The service robotics market includes various robots. These are used for medical, defense, aerospace and various other purposes. Rising demand for service robotics across these sectors is estimated to drive the demand for the service robotics market during the forecast period. These robotics are also utilized for ensuring safety and surveillance. Services robots are highly advanced and estimated to infiltrate markets on account of their advantages.
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They have a mix of technologies, sciences and applications. Service robotics technology also assists in decreasing workloads. It comes forward in dangerous circumstances and helps achieve tasks which are next to impossible for humans. Robots utilized for individual tasks can assist, educate or entertain people at home. Other robots help in ensuring home safety, serve as friends and also aid in completing daily chores. The service robotics market also has a huge consumer base in the form of elderly and disabled people.
The service robotics market is on rise and expected to grow significantly in the future. It is projected to attain a revenue of about USD 19 billion by 2020. The market is likely to expand at about 21 percent CAGR during 2014 to 2020. Service robotics technology is useful to humans. It caters to their professional as well as individual requirements.
Rising demand for service robots from old and disabled people is also estimated to steer the sales of the market. Due to broad application scope of these robots, the market faces huge demand across various industrial verticals. The service robotics market has gigantic potential and prospects in the future. It has also experienced imperative developments over the past years. This is specifically with regard to accuracy, mobility and perception.
Service robots help in executing tasks that are tiresome, dirty, dangerous and repetitive. They perform operations which are partly or fully automatic. Some of the other major application sectors across which these robots find use are research and rescue operations, forestry, demolition, cleaning and farming. Augmented demand for service robots across these sectors is also predicted to drive increased demand for the service robotics market.
Increased usage of robotics in automotives and rising governmental finances in support of service robotics also help drive further demand for the market. The service robotics market is segmented on account of two categories. These are applications and regions.
The applications market is fragmented into two categories. These are personal service robots and professional service robots. Personal service robots are utilized as pets and friends and means of entertainment. They occupy smaller share in the service robotics market. Professional service robots are used in the sectors of defense, farming, logistics, forestry, mining, search and security, medical, etc. All these sectors make use of highly advanced robots to meet their objectives.
The service robotics market is also sliced in view of four regions. These are Asia Pacific, rest of the world, North America and Europe. Asia Pacific is estimated to remain the primary region. North America is likely to capture crucial shares in the service robotics market in years ahead.
Information Source: Grand View Research