Service Robotics Market Size by Product, Application and Regional Outlook to 2024
Date: 2019-01-28   Author: Ronak Bora  Category: #market

Service Robotics Market Size by Product, Application and Regional Outlook to 2024

The shipments of Service Robotics Market forecast to grow at over 20% CAGR from 2017 to 2024. The rising demand for robots with advanced capabilities to assist humans in everyday lives is anticipated to drive the service robotics market over the forecast timeline. The emerging trend of innovations from many engineering and scientific disciplines and technological advancements such as AI, machine learning, 3D sensors, machine vision, and big data analysis further contribute to the industry demand.

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The growing deployment of robots across households is anticipated to showcase a positive impact on the service robotics market growth. The household robots help in reducing the burden on their human counterparts by performing domestic tasks such as floor & window cleaning, vacuum cleaning & lawn-mowing and letting them focus on more important tasks. Increasing penetration of entertainment robots in various sectors, such as retail, BFSI, and hospitality, enables the interactive experience deepening the engagement with in-store customers.

Increasing utilization of healthcare robots in applications, such as surgeries, diagnostics, monitoring, and mental & physical therapy, will drive the healthcare service robotics market growth. Hospitals are increasingly using robotics in rehabilitation activities, which include orthotics and assistive devices such as wheelchairs. However, the demand for robotics in the logistics sector is on the rise owing to the growing e-commerce sector followed by the increasing efforts by industries to reduce the labor cost & optimize the processing speed.

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Rising deployment of professional robots, such as drones, ground-based, and marine robots across the military & defense sector, is anticipated to drive the service robotics market growth. It can be attributed to the advantages offered by these machines, which include reducing human casualties, performing hazardous tasks, lowering the operational costs, collecting better intelligence, enabling effective surveillance, and improving the attack capabilities.

Companies in the service robotics market comprise iRobot, DJI, Intuitive Surgical, Inc., Parrot SA, Bluefin Robotics, Northrop Grumman Corporation, DeLaval, Lely, Medtronic, Yujin Robot, Samsung Electronics, Honda Motors Corp., 3D Robotics, AeroVironment, Inc., Ecovacs Robotics, and Softbank Robotics.

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The industry is highly competitive in nature followed by the presence of a large number of players. Furthermore, the industry is rapidly evolving and is subjected to shifting consumer needs and changing technologies. Industry players are heavily investing in R&D and increasingly focusing in the areas of product development and maintenance & support services.

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About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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