The global service robotics market was worth USD 7 billion in 2014 and it is anticipated to grow at an approximate CAGR of over 18 % over the forecast period of 2016 to 2024. Adoption of service robots in personal and professional application areas are expected to remain a key driving factor for market growth over the forecast period.
The service robotics market is expected to be driven by factors such as innovation, the growth of industrialization, increasing funds and grants from government, growing population, integrating mobile technologies with robotics, increasing venture capital investments and enhancement in end-user technologies.
The increase in demand from healthcare and medical sector and demand from domestic verticals are anticipated to boost the demand significantly over the next eight years.
Restraints in the service robotics market are high initial cost and high R&D investments, lack of high-level interfacing and performance in untested environment. Key players are investing heavily in R&D activities to improve existing features, efficiency, functionalities and to explore new opportunities in the service robots market.
Increasing demand from the developing countries and growing demand from defense, military, healthcare and medical is anticipated to offer lucrative opportunities to the industry participants.
Challenges in the service robotics market are a long period of time taken for phase change from design to commercial availability and safety related issues to a human being.
The market has been segmented on the basis of applications such personal and professional service robots. Personal services robots are used for education & research, domestic, entertainment, home security & surveillance and for handicap assistance.
In domestic there is the wide scope of application for lawn mowing, vacuum cleaning, pool cleaning and gutter cleaning. Domestic robots are anticipated to have a significant demand for the next eight years. In entertainment there is a wide scope of application for robotic pets and smart toys.
Professional service robots are used in industrial sectors such as defense and military, field robots, medical, UAV drones, underwater, automotive and logistics. In defense and military, there is a wide scope of application for rescuing, security, bomb fighting and demining.
Field robots are used in milking, forestry, milling & mining, and agriculture industries. In 2014, the overall revenue expected from the field robots are approximately is 25%.
In medical there is a wide scope of application for handicap assistance, rehabilitation system, and diagnostic system. Surveillance and home security are anticipated to witness significant growth over the forecast period.
In underwater, there is a wide scope of applications such as the autonomous underwater vehicle, unmanned surface vehicles, and remotely operated vehicle. In the automotive industry, the use of service robotics is anticipated to spur the market growth.
The service robotics market is segmented on the basis of the type such as aerial, ground and underwater. Prime components used in service robotics are actuators, microcontrollers, sensor, control systems and power source.
The market addresses end-users such as service robotics system designers & manufacturers, technology providers, consulting and research organizations, regulatory bodies and government associations and investors.
North America service robotics market is expected to tremendous growth owing to increasing demand from agriculture, defense and medical over the next eight years. Development of production activities and increase in industrialization are expected to spur the market in this region
Asia Pacific is anticipated to be a second market leader in the service robotics market owing to increasing in venture capital investment, a rise in the manufacturing sector and enhancement in end user technologies. The rise in the manufacturing sector is expected to increase the demand for service robotics market growth in developing countries such as China and India.
Europe is also expected to have significant growth owing to increasing automotive industries market for the next eight years.
Some of the major participants operating in the market include Samsung Electronics, iRobot Corporation, Toyota Motor Corporation, AB Electrolux, Hanool Robotics Corporation, Fujitsu Frontech Limited, Adept Technology Inc., Northrop Grumman Corporation, Honda Motors Company Ltd, LG Electronics Inc., GeckoSystems, Yujin Robot and Sony Corporation.
The increase in venture capital investment is also expected to be highly competitive because of local and global industry player. Advancement technologies and new product development are expected to be a major driver for the industry participants to expand their business.
The leading market player iRobot is focusing on manufacturing cost effective and vision-based navigation systems. Robots are expected to use camera and image sensors for navigation. Major challenges in this robot are to adapt it, perceive and understand by seeing its surroundings.
Research Support Specialist, USA