, infrastructure, aerospace, entertainment, research and development, and logistics. Thus, the multiplying applications of service robots in a range of fields could cause these products to become indispensable in the near future, states Transparency Market Research.
According to TMR, the global service robotics market was valued at US$5.57 bn in 2014 and is expected to touch US$22.50 bn by 2021. The global market revenue is anticipated to expand at a CAGR of 18.8% between 2015 and 2021. Application of service robotics for domestic purposes is expected to open up several growth opportunities for the global market. Though adoption of service robotics is anticipated to result in massive labor savings, it has also created a fear of loss of jobs leaving several able individuals unemployed.
Professional Robots Could Make Deeper Inroads into Defense Sector
Out of the two types of service robotics products, the professional service robotics segment is gearing up for escalating demand. The report states that the professional service robotics segment will surge at a CAGR of 18.6% from 2015 and 2021. This demand will be a result of the growing dangers of the modern warfare and subsequent efforts taken by the defense sector to minimize human casualties.
The technological feasibility of these robots to perform dangerous tasks in a loop without any human interventions has made them an integral part of the armed forces arsenal across the globe. In addition to this, service robots are also being used in the agriculture sector for automatic milking, spraying pesticides and fungicides with drones, and transportation of goods. The professional service robotics segment is also anticipated to flourish as the healthcare sector deploys these robots for performing intricate and complicated surgeries.
Large-scale Production of Service Robots in North America Makes Region Frontrunner
North America is leading the global service robotics market by a fair margin as it expands at a CAGR of 17.9% between 2015 and 2021. The increasing uptake of service robots in the investment and defense sector of North America is the primary reason for this positive sentiment. The relentless rate of automation across the region has generated an impressive revenue for the North America service robotics market. Furthermore, the large-scale production of service robots due to a strong presence of vendors has also led to the proliferation of this market in North America.
Some of the leading players in the global service robotics market are Samsung Techwin Co. Ltd., AB Electrolux, Touch bionics Ltd., Intuitive Surgical Inc., iRobot Corporation, Honda Motors Co. Ltd., and Panasonic Corporation. Analysts state that companies will aim at business expansion and development of precision-driven products that will offer better dexterity in complex tasks. Furthermore, the future of companies will also depend on how they blur the gap between consumer needs, the high cost of robots, and the integration of advanced technologies to keep these robots relevant for futuristic needs.
Service robots are the fully autonomous systems that have the ability to carry out the services without or with human assistance. They are used in different sectors assisting human in performing duties that are not possible for humans to perform. The service robots are segmented into professional and service robots based on their product types. The professional robots are used for commercial purpose whereas personal robots are used for domestic uses. They are used in many sectors and one of the most important areas of application is the medical sector and defense. They are used to assist human in performing duties that are not possible for humans to perform.
Increase in investment in research and development, rapid industrialization and increase in demand for service robots in defense and security are the major drivers which are driving the service robotics market. The application of robots in several industries such as defense, healthcare, logistics, media and entertainment are expected to stipulate the demand of service robots during the forecast period. Moreover, use of service robots in defense is likely to decrease the number of death casualties and cause less damage to properties during war or combat situations. Additionally, with the rapid industrialization the demand for service robotics is expected to increase during the forecast period. Service robotics in industries leads to the rise of automation in the market globally.
High cost associated with development is acting as restraining factors in service robotics market. From designing to development it is a long procedure which takes a long time and charges extra costs before the actual manufacturing of service robots. Moreover, complicated interface of service robots is also an important factor acting as a restraint of this market.
Underdeveloped mobile automation is one of the major opportunities of this market. Most of the service robots are either stationary and are focused on performing a single task only. But the mobile automation in service robots is yet to be explored as they are still underdeveloped. The mobile service robots are used in the research and development labs to carry out different experiments. Moreover, increasing application areas globally is also a major opportunity of this market. The service robot is likely to be used in almost every sector and thus reduces the work load of humans.
The research study analyzes the Service Robotics market on a global level and provides anticipate in terms of revenue (USD billion) from 2015 to 2021. It recognizes the restraints and drivers affecting the industry and analyzes their impact during the anticipated period. Additionally, it identifies the major opportunities for market growth in the next few years.
The report segments the service robotics market based on geography into North America, Europe, Asia-Pacific, and Rest of the World. These segments are anticipated in terms of revenue (USD billion). Based on product types, the report segments the market into professional and personal service robotics. It also segregates the market based on the applications. It includes defense, agriculture, health care, logistics, aerospace, infrastructure, entertainment, research and development and others. These segments have also been anticipated based on geography in terms of revenue (USD billion).
The study includes market attractiveness analysis, where the applications are benchmarked based on growth rate, market scope, and general attractiveness. Company market share analysis of various industry participants are provided in this report.
The key players have also been profiled based on company overview, financial overview, recent developments and business strategies. Major market players in this report include 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 segments the Service Robotics Market as:
Global Service Robotics Market, by Product
- Professional service robots
- Personal service robots
Global Service Robotics Market, by Application:
- Health care
- Research and development
Global Service Robotics Market, by Geography:
- North America
- Asia Pacific