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Service Robotics Market - Industry Estimated To Expand During 2017 - 2025

04-11-2018 09:17 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: TMR Research

Service Robotics Market - Industry Estimated To Expand During

Global Service Robotics Market: Overview

Service robots efficiently and tirelessly perform common human tasks that are otherwise considered repetitive, dull, and time-consuming, such as everyday household jobs. There can be two major types of service robots – personal service robots who undertake non-commercial jobs such as domestic service, personal mobility assistance, and pet exercising, and professional service robots who perform commercial and delicate tasks such as surgery in hospitals, defense and security, fire-fighting, cleaning of public places, and goods delivery. In the recent past, service robotics have become highly useful for several applications for their accurate delivery, enhanced usability, and the quality of service provided at reduced operation cost. Consequently, the demand in the global service robotics market is estimated to expand at a robust rate during the forecast period of 2017 to 2025.

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Global Service Robotics Market: Key Trends

With the automation of logistical purposes in warehouse in order to increase the efficiency, the demand for mobile-robotic is escalating, which is the primary factor driving the global service robotics market. Moreover, growing demand from the healthcare sectors and implementation of service robotics in research institutes and education are two other prominent factors favoring the expansion of the global service robotics market. Owing to high cost of skilled labor and the lack of accuracy, the demand for service robotics is surging, increased investments for research and development of enhanced service robots, ubiquity of smartphones, growing awareness pertaining to the availability of these robots, and escalating demand from the automation sectors are some of the other factors that are expected to positively reflect on the market for service robotics during the forecast period. Conversely, high cost associated with service robotics as they are a developing concept, is hindering the market from achieving its true potential.

Based on operating environment, the global service robotics market can be segmented into ground, aerial, marine, automated guided underwater vehicles, remotely operated underwater vehicles, and unmanned surface vehicles controls. The segment of ground can be further sub-segmented into defense and security, field robotics, medical, logistics, telepresence, domestic tasks, education, entertainment, and personal assistance. By application, the market can be divided into personal usages such as domestic tasks and professional tasks.

Global Service Robotics Market: Market Potential

Since service robotics market is currently in nascent stage with several functional prototypes, research and development of customized products is opening new opportunities for the players in this market. The adoption of service robotics is also growing due to short-to-medium-term payback period, and hence the companies are encouraged to invest in the production of improved products.

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Global Service Robotics Market: Regional Outlook

The developed countries such as the U.S., the U.K., Canada, and France make Europe and North America the most lucrative regions. In Europe, the market for service robotics is driven by the defense and healthcare sectors while North America is gaining from robust healthcare infrastructure and high adoption rate of new technology among the consumers. Asia Pacific too is rates as an upcoming market for service robotics, especially from emerging economies such as India and China, although high cost associated with service robotics is challenging the widespread adoption.

Global Service Robotics Market: Competitive Landscape

The level of competition if very stiff between the established players who have the most technological products and the financial might for the constant research and development. Some of the key companies in this market are Parrot SA, KUKA AG, iRobot Corporation, Aethon Inc., Northrop Grumman Corporation, Honda Motor Co. Ltd., Kongsberg Maritime AS, GeckoSystems Intl. Corp., DJI, Intuitive Surgical, Inc., Bluefin Robotics, ECA Group, Adept Technology, Inc., Lely Holding S.a.r.l., and DeLaval International AB.

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About TMR Research

TMR Research is a premier provider of customized market research and consulting services to business entities keen on succeeding in today’s supercharged economic climate. Armed with an experienced, dedicated, and dynamic team of analysts, we are redefining the way our clients’ conduct business by providing them with authoritative and trusted research studies in tune with the latest methodologies and market trends.

Our savvy custom-built reports span a gamut of industries such as pharmaceuticals, chemicals and metals, food and beverages, and technology and media, among others. With actionable insights uncovered through in-depth research of the market, we try to bring about game-changing success for our clients.

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