NEW YORK, March 23, 2016 /PRNewswire/ -- The global service robotics market is expected to reach USD 18.02 billion by 2020 at a CAGR of 17.36% between 2015 and 2020. The growth of this market is propelled by the growing demand from medical and healthcare sectors, increasing adoption of robots in agricultural fields, and growth of commercial drones.
"Professional service robotics application holds a large share of the service robotics market"
Service robotics used in personal services comprises domestic applications, entertainment, and others such as elderly assistance and home security. The market for domestic applications of service robots was large in 2014. In professional applications, smart robots in the medical sector hold the largest share which comprises diagnostic systems, assistive robots, and rehabilitation systems. The application in UAV drones accounted for the largest share in 2014.
"APAC expected to be the fastest-growing market during the forecast period"
This report covers the said market in North America, Europe, Asia-Pacific, and Rest of the World (RoW). The global service robotics market is led by North America.
The market in APAC is expected to grow at a high CAGR between 2015 and 2020. The increase in the urban population and a need for assistance in domestic chores, growing economy, and high adoption rate of new technologies are some of the important factors that have contributed to the growth of the service robotics market in the APAC region.
Breakdown of profile of primary participants:
- By Company Type: Tier 1 - 22 %, Tier 2 - 35% and Tier 3 - 43%
- By Designation: C level - 29%, Director level - 37%, and Others - 34%
- By Region: North America - 39%, Europe - 31%, APAC - 21%, RoW - 9%
The modernization of medical infrastructure in developing countries is a big opportunity for companies in the medical robotics industry to expand their market in the APAC region.
Major players in this market include Intuitive Surgical (U.S.), DJI (China), iRobot Corporation (U.S.), Google Inc. (U.S.), KUKA AG (Germany), Honda (Japan), Adept Technology, Inc. (U.S.), GeckoSystems (U.S.), Northrop Grumman Corporation (U.S.), ECA Group (France), and Kongsberg Maritime (Norway).
Reasons to buy the report:
The report will help the market leaders/new entrants in this market in the following ways:
- This report includes the market statistics pertaining to type, component, application, and geography along with their respective revenue.
- The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- The Porter's five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the service robotics market.
- This report will help stake holders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes market share analysis, new product development, partnerships, mergers and acquisitions.
Read the full report: http://www.reportlinker.com/p03458919-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: email@example.com
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/service-robotics-market-by-type-by-component-by-application-and-by-geography---analysis--forecast-to-2020-300240597.html