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Service Robotics Market Forecast to Grow at 18.8% CAGR from 2015 to 2021

Sep 22 2015

According to a new market report published by Transparency Market Research "Service Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021," the service robotics market was valued at US$5.57 bn in 2014, and is expected to reach US$22.5 bn by 2021, growing at a CAGR of 18.8% from 2015 to 2021.

The service robotics market is driven by the increasing investment in research and development. Moreover, increasing demand for service robots in defense is one of the major factors driving the service robotics market globally. Use of service robots in defense is expected to decrease the number of death casualties during war. Most used service robots in defense are unmanned aerial vehicles, unmanned ground vehicles. In addition, rapid industrialization is acting as a major driver in this market. Service robots work faster than humans, thus reducing the work time and increases work efficiency. They are used to carry out different activities in industries such as welding, painting, packaging, lifting of heavy objects and many more.

The service robotics market is segmented on the basis of product type which includes professional and personal service robots. Among these two types of products, professional service robots held the largest market share followed by personal service robots as of 2014. Rapid industrialization and automation are the major driving factors of this market.

The market is further segmented on the basis of application which includes defense, agriculture, health care, logistics, aerospace, infrastructure, entertainment, research and development and others. Among these, application of service robotics in defense sector held the largest market share followed by health care in 2014. The defense sector held a market share of 17.8% followed by health care which accounted for 14.1% in 2014.

Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America held the largest market share in service robotics market in 2014 due to the increasing use of service robotics in defense sector. Moreover, in 2014, North America service robotics market held the largest market share which is followed by Asia-Pacific, Europe and Rest of the World.

Some of the leading players in the service robotics market are AB Electrolux (Sweden), Touch bionics Ltd (U.K)., iRobot Corporation (U.S), Samsung Techwin Co. Ltd. (South Korea), Robert Bosch GmbH (Germany), Mako Surgical Corporation (U.S), Intuitive Surgical Inc.(U.S), Honda Motors Co. Ltd. (Japan), Panasonic Corporation (Japan) and Dyson Ltd. (U.K) among others. The report provides estimates in terms of revenue (USD Billion) from 2015 to 2021 by studying the global service robotics market.

The market has been segmented as follows:

Global Service Robotics Market: By Product Type