The global service robotics market was valued at $9350.00 million in 2016 and is anticipated to reach $35284.30 million by 2025, growing at an estimated CGAR of 15.68%, during the forecast period 2017-2025. The North America market currently accounts for the largest market share of the global service robotics market. The market for the Personal service robotics is expected to be the fastest growing one as compared to professional service robotics market.
The global service robotics market can be segmented on the basis of application type that includes professional and personal service robotics. Although the Professional service robotics is currently leading the market with strong applications in Defense, rescue & security, Field Robotics, Construction & Demolition etc., it is the personal service robotics segment which is anticipated to be the highest growing application type in the coming years with Entertainment robots and Domestic robots being the major contributors.
The global service robotics market is divided into 4 major regions, namely the North America, Europe, Asia-Pacific and Rest of the world. North America currently holds the highest share of the market with 39.84% owing to the growing demand from the defense sector. However, it is the Asia-Pacific market which is expected to show the fastest growth during the forecasted period, because of the presence of major companies like Honda Motor Co. ltd., Fujitsu Ltd, Toyota and Sony Corporation. The rising sales of service robotics in India coupled with the existing flourishing markets in China, Japan, and South Korea are propelling the market growth in this region.
Some of the top players in the market include Gecko Systems International Corporation, Sony Corporation, Cyberdyne, Inc., Aerovironment, Inc and iRobot Corporation. Most of these companies are undertaking strategies such as partnership, contracts, merger & acquisition, agreements, new product launch, etc in order to gain a competitive edge over other companies. For example, “iRobot” which mostly operates in domestic robotics, has made an acquisition of “Sales on Demand Corporation”, a distribution business in order to strengthen the company’s distribution network.