Service Robotics Market Trends and Forecasts, 2024

Hexa Research
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Service Robotics Market Share, Size, Analysis, Growth, Trends
and Forecasts to 2024 | Hexa Research
Global service robotics market was worth USD 7 billion in 2014. It is foreseen to
exhibit a CAGR of 18% from 2016 to 2024 (forecast period). Service robots are
increasingly being adopted in personal and professional uses. Innovation and
industrialization coupled with rising global population and governmental spending are
some of the factors fueling market growth. Integration of mobile technology with
robotics, and advancements in end-user technologies are the other growth drivers.
Service robots witness high demand from healthcare and medical sectors. Their
adoption in developing economies is on the rise. However, high costs related to capita l
investments as well as research & development may inhibit market growth. Another
disadvantage is the long interval between design and commercial availability.
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The worldwide service robotics market is segmented as per applications and
geographies. Applications are split into personal and professional. Persona l service
robots include those for the purpose of household or entertainment. Home security &
surveillance are expected to fetch substantial revenues in the coming years.
Professional service robots perform repetitive/hazardous tasks in industries. Their
applications encompass field, defense, logistics, underwater, medical, construction &
demolition, mobile platform, and others.
Field robots are used in forestry, milking, agriculture, and milling & mining. They held
over 25% of the market revenues in 2014. Underwater applications comprise remotely
operated vehicle, unmanned surface vehicles, and autonomous underwater vehicles.
Geographical markets for service robotics constitute Europe, North America, Latin
America, Asia Pacific, and MEA (the Middle East & Africa). North America is likely to
grow at a considerable pace over the forecast period. This may be credited to rising
demand from defense, agriculture, medical, and other applications. Product
development and rapid industrialization are the chief prope llers of regional demand.
Asia Pacific is anticipated to be the second largest geographical segment till 2024 on
account of expanding venture capital investments and a booming manufacturing sector
in emergent economies like India and China. Europe would wi tness lucrative growth
opportunities owing to the growing automotive industry.
The worldwide service robotics market is fragmented with various large and small
manufacturers. iRobot is the global leader. Other prominent players are Fujitsu
Frontech Ltd., Hanool Robotics Corp., Toyota Motor Corporation, Honda Motor Co.
Ltd., and Yujin Robot Co. Ltd. They emphasize on development of new products to
expand their market share.
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