Service Robotics Market Worth 18.02 Billion USD by 2020

Dec 04, 2015, 10:00 ET from MarketsandMarkets

PUNE, India, December 4, 2015 /PRNewswire/ --

According to the new market research report "Service Robotics Market by Type (Ground, Aerial, Underwater), by Component (Software, Hardware), by Application (Professional, Personal) and by Geography (North America, Europe, Asia-Pacific, and RoW) - Analysis & Forecast to 2020", published by MarketsandMarkets, the service robotics market is estimated to reach USD 18.02 Billion by 2020, at a CAGR of 17.36% between 2015 and 2020.

Browse 72 market data Tables and 62 Figures spread through 156 Pages and in-depth TOC on "Service Robotics Market".

http://www.marketsandmarkets.com/Market-Reports/service-robotics-market-681.html

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The service robotics market is mainly driven by continuous technological advancements to develop autonomous and safe robots, increase in the demand from urban households for domestic cleaning, home security and surveillance, child and elderly assistance, and growing need of service robotics systems in professional applications such as defense, agriculture, medical, marine, and aerial among others.

Professional service robotics applications expected to lead the service robotics market 

The professional service robotics application accounted for dominant large share in 2014. This market is expected to grow at a high CAGR between 2015 and 2020. The growth is precedential due to the increasing use of service robotics in professional applications for accomplishing various tasks with or without direct intervention of humans.

The market for software component expected to grow at the highest CAGR between 2015 and 2020 

The market for software component is expected to grow at a high CAGR between 2015 and 2020; this is mainly due to the growing technological advancements for the development of complete autonomous robots for various professional and personal applications which can perform tasks autonomously.

North America expected to hold the largest market share during the forecast period 

North America accounted for the largest share of the service robotics market in 2014; the market in the region is expected to grow at a significant CAGR between 2015 and 2020. The leading position of North America can be attributed to the demand for domestic application robots from urban population and elderly assistance robots by elderly people as well as the demand for professional applications in agricultural fields, medical, and defense among others. Some of the key players in the service robotics market in North America include iRobot Corporation (U.S.), Google Inc. (U.S.), Adept Technology Inc. (U.S.), GeckoSystems (U.S.) among others.

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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).

This research report categorizes the global service robotics market based on type, component, application, and region. This report describes drivers, restraints, opportunities, and challenges for the growth of the service robotics market. The Porter's five forces analysis has been included in the report with a description of each of its forces and their respective impact on the service robotics market.

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