Automation Technology Empowering Future Innovation in Service Robotics Market - 2022 | iRobot Corporation, Intuitive Surgical, Inc., Honda Motor Co., Ltd., Aethon Inc.

Service Robotics Market by Type and Application - Global Opportunity Analysis and Industry Forecast, 2014 - 2022, projects that the world service robotics market would reach $34,672.8 million by 2022. Professional service robots segment is expected to dominate this market throughout 2015 to 2022. Europe would continue to lead the world service robotics market throughout the forecast period.

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. 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.

Vendors in the Service Robotics 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.

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However, LAMEA is projected to be the fastest growing region throughout the forecast period. Digital revolution and growing need for automation has increased the adoption of service robots in defense, healthcare, and other industries in LAMEA region. Service robots with application areas in exploration and research would garner ample opportunities for the service robotics market growth.

Europe dominated the world service robotics market in 2014 in terms of revenue and is expected to maintain its dominance during the forecast period. This is attributed to the high demand of service robots from domestic, healthcare, and defense sectors. In Europe, service robots are primarily used in the agriculture, milking, and forestry sectors. The low cost, high quality, and lightweight robots are suitable for smaller production units. Thus, there has been a growing adoption of service robotics among SMEs in the European region.

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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Key offerings of the report:

1. Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
2. Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
3. Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
4. Regional Analysis: Thorough analysis of each region helps market players devise expansion strategies and take a leap.
5. Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.

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