Service Robotics Market is Expected to Reach $34.7 Billion by 2022 | Key Players are iRobot , Intuitive, Honda, Panasonic and Aethon

Global Service robotics market is expected to reach $34.7 billion by 2022, with a CAGR of 23.9% to 2022, according to a new report by published by Allied Market Research. The growing need of automation across various industries has encouraged organizations to adopt service robotics for increased productivity, superior quality and precise operations, reduced operation costs, and enhanced safety of workforce. Increasing labor costs coupled with lack of workforce further accelerate the growth of market.

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Increasing need for safety along with government regulations for labor protection drives organizations to adopt service robotics for enhanced safety at workplace. The growing penetration of mobile devices facilitates the development of advanced robotic systems and boosts the growth of market. Vendors in the market focus on developing affordable and energy-efficient robots for small and medium enterprises to cater to the growing requirements of consumers. The significant rise in investments in R&D for the development of service robots along with the establishment of organizations including Standardized Procedures for the Advancement of Robotic Combat (SPARC) and International Federation of Robotics (IFR), further fosters the growth of the market.

Professional service robots are used in healthcare; defense, rescue, and security; field; logistics; and construction industries. The segment of professional service robotics generated $3.9 billion in 2014 owing to high demand of automation from these sectors. Reduction in labor costs, increased operational efficiency, and delivery of high-quality services with improved precision and accuracy further encourages consumers to employ professional service robots. The revenue of personal service robotics segment is expected to grow at a rate of over 26% during the forecast period, owing to high demand of service robots from the domestic and entertainment sectors and rise in disposable income of consumers. In terms of volume, personal robots accounted for a higher share and generated over 4,672 thousand units in 2014.

Healthcare is the major end user industry, in terms of revenue generation, that employs service robots for a wide range of applications such as surgery, diagnostics, physical and mental therapy, and prosthetics among others. Patient monitoring, laboratory automation, drug discovery, and prescription preparation are other applications of service robotics in the healthcare sector. It accounted for over 35% share of the global market revenue in 2014, followed by defense, rescue and security sector. Other industries utilizing service robotics include field, logistics, construction, domestic, and entertainment. The construction industry is likely to grow at the highest CAGR during the forecast period. In terms of volume, defense, rescue, & security robots accounted for the highest share and generated around 11 thousand units in 2014 owing to the increased employment of unmanned aerial vehicles, unmanned ground vehicles, firefighting & disaster management robots, professional surveillance robots, and demining robots. The healthcare segment is forecast to grow at the highest CAGR of 29.1% during 2015-2022 in terms of volume.

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Key findings of Service Robotics Market:

•The service robotics market is projected to exhibit a significant growth owing to increasing demand of automation from various industries, rising application areas, and growth in emerging economies.
•The professional robotics segment is anticipated to dominate the market in terms of revenue owing to the increasing applications from healthcare, defense, rescue and security, agriculture, logistics, and construction industries.
•The healthcare industry is excepted to maintain its leading position in the market during the forecast period in terms of revenue.
•Europe is likely to dominate the market throughout the forecast period.

Prominent players offering service robotics solutions in the market include iRobot Corporation, Intuitive Surgical, Inc., Honda Motor Co., Ltd., Panasonic Corporation, and Aethon Inc. These players introduce new products to enhance their portfolios and collaborate with each other to strengthen and expand their market and geographical presence.

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