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Innovation to be Key Determinant of Long-Term Success in Global Service Robotics Market
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“The next few years will see companies focus on developing intelligent products that offer extremely innovative solutions to meet the growing need for advanced automation in various sectors,” says the senior analyst of this research report. Service robots that come with enhanced cognitive ability to deliver results with precision and dexterity in real-time will enjoy the advantage of better differentiation. The progress of service robotics companies will depend on the future capabilities of robots across various industrial and professional verticals.
Automation in Defense Shows High Potential
With both internal and external security threats mounting in countries across the world, the respective governments and defense sector are collectively seeking solutions to reduce human casualties by making greater use of robots on the field. This has paved the way for successful operation for unmanned ground vehicles and demining vehicles as well as unmanned aerial vehicles. TALON and METAL-STORM are the two commonly used service robots in the U.S. defense sector owing to their advantage of dealing with tasks without human intervention.
The ground-breaking discoveries in automation have been the very essence of the rising adoption of service robots in a wide spectrum of activities. From healthcare to agriculture, the global service robotics market is experiencing a huge scope for growth as it drastically raises work efficiency. Marked by accuracy and precision, service robots are being extensively used to perform complex surgeries in the healthcare sector. The growing research and development activities will also bolster the uptake of service robots as companies are vying to introduce robots with advanced mechanisms, improved artificial intelligence, and sophisticated algorithms.
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High Capital Investment Strains Market
The high funding required to research and develop high-end service robots is straining this market. The uncertainty in the number of years of research required to commercialize products has also deterred players from investing in design and development of service robots. At the consumer end, the difficulty in understanding the complex interface of service robots is also dissuading investments in these machines. These factors are likely to hamper the growth of the market.
Adoption of Service Robotics in Defence Sector Puts North America in the Lead
The opportunity in the global service robotics market is estimated to reach US$22.50 bn by 2021 as compared to US$5.57 bn in 2014. From 2015 and 2021 this market will expand at a CAGR of 18.8%. Amongst the various product types, professional service robotics will be preferred by consumers. This trend will help take the segment’s valuation to US$14.64 bn by the end of 2021. In terms of geography, North America is expected to lead the service robotics market with a whopping CAGR of 17.9% during the forecast period as the defense sector is rapidly adopting these products.
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