The Global Service Robotics Market is Projected to Reach US$18.2 Billion by 2024
Growing Need for Automation & Expanding
Applications in Personal and Professional Sectors to Fuel Growth in the Service
Robotics Market, According to a New Report by Global Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Service Robotics market. The global Service Robotics market is projected to reach
US$18.2 billion by 2024, driven by
expanding applications, and development of technologically advanced robots with
improved intelligence and better ability to perform touch-sensitive tasks and
interact with humans.
Robotic technologies, over
the years, have witnessed a sea change with the need to automate workforce and
achieve zero-error tasks/operations resulting in numerous incremental
technology advancements. Convergence of robotics with cognitive science,
artificial intelligence, and information technology is now helping bring closer
to reality multi-dimensional intelligent service robots. Service robots are designed
to provide assistance to humans by carrying out a number of useful tasks, and
also to perform highly dangerous and tedious tasks. Driven by inherent
advantages such as improved usability, better reliability, lower operational
costs, reduction in human errors, and delivery of accurate and high-quality
services, the adoption of service robots has grown rapidly in both personal and
professional applications.
Over the years, the
adoption of service robots has seen a significant increase due to shortage of
skilled workforce, rising awareness about the benefits of service robots and
increasing demand for automation in both personal and professional sectors. The
market also benefited from the growing efforts of industry players to curb
escalating labor costs. Also driving market growth are factors such as the
expanding applications of service robots and surging opportunities from
emerging economies across the world. Due to the ability of service robots to
automate a variety of tasks with varying levels of complexities, their demand
has risen from several sectors. Service robotics also market benefits from the
growing government support, in the form of funding and policy measures, for
developing service robots.
The market is especially
being fueled by the rising needs of healthcare and defense sectors, and the
growing use of robots for research and educational purposes. Escalating demand
from military & defense sectors, owing to the role of robots in reducing human
involvement and thus lowering fatalities in military actions, is expected to
favor service robotics market. There is in particular growing demand for
unmanned ground vehicles from the defense sector, as these vehicles can be used
to carry out dangerous or mundane tasks. Medical service robotics market is expected to grow at a rapid pace, with
medical robotic systems being increasingly designed to work along with CT scan,
MRI, ultrasound imaging and fluoroscopy. Also gaining popularity are robots
designed to aid humans and work in close proximity with them such as providing
assistance to doctors in surgical procedures, and offering domestic assistance
to ailing individuals, as washing aids, home cleaners as well as for
socialization and entertainment. One of the focus areas of development for
service robotics market in the coming years will be mobile automation, an
underdeveloped area in the service robotics marketplace.
As stated by the new
market research report on Service Robotics, the United States represents the largest market worldwide.
Asia-Pacific is forecast to grow at the fastest CAGR of 20% over the analysis
period led by robustly growing investments in robotics technology as a result
of the pressure to enhance productivity, reduce costs, and battle growing global
competition in the services sector. The region’s strong growth will be
spearheaded by the escalating demand for service robots in household, defense,
security and rescue, and medical applications.
Major players in the market
include Aethon Inc., Gecko International Corporation, Hanool Robotics Corp.,
Honda Motors Co. Ltd., Husqvarna AB, Iberobotics S.L., Intuitive Surgical Inc.,
iRobot Corporation, KUKA Aktiengesellschaft, LG Electronics Inc., RedZone
Robotics, RoboBuilder Co. Ltd., ROBOSOFT, SeaRobotics Corporation, Samsung
Electronics Co. Ltd., Toyota Motor Corporation, Yujin Robot Co. Ltd., WowWee
Group Limited, and Zucchetti Group, among others.
The research report titled
“Service Robotics: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides
a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, South Korea and Rest of Asia-Pacific), Latin America (Brazil,
Mexico and Rest of Latin America) and Rest of World. The market is analyzed by
the following product categories – Personal Use Robots and Professional Use
Robots. The global market for Personal Use Robots is additionally analyzed by
the applications – Domestic, Entertainment and Others. The global market for
Professional Use Robots is analyzed by the applications – Defense, Field,
Logistics, Medical and Others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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