“Global service robotics market expected to grow at a significant rate”
The global service robotics market is expected to grow at a CAGR of 15.18% between 2016 and 2022 to reach USD 23.90 billion by 2022. The increasing usage of robots across warehouse automation applications, medical & healthcare sectors, and education & research institutes and short- to medium-term payback period are some of the major factors driving the growth of the service robotics market worldwide. However, the growth of the market is expected to be hindered by high costs required for R&D, performance in untested environment and lack of high-level interfacing.
“Ground-based service robots held the largest market share in 2015”
Ground-based service robots are currently most widely used across various applications, including logistics, medical, field robotics, milking robots, domestic tasks, and education and entertainment. The growing usage of AGVs and other service robots for automating the warehouses is key driving factor for the growth of service robots across logistics application vertical. However, among various end-user applications of ground-based service robots, the market for inspection and maintenance service robots is estimated to grow at highest growth rate during the forecasted period.
“Europe and North America to hold the major markets for service robots”
The European region currently holds the major share of the global service robotics market and is among the most favorable market for many leading service robotic systems’ manufacturers, especially for professional service robots. The European region is expected to witness a steady demand for service robots from several applications such as defense, rescue and security, and domestic tasks such as vacuum cleaners during the forecast period despite the political uncertainties in the Eastern European region. Furthermore, strong demand from logistics, telepresence, and inspection and maintenance robots sectors is expected to be the key driver for the growth of European service robotics market.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key people in the service robotics marketspace.
The break-up of primary participants for the report has been shown below:
- By Company Type: Tier 1– 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: C-level Executives – 70%, Directors – 20%, and Others – 10%
- By Region: Americas – 40%, Europe – 35%, Asia-Pacific – 15%, and RoW – 10%
The report profiles the key players in the service robotics market with their respective market rank analysis. The prominent players profiled in this report are Northrop Grumman Corporation (U.S.), KUKA AG (Germany), iRobot Corporation (U.S.), Kongsberg Maritime AS (Norway), DJI (China), Intuitive Surgical, Inc. (U.S.), Parrot SA (France), GeckoSystems Intl. Corp. (U.S.), Honda Motor Co. Ltd. (Japan), Adept Technology, Inc. (U.S.), Bluefin Robotics- now wholly owned subsidiary of General Dynamics Mission Systems, Inc. (U.S.), ECA Group (France), Aethon Inc. (U.S.), DeLaval International AB (Sweden), and Lely Holding S.a.r.l. (Netherlands).
This research report categorizes the global service robotics market on the basis of operating environment, application, and region. The report describes market dynamics that include key drivers, restraints, challenges, and opportunities with respect to service robotics market and forecast the same till 2022. The Porter’s five forces analysis has also been included in the report with a description of each of its forces and its respective impact on the service robotics market.
The report would help leaders/new entrants in this market in the following ways:
- This report segments the service robotics market comprehensively and provides the closest market size projection for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for market growth.
- This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.