Service Robotics Market to Witness Steady Growth Based on Progress in Computer Assisted Arrangements & Internet of Things (IoT) Till 2020 | Million Insights

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Nov 20, 2019, 05:20 ET

FELTON, California, Nov. 20, 2019 /PRNewswire/ -- The scope of the global Service Robotics Market is estimated to touch US$ 15.69 billion by 2020, growing at a CAGR of 23.7% for the prediction period. Service Robot could be defined as the robot that carries out beneficial everyday jobs for tools or else human being but not including applications of industrialized automation.

Service robotics is segregated into two portions like proficient service robots and domestic or personal service robots. Those service robots that are utilized for execution of day-to-day responsibilities, non-commercial usage, and others are the domestic or else personal service robots. However, those service robots, which accomplish commercial responsibilities and are functioned by means of qualified operators are termed as the professional service robots.

Drivers:

The reading specifies that technical progressions, invention, and greater demands for automation are the most important motivating issues for the global service robotics market. The analysis points out that a lot of administrations face challenges of upholding quality of service discovering the experienced employees, greater costs of the manual labor, and others. To overwhelm these challenges service robotics is rising considerably in the market. Furthermore, greater funds in R&D activities, increasing responsiveness regarding the safety issues of human labor are motivating the global market of service robotics. On the top of it, progress in computer assisted arrangements, internet of things (IoT), manufacturing expertise are the factors motivating the global service robotics industry.

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Restraints:

The reducing human labor force has headed to a hazard in service robotics. Absence of consciousness and shortage of asset for numerous companies could be the most important restraints for the global service robotics market.

Classification:

The global service robotics industry can be classified by End User, Type, and Region. By End User, it can be classified as Agriculture, Defense, Healthcare, Automobile, Supply and Logistics, Media & Entertainment, Construction, Transportation and others. By Type, it can be classified as Professional, Domestic.

Regional Lookout:

By Region the global service robotics market can be classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe is the most important provider in the global market for service robotics. It is tracked by North America. The supremacy of Europe is owing to their augmented demands from the various sectors such as domestic, defense and education & research. In addition to abridged costs of the manufacture owing to technical advances and perfections. Similarly, the increasing demands for logistics robot, milking robots and marine robots are additionally estimated to upsurge the European share. Due to the augmented implementation by ageing populace for personal and healthcare within the nation state, UK is the biggest market for service robotics, within Europe.

Asia Pacific is likely to develop at the uppermost CAGR during the period of forecast. This is credited to the existence of the foremost key companies, within the region, like Honda Motors, Sony Corporation, DJI, etc., existence of three leading markets specifically India, Japan, and China, augmented necessity to encounter the increasing competition on global level, growing demand for service robots in the sectors such as defense, security, and domestic . This is additionally increasing the necessity to increase production and decrease over heads.

Companies:

Some of the important companies for service robotics industry are Lely Holding S.a.r.l, Aethon Inc., Bluefin Robotics, Honda Motor Co. Ltd., Parrot SA, DJI, iRobot Corporation, Northrop Grumman Corporation, DE Laval International AB, ECA Group, Adept Technology, Inc., Gecko Systems Intl. Corp., Intuitive Surgical, Inc., Kongsberg Maritime AS, and KUKA AG. Additional notable companies are Panasonic Corporation, Touch bionics Ltd., Samsung Techwin Co. Ltd., AB Electrolux, Samsung Electronics Co., Ltd., Fujitsu Frontech Limited, and LG Electronics Inc.

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Market Segment:

Service Robotics Application Outlook (Volume, Thousand Units & Revenue, USD Million; 2012 - 2020)

Professional Robots

Defense
Field
Medical
Logistics
Mobile Platforms
Underwater Systems
Construction & Demolition
Others

Personal Robots

Entertainment
Household

Service Robotics Regional Outlook (Volume, Thousand Units & Revenue, USD Million; 2012 - 2020)

North America
Europe
Asia Pacific
RoW

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