PORTLAND, Oregon, August 23, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Service Robotics Market by Type and Application - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", projects that the world service robotics market would reach $34,672.8 million by 2022. Professional service robots segment is expected to dominate this market throughout 2015 to 2022. Europe would continue to lead the world service robotics market throughout the forecast period.
Sample of the Service Robotics Report can be accessed on the Website at https://www.alliedmarketresearch.com/service-robotics-market
Increasing need for safety along with government regulations for labor protection drives organizations to adopt service robotics for enhanced safety at workplace. The growing penetration of mobile devices facilitates the development of advanced robotic systems and boosts the growth of market. The growing need of automation across various industries has encouraged organizations to adopt service robotics for increased productivity, superior quality and precise operations, reduced operation costs, and enhanced safety of workforce. Increasing labor costs coupled with lack of workforce further accelerate the growth of market. Vendors in the market focus on developing affordable and energy-efficient robots for small and medium enterprises to cater to the growing requirements of consumers. The significant rise in investments in R&D for the development of service robots along with the establishment of organizations including Standardized Procedures for the Advancement of Robotic Combat (SPARC) and International Federation of Robotics (IFR), further fosters the growth of the market. However, high initial investment and installation costs, concern for human safety are the limitations that restrict the market growth.
The segment of professional service robotics accounted for the highest revenue in 2015. The Professional service robots are used in healthcare; defense, rescue, and security; field; logistics; and construction industries. This segment is projected to register a CAGR 22.1% during the forecast period, owing to high demand of automation from these sectors. Reduction in labor costs, increased operational efficiency, and delivery of high-quality services with improved precision and accuracy further encourages consumers to employ professional service robots.
The revenue of personal service robotics segment is expected to grow at a rate of over 26.0% during the forecast period, owing to high demand of service robots from the domestic and entertainment sectors and rise in disposable income of consumers. The integration of mobile robots with smartphones increases the efficiency and usability for personal applications such as lawn moving, cleaning, and personal care. Personal robots are employed for monitoring houses, entertainment, education, and other domestic chores. In terms of volume, personal robots accounted for a highest share of the overall service robotics market in 2014.
In 2014, healthcare was the major industry vertical, in terms of revenue generation. Healthcare sector employs service robots for a wide range of applications such as surgery, diagnostics, physical and mental therapy, and prosthetics among others. Patient monitoring, laboratory automation, drug discovery, and prescription preparation are other applications of service robotics in the healthcare sector. The sector accounted for over 34.6% share of the global market revenue in 2014, followed by defense, rescue and security sector. Other industries utilizing service robotics include field, logistics, construction, domestic, and entertainment. The construction industry is likely to grow at the highest CAGR during the forecast period. In terms of volume, defense, rescue, & security robots accounted for the highest share in 2014 owing to the increased employment of unmanned aerial and ground vehicles, firefighting & disaster management robots, professional surveillance robots, and demining robots.
Europe dominated the world service robotics market in 2014 in terms of revenue and is expected to maintain its dominance during the forecast period. This is attributed to the high demand of service robots from domestic, healthcare, and defense sectors. In Europe, service robots are primarily used in the agriculture, milking, and forestry sectors. The low cost, high quality, and lightweight robots are suitable for smaller production units. Thus, there has been a growing adoption of service robotics among SMEs in the European region.
"Professional service robots are expected to maintain their leading position over personal service robots owing to the increasing use of robots in diverse professional industries, and growing awareness regarding the benefits of automation among small and medium enterprises". states Bhawna Kohli, Manager Research at AMR. She further adds that there has been a significant growth in the professional robotics market in China and Japan over the past few years. More companies are adopting professional service robotics due to the increasing labor cost in China.
However, LAMEA is projected to be the fastest growing region throughout the forecast period. Digital revolution and growing need for automation has increased the adoption of service robots in defense, healthcare, and other industries in LAMEA region. Service robots with application areas in exploration and research would garner ample opportunities for the service robotics market growth.
Key findings of the study:
- In 2014, professional service robots led the overall service robotics market revenue, and the segment is projected to grow at a CAGR of 22.1% during the forecast period.
- The revenue from construction segment is expected to grow at the highest CAGR of 26.8%, owing to the application of robots in road construction, building construction, demolition & dismantling, and civil construction including construction of tunnel, drilling, and earthmoving, among others.
- Within the domestic sector, the application of service robots in entertainment segment is projected to grow at a CAGR of 29.0% during the forecast period.
- North-America is the major shareholder accounting for about 32.1% share of the global service robotics market revenue in 2014.
The key players in the service robotics market are focused on expanding their business operations in the fast-growing emerging countries with new product launches as a preferred strategy. The major players profiled in this report include iRobot Corporation, Intuitive Surgical, Inc., Honda Motor Co., Ltd., Panasonic Corporation, Aethon Inc., Yujin Robot, Co., Ltd., GeckoSystems Intl. Corp., Samsung Electronics Co., Ltd., Robert Bosch GmbH, and AB Electrolux.
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SOURCE Allied Market Research