Service Robotics Market size forecast to grow at over 17.8% CAGR during next seven years

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Service Robotics Market size revenue to exceed
USD 21.7 Billion by 2022 Global Market Insights
Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Industry Overview

• Global Service Robotics Market size is predicted
  to touch 21.71 billion mark by end of 2022 and
  register more than 17.81 CAGR during forecast
  timeframe. Favorable government policies
  supporting creation of service robots along with
  steady demand from defense sector is predicted to
  stimulate the industry demand in future. The
  reason for this is reduction of human involvement
  in defense sector resulting in less number of
  causalities due to military operations. Unmanned
  defense vehicles are mainly deployed in military
  sector to perform all kinds of activities.
• Medical robotic system is a growing field
  intended to function in line with MRI(Magnetic
  Resonance Imaging), fluoroscopy, ultrasound
  imaging and CT(Comotography) scan. Growing
  technological breakthroughs like magnetic
  resonance imaging and 3D ultrasound are predicted
  to promote industry expansion as these
  technologies ease real time imaging for future
  reference and effective process planning.
• Positive initiatives like innovation program and
  civilian research by European Union in robotics
  is predicted to promote industry growth and can
  potentially generate greater than 241,000 jobs.
  All these factors are predicted to drive global
  service robotics market trends. But modernized
  cognitive competencies and lack of customization
  is predicted to inhibit industry growth during
  forecast timeframe

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Application Overview

• Global service robotics market is segmented into
  different applications like personal service
  robotics application and professional service
  robotics application.
• Personal service robotics segment is further
  sub-segmented into household applications and
  entertainment segment. With significant gains,
  personal service robotics market share is
  predicted to surpass 6.81 billion by end of
  forecast timeframe.
• Professional service robotics segment was
  evaluated 4.51 billion for 2014. It include
  mobile platforms, medical applications, military
  applications, logistics, underwater systems,
  demolition construction and mobile platforms.
  In 2014, there was a demand for service robotics
  in military applications owing to use of unmanned
  aerial vehicles by armed personnel.

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Regional Overview

• Service robotics industry is segmented into major
  geographical regions that include North America,
  APAC, MEA, Europe and Latin America.
• North America contributed more than 2.41 billion
  to overall industry share for 2014 and predicted
  to touch 8.61 billion mark by end of 2022 at
  CAGR of more than 17 during forecast timeframe.
  Growing applications in underwater systems,
  military sector, logistics, construction,
  medicine and mobile platforms are predicted to
  enhance the product demand.
• European industry is anticipated to contribute
  about 6.56 billion by end of 2022 and make
  expected gains of more than 16.51 during
  forecast period.
• APAC service robotics market was evaluated at
  more than 901 million for 2014 and is predicted
  to touch 4.1 billion mark by end of forecast
  timeline. Key growth drivers for the region
  include household and military applications.
• MEA service robotics industry is predicted to
  record CAGR of more than 22 during forecast
  timeframe.

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North America service robotics market size by
application, 2012-2022 (USD Million)

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Competitive Overview

• Key industry players profiled in report include
  iRobot Corporation, AB Electrolux, Samsung
  Electronics, Gecko Systems, Honda Motor Company
  Limited, Fujitsu Frontech Limited, Hanool
  Robotics Corporation, LG Electronics, Sony
  Corporation, Yujin Robot Company Limited and
  Toyota Motor Corporation.

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