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Service Robotics Market Size, Forecast, Industry Report 2022

Status : Work in progress | Report Format: Electronic (PDF) | Publisher: Radiant Insights Inc.

The global service robotics market size is expected to grow at a CAGR of over 18% reaching the overall market valuation of about USD 22 billion from 2015 to 2022. Proliferating urbanization along with rising labour costs is likely to drive the market growth.

Increasing demand for assisted living along with escalating investments in research and development are likely to serve as a key driver for service robotics market growth. In addition, rigorous innovations in the industry are also responsible for the upliftment for this industry. 
Increasing applications of service robotics in security as well as defence sectors are expected to have significant impact on the service robotic demand. This in turn reduces the overall casualty rate. Increasing use of service robots for industrial purpose is estimated to boost automation globally. Wide scale application of these robots in numerous industries such as healthcare, media, logistics and entertainment are likely to witness significant impact on the market. In addition, favourable grants and government funds, ageing population, coupled with augmentation of integral technologies are expected to spur the service robotics.

Association of factors namely lengthy time spans, high cost involved in development of service robots is likely to hamper demand. Moreover, complex interface paired with lack of sensors are expected to act as a challenge for the market. Lack of mobile automation in service robot industry is anticipated to facilitate industry participants with potential opportunities. Propagating wide range application of service robots in various industry sectors globally is estimated to exhibit huge opportunities to the industry players.

The global service robotics market can be segmented on the basis of product and application. Based on product, the segmentation can be done as professional service robots and personal service robots. Professional service robots are further segregated into defence, field, logistic and medical. Defence robots are used in unmanned aerial defence vehicles, thus they are estimated to account for significant market share. Field robots are used in field applications such as forestry, mining, agriculture and milking. Medical robots are spreading their significance owing to their application in medical surgeries and therapies. Service robots are widely used in variety of applications such as cleaning, underwater surveillance and construction among others.

Personal service robots are further classified into household robots and entertainment & leisure robots. These used for carrying out personal activities such as  lawn moving, education, research, handicap assistance and home security purposes. Based on application, it can be segregated into medical, defence, domestic, agriculture and entertainment.

Asia Pacific service robotics market is expected to witness highest growth rate owing to rapid urbanization in India, Japan and South Korea. North America is expected to witness high growth rates owing to advancement in production abilities in the region.
Industry participants in the service robotics market share include Samsung Electronics, iRobot Corporation,AB Electrolux, Fujitsu ,Toyota Motor Corporation, Frontech Limited, GeckoSystems, Hanool Robotics Corp, Honda Motors, LG Electronics Inc., and Co. Ltd, Sony Corp, Fujitsu among others.

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