Global Service Robotics Market likely to register considerable growth rate by 2024
Date: 2018-08-20   Author: Ronak Bora  Category: #technology

Global Service Robotics Market likely to register considerable growth rate by 2024

Global Service robotics market will witness a significant growth owing to the industry shift toward automation to reduce labor burden and fill the gap between the skilled workforce and increasing productivity while reducing the overall costs. Service robot products are classified as personal and professional service robots

Service Robotics Market set to reach USD 22 billion by 2024. Service robots perform specific tasks across diverse industries such as logistics, military, personal, and others. Service robots can also be classified as robots that are not used in industrial manufacturing plants for automation but are designed to complete useful everyday activities and assist humans. The service robotics market is projected to witness a significant growth owing to advancements in the technology, increasing number of companies in the service robotics landscape, market readiness, cost & availability, and the growing adoption by the medical & defense industry.

Ecovacs Robotics, DJI, Intuitive Surgical, Softbank Robotics, iRobot Corporation, Samsung Electronics, Northrop Grumman Corporation, Honda Motors Co., Medtronic, and Bluefin Robotics are the major players in the service robotics market.

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Market share calculation in this report is not done based on companies covered in it. The calculation of service robotics market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.            

North America is one of the major service robotics market owing to the increasing adoption of these systems across various industries. Moreover, increasing investments by the National Science Foundation are also accelerating the service robotics market. To support novel technologies including robotics, the NSF invested USD 700,000 to USD 1 million in 21 projects of three-year duration. The NSF program proliferates partnerships with industries to assess their lab-created technologies.

For instance, through NSF program, a robot that could navigate hospital rooms is being designed by initiating partnerships among the University of Texas at Arlington Popa, QinetiQ North America, Texas Health Resources, and defense contractors of RE2 Robotics. New sensors are being integrated into the robots bought from Iraq and modified into Adaptive Robotic Nursing Assistants (ARNAs). This research may further lead to a commercialized solution in the future.

Logistics and medical service robots are witnessing a lucrative growth over the forecast period owing to the rapid adoption and integration of technology for enhanced efficiency and productivity. These robots have a potential to automate the entire supply chain in the future without any human involvement, from taking orders to the delivery.

This will benefit companies such as Amazon Robotics (formerly Kiva Systems), Aethon, Seegrid, Omron Adept, Clearpath, and Locus Robotics. Domestic and personal robot sales grew to 6.7 million units in 2016 that accounted for a 24% increase from 2015. Entertainment service robot sales grew to 2.1 million robots in 2016. This upsurge in sales from various industries is fueling the service robotics market.



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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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