Press release
Service Robotics Market forecast to witness 17%+ growth to 2022
Fractovia.Org
According to Global Market Insights, Inc., global service robotics market size is anticipated to exceed a revenue USD 21 billion by 2022.Government regulations supporting the practice of service robots in defense &military is also augmenting the global outlook.
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The extensive use of service robotics in medical sector is also a key propellant which pushing the industry share. Upgradation of technology in medical fields with an inclusion of magnetic resonance imaging, fluoroscopy, CT scan, 3D ultrasonic is fueling the service robots’ adaptation in the health care sector. Medical application is expected to surpass a revenue of USD 6 billion by 2022. Rising urge for automation will further boost the industry trends considerably.
Based on the type of application, global service robotics market is fragmented into professional and personal service robots. Professional service robots accounted for a revenue share worth over USD 4.5 billion in 2014 and is projected to witness an upward swing over the coming five years, owing to its high demand in medical and defense sectors. Personal service robotics market has an extensive set of application in the entertainment and household sector and is expected to cross 6 billion by 2022.
North America service robotics industry led the global landscape followed by Europe and Asia Pacific in 2014. North America is forecast to remain in the dominant position in terms of service robotics market size and is assessed to reach over USD 8.6 billion by 2022 with a sharp growth rate of 17% over the period 2015 -2022. Increased adaptation of service robots, enhanced usability, evolving economics and expanding application areas is driving the Europe service robotics market growth and is expected to witness an upsurge registering a revenue of USD 6.55 billion with gains estimated at a CAGR of 16.5% over 2015- 2022. MEA is predicted to be one of the prominent industry base and is anticipated to record a CAGR of 22% over the coming five years.
Prominent service robotics companies all over the world include Samsung, Toyota, Yujin Robots, and irobots, Hanool Robotics.
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