Global Service Robotics Market to Exceed $34B by 2022, Report Says
Professional service robots are expected to maintain a leading position over personal service robots owing to the increasing use of automatons in diverse industries.
The growing need of automation across various industries has encouraged organizations to adopt service robotics for increased productivity, among other efficiencies.
PORTLAND, Ore. – The global market for service robotics is projected to reach $34.7 billion by 2022, according to a new report published by Allied Market Research.
The professional service robots segment is expected to dominate the market throughout the forecast period, 2014 to 2022. North America was the major shareholder accounting for about 32.1% share of the global service robotics market revenue in 2014.
Increasing need for safety along with government regulations for labor protection drives organizations to adopt service robotics for enhanced safety at workplace. The growing penetration of mobile devices facilitates the development of advanced robotic systems and boosts the growth of market, according to the report.
The growing need of automation across various industries has encouraged organizations to adopt service robotics for increased productivity, superior quality and precise operations, reduced operation costs, and enhanced safety of workforce. Increasing labor costs coupled with lack of workforce further accelerate the growth of market.
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Vendors in the market focus on developing affordable and energy-efficient robots for small and medium enterprises to cater to the growing requirements of consumers. The significant rise in investments in R&D for the development of service robots – along with the establishment of organizations including Standardized Procedures for the Advancement of Robotic Combat (SPARC) and International Federation of Robotics (IFR) – further fosters the growth of the market.
However, high initial investment and installation costs, concern for human safety are the limitations that restrict the market growth, according to the report.
The segment of professional service robotics accounted for the highest revenue in 2015. The Professional service robots are used in healthcare; defense, rescue, and security; field; logistics; and construction industries. This segment is projected to register a compound annual growth rate (CAGR) 22.1% during the forecast period, owing to high demand of automation from these sectors. Reduction in labor costs, increased operational efficiency, and delivery of high-quality services with improved precision and accuracy further encourages consumers to employ professional service robots.
The revenue of personal service robotics segment is expected to grow at a rate of over 26% during the forecast period, owing to high demand of service robots from the domestic and entertainment sectors and rise in disposable income of consumers.
The integration of mobile robots with smartphones increases the efficiency and usability for personal applications such as lawn moving, cleaning and personal care. Personal robots are employed for monitoring houses, entertainment, education, and other domestic chores. In terms of volume, personal robots accounted for a highest share of the overall service robotics market in 2014.
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In 2014, healthcare was the major industry vertical, in terms of revenue generation. Healthcare sector employs service robots for a wide range of applications such as surgery, diagnostics, physical and mental therapy, and prosthetics among others. Patient monitoring, laboratory automation, drug discovery, and prescription preparation are other applications of service robotics in the healthcare sector. The sector accounted for more than 34.6% share of the global market revenue in 2014, followed by defense, rescue and security sector.
Other industries utilizing service robotics include field, logistics, construction, domestic and entertainment. The construction industry is likely to grow at the highest CAGR during the forecast period. In terms of volume, defense, rescue, & security robots accounted for the highest share in 2014 owing to the increased employment of unmanned aerial and ground vehicles, firefighting & disaster management robots, professional surveillance robots, and demining robots.
“Professional service robots are expected to maintain their leading position over personal service robots owing to the increasing use of robots in diverse professional industries, and growing awareness regarding the benefits of automation among small and medium enterprises,” says Bhawna Kohli, research manager, Allied Market Research.
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