Global Service Robotics Market expected to reach USD 24.10 Billion by 2022: Zion Market Research

According to the report, global service robotics market was valued at around USD 9.01 billion in 2016 and is expected to reach approximately USD 24.10 billion in 2022, growing at a CAGR of slightly above 17.8% between 2017 and 2022.

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| Source: Zion Market Research

Sarasota, FL, Feb. 01, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Service Robotics Market (Professional Service Robots and Personal Service Robots) for Health Care, Defense, Agriculture, Logistics, Aerospace, Research and Development and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”. According to the report, global service robotics market was valued at around USD 9.01 billion in 2016 and is expected to reach approximately USD 24.10 billion in 2022, growing at a CAGR of slightly above 17.8% between 2017 and 2022.   

A service robot is a robot that performs useful tasks for humans or equipment without industrial automation function. Service robots help humans by performing a job that is dull, distant, and repetitive, including household everyday jobs. There is two major type of service robotics such as professional service robots and personal service robots. Personal service robots are used for a non-commercial job, for example, domestic servant robot, pet exercising robot, personal mobility assists robot and automated wheelchair. A professional service robot is used for a commercial task and operated by a well-trained operator for example surgery robot in hospitals, cleaning robot for public places, fire-fighting robot, and delivery robot in offices or hospitals.

Browse through 13 Market Tables and 23 Figures spread through 110 Pages and in-depth TOC on “Global Service Robotics Market: By Product, Application, Type, Size, Share, Trends, Analysis, Segment and Forecast 2016 – 2022”.

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High adoption of service robotics in personal and professional applications is a major factor in driving the growth of this market. Also, high demand in defense sector of service robotics is also fueling the market growth. However, the high price associated with the development of service robots is expected to hamper the market growth in the near future. Moreover, strong demand from healthcare and defense sectors across the globe is expected to open new growth opportunities for service robotics in upcoming years.

On the basis of the type, the service robotics market is divided into professional service robotics and personal robotics service. The professional service robotics accounted the highest share in 2016 due to the accomplishment of various tasks with or without the direct intervention of humans and expected to record highest CAGR over The forecast period. By application, service robotics market demand is mainly propelled by healthcare and defense sector.  

Browse the full "Service Robotics Market (Professional Service Robots and Personal Service Robots) for Health Care, Defense, Agriculture, Logistics, Aerospace, Research and Development and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022" report at https://www.zionmarketresearch.com/report/service-robotics-market

North America is projected to emerge as the largest market during the forecast period. U.S led the service robotics market growth due to the quick rise in the development of production capacities as well as industrialization in 2016. However, the main restraints of service robotics market in North America are high cost of robots. Therefore the major players in service robotics are investing in research & development to cut down its cost in order to escalate the use of service robots by individuals and companies. Healthcare and defense sectors in North America have highest market growth and estimated to lead the market growth in upcoming years.

Europe has the significant position in service robotics market. For the different industrial application, the robotics is used in this region and without service robotics, manufacturing industries would not be able to compete with their current European bases of operations. Increasingly robotics is becoming more important for smaller manufacturing industries which are central to Europe’s manufacturing. Applications such as healthcare, transport, agriculture are expected to show strong growth over the coming decade.   

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Due to economically developing countries such as India, Japan and China of Asia Pacific are expected to occupy significant market chunk over the forecast period. Further, booming automotive industries are expected to impel the service robotics market growth. Rising demand for manufacturing and production is expected to escalate the demand of service robotics market in Asia Pacific.

In the Middle East and Africa, service robotics market is mainly driven by healthcare sectors. Players are focusing on the development of next-generation learning tools to advance robotics surgery training and improve better patient safety. Additionally, the government is also investing in research and development for the advanced robotics services. The Middle East and Africa has significant growth with high expenditure.     

The key participants in service robotics pace are Touch bionics Ltd, iRobot Corporation, Samsung Techwin Co. Ltd., AB Electrolux, Robert Bosch GmbH, Mako Surgical Corporation, Panasonic Corporation Intuitive surgical Inc., Honda Motors Co. Ltd., Dyson Ltd. and others.

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The report segments global service robotics market as follows:

Global Service Robotics Market: Product Segment Analysis

  • Professional Service Robots
  • Personal Service Robots

Global Service Robotics Market: Application Segment Analysis

  • Healthcare
  • Defense
  • Agriculture
  • Logistics
  • Aerospace
  • Research and development
  • Others

Global Service Robotics Market:  Regional Segment Analysis

  • North America 
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

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