3D Robotics, Aethon, Bluefin Robotics, BAE Systems, DJI, ECA Group Service Robotics Market By Top Players: Ecovacs Robotics, Intuitive, iRobot, Medtronic, Northrop Grumman, Omron Adept Technologies, Samsung Electronics, Yujin Robot Co. Ltd.

The U.S. service robotics market is anticipated to witness growth over the forecast timeline. It can be attributed to the rising demand for robots across various sectors, which include defense, logistics, healthcare, agriculture, and households. Increasing number of players entering the marketplace with new & advanced technological features further contributes to the regional industry demand. Moreover, the increasing adoption of household robots for performing everyday tasks coupled with the rising wage rates across various economies is compelling the adoption of robots, contributing to the Asia Pacific service robotics market.

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Service Robotics Market size is set to exceed USD 22 billion by 2024; according to a new research report by Global Market Insights, Inc. The shipments are forecast to grow at over 20% CAGR from 2017 to 2024. The rising demand for robots with advanced capabilities to assist humans in everyday lives is anticipated to drive the service robotics market over the forecast timeline. The emerging trend of innovations from many engineering and scientific disciplines and technological advancements such as AI, machine learning, 3D sensors, machine vision, and big data analysis further contribute to the industry demand. In addition, the increasing penetration of robots in military & defense applications followed by the significantly rising defense budgets across the major economies is providing an impetus to the service robotics market.

The growing deployment of robots across households is anticipated to showcase a positive impact on the service robotics market growth. The household robots help in reducing the burden on their human counterparts by performing domestic tasks such as floor & window cleaning, vacuum cleaning & lawn-mowing and letting them focus on more important tasks. Increasing penetration of entertainment robots in various sectors, such as retail, BFSI, and hospitality, enables the interactive experience deepening the engagement with in-store customers. The robots can bring in a transformation by making use of advanced technologies such as facial recognition, speech recognition, and emotion recognition. However, factors such as rising R&D expenses and capital investments are expected to limit the industry demand.

Rising deployment of professional robots, such as drones, ground-based, and marine robots across the military & defense sector, is anticipated to drive the service robotics market growth. It can be attributed to the advantages offered by these machines, which include reducing human casualties, performing hazardous tasks, lowering the operational costs, collecting better intelligence, enabling effective surveillance, and improving the attack capabilities. Furthermore, increasing demand for the automated processes with higher efficiency and accuracy across the dairy sector to improve the productivity is driving the field robots segment in the service robotics market.

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Increasing utilization of healthcare robots in applications, such as surgeries, diagnostics, monitoring, and mental & physical therapy, will drive the healthcare service robotics market growth. Hospitals are increasingly using robotics in rehabilitation activities, which include orthotics and assistive devices such as wheelchairs. However, the demand for robotics in the logistics sector is on the rise owing to the growing e-commerce sector followed by the increasing efforts by industries to reduce the labor cost & optimize the processing speed.

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Companies in the service robotics market comprise 3D Robotics, AeroVironment Inc., Aethon, Bluefin Robotics, BAE Systems, Delaval International AB, DJI, ECA Group, Ecovacs Robotics, Geckosystems Intl. Corp., Honda Motor Co., Ltd., Intuitive, iRobot, Lely Holding S.A.R.L., Medtronic, Northrop Grumman, Omron Adept Technologies, Parrot SA, Samsung Electronics, Softbank Robotics, Yujin Robot Co. Ltd.

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https://www.marketwatch.com/press-release/by-2024-atm-market-to-reach-25-billion-2018-09-19

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