The global service robotics market is anticipated to reach $xx million by 2026, growing at an estimated CAGR of 15.80%, during the forecast period of 2018-2026. The North American market currently accounts for the largest market share of the global service robotics market. The market for the Personal service robotics is expected to show the highest growth over the projected years.
The global service robotics market can be segmented on the basis of application and type. The market type can be further classified into professional service robotics and personal service robotics. The application segment of this market is further divided into personal applications and professional applications and their sub-segments.
The global service robotics market is divided into four major regions, namely, North America, Europe, Asia-Pacific and Rest of the world. North America currently holds the highest share of the market (contributing to almost xx%), owing to the growing demand from the defence sector. However, it is the Asia-Pacific market which is expected to show the fastest growth during the forecasted period, owing to the presence of major market companies. 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.