Service Robotics - Innovation to be Key Determinant of Long-Term Success

  • Posted by Pragati P
  • September 1, 2016 12:06 PM BST
Service Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021

The game-changing potential of artificial intelligence combined with sophistication in automation has rendered a ripe market for the global service robotics market. From performing complex surgical procedures to enabling effortless unmanning of defense vehicles, service robotics have come a long way in the past decade. The technical ability to automate a range of tasks with varying complexities has spurred an exponential demand for service robots in various industries such as agriculture, defense, healthcare, logistics, infrastructure, aerospace, entertainment, research and development, and logistics. Thus, the multiplying applications of service robots in a range of fields could cause these products to become indispensable in the near future, states Transparency Market Research. 

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According to TMR, the global service robotics market was valued at US$5.57 bn in 2014 and is expected to touch US$22.50 bn by 2021. The global market revenue is anticipated to expand at a CAGR of 18.8% between 2015 and 2021. Application of service robotics for domestic purposes is expected to open up several growth opportunities for the global market. Though adoption of service robotics is anticipated to result in massive labor savings, it has also created a fear of loss of jobs leaving several able individuals unemployed.

Out of the two types of service robotics products, the professional service robotics segment is gearing up for escalating demand. The report states that the professional service robotics segment will surge at a CAGR of 18.6% from 2015 and 2021. This demand will be a result of the growing dangers of the modern warfare and subsequent efforts taken by the defense sector to minimize human casualties.

The technological feasibility of these robots to perform dangerous tasks in a loop without any human interventions has made them an integral part of the armed forces arsenal across the globe. In addition to this, service robots are also being used in the agriculture sector for automatic milking, spraying pesticides and fungicides with drones, and transportation of goods. The professional service robotics segment is also anticipated to flourish as the healthcare sector deploys these robots for performing intricate and complicated surgeries.

North America is leading the global service robotics market by a fair margin as it expands at a CAGR of 17.9% between 2015 and 2021. The increasing uptake of service robots in the investment and defense sector of North America is the primary reason for this positive sentiment. The relentless rate of automation across the region has generated an impressive revenue for the North America service robotics market. Furthermore, the large-scale production of service robots due to a strong presence of vendors has also led to the proliferation of this market in North America.

Some of the leading players in the global service robotics market are Samsung Techwin Co. Ltd., AB Electrolux, Touch bionics Ltd., Intuitive Surgical Inc., iRobot Corporation, Honda Motors Co. Ltd., and Panasonic Corporation. Analysts state that companies will aim at business expansion and development of precision-driven products that will offer better dexterity in complex tasks. Furthermore, the future of companies will also depend on how they blur the gap between consumer needs, the high cost of robots, and the integration of advanced technologies to keep these robots relevant for futuristic needs.