Press release
Service Robotics Market: Technological Progress in Automation Enables Higher Uptake of Service Robotics
According to TMR, the global service robotics market was valued at US$5.57 bn in 2014 and is expected to touch US$22.50 bn by 2021. The global market revenue is anticipated to expand at a CAGR of 18.8% between 2015 and 2021. Application of service robotics for domestic purposes is expected to open up several growth opportunities for the global market. Though adoption of service robotics is anticipated to result in massive labor savings, it has also created a fear of loss of jobs leaving several able individuals unemployed.
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Out of the two types of service robotics products, the professional service robotics segment is gearing up for escalating demand. The report states that the professional service robotics segment will surge at a CAGR of 18.6% from 2015 and 2021. This demand will be a result of the growing dangers of the modern warfare and subsequent efforts taken by the defense sector to minimize human casualties.
The technological feasibility of these robots to perform dangerous tasks in a loop without any human interventions has made them an integral part of the armed forces arsenal across the globe. In addition to this, service robots are also being used in the agriculture sector for automatic milking, spraying pesticides and fungicides with drones, and transportation of goods. The professional service robotics segment is also anticipated to flourish as the healthcare sector deploys these robots for performing intricate and complicated surgeries.
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North America is leading the global service robotics market by a fair margin as it expands at a CAGR of 17.9% between 2015 and 2021. The increasing uptake of service robots in the investment and defense sector of North America is the primary reason for this positive sentiment. The relentless rate of automation across the region has generated an impressive revenue for the North America service robotics market. Furthermore, the large-scale production of service robots due to a strong presence of vendors has also led to the proliferation of this market in North America.
The research study analyzes the Service Robotics market on a global level and provides anticipate in terms of revenue (USD billion) from 2015 to 2021. It recognizes the restraints and drivers affecting the industry and analyzes their impact during the anticipated period. Additionally, it identifies the major opportunities for market growth in the next few years.
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The report segments the service robotics market based on geography into North America, Europe, Asia-Pacific, and Rest of the World. These segments are anticipated in terms of revenue (USD billion). Based on product types, the report segments the market into professional and personal service robotics. It also segregates the market based on the applications. It includes defense, agriculture, health care, logistics, aerospace, infrastructure, entertainment, research and development and others. These segments have also been anticipated based on geography in terms of revenue (USD billion).
The study includes market attractiveness analysis, where the applications are benchmarked based on growth rate, market scope, and general attractiveness. Company market share analysis of various industry participants are provided in this report.
The key players have also been profiled based on company overview, financial overview, recent developments and business strategies. Major market players in this report include AB Electrolux (Sweden), Touch bionics Ltd (U.K)., iRobot Corporation (U.S), Samsung Techwin Co. Ltd. (South Korea), Robert Bosch GmbH (Germany), Mako Surgical Corporation (U.S), Intuitive surgical Inc.(U.S), Honda Motors Co. Ltd. (Japan), Panasonic Corporation (Japan)and Dyson Ltd. (U.K) among others.
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. We have an experienced team of Analysts, Researchers, and Consultants, who us e proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR Syndicated Research report covers a different sector – such as pharmaceuticals, chemical, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, our syndicated reports thrive to provide clients to serve their overall research requirement.
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