Service robotics market to grow at 23.7% CAGR from 2014 to 2020

The global service robotics market is projected to reach USD 15.69 billion by 2020, at an expected CAGR of 23.7% from 2014 to 2020. The demand for the global service robotics is anticipated to surpass 18 million units by 2020. The major factor driving the industry is the rising occurrences of supported living and the demand to fight against increasing costs of labor in the developed countries.

The foremost advantage offered by service robotics includes assistance in carrying out those tasks which would otherwise have been tough and risky. Moreover, the ordinary routine tasks can be effortlessly dealt with having a high degree of accuracy with the help of these devices.

The global industry has witnessed a massive growth in the number of companies trying to enter the industry and gain share by evolving and refining their automation techniques. The components involved in the manufacturing these machines include microcontrollers, actuators, manipulators, sensors, and power supply.

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In 2013, personal robots had the highest share of the market regarding volume. However, the highest revenue generating segment included professional robots. These professional service robots accounted for over 70% of the global market in that year. Professional service robots are further segmented into field, medical, defense, and logistic robots. Out of these, in 2013, the defense professional service robots led the global industry concerning revenue generation and accounted for over 40% of the total revenue. This was due to their utilization of unmanned aerial vehicles.

North America emerged as the largest market in 2013, accounting for more than 35% of the overall volume share. The U.S. was the primary revenue generator of North America. This high growth in the region can be attributed to the quick rise in the development of production capacities as well as industrialization. Furthermore, the rapidly growing automotive industry in North America is also projected to drive the demand for the overall industry.

The global service robotics industry is highly branded as there is intense competition between the specialized service robot manufacturers and the industrial robot manufacturers. The major corporations operating in the market include Samsung Electronics, Toyota Motor Corporation, Hanool Robotics Corp, Honda Motors Co. Ltd. Other participants include GeckoSystems, Yujin Robot, iRobot Corporation, AB Electrolux, Fujitsu Frontech Limited, LG Electronics Inc., and Sony Corp. Over the next six years, companies including Amazon, Google, and Apple are also expected to enter into the global service robotics market.

Grand View Research has segmented the global service robotics market on the basis of application and region:

Service Robotics Application Outlook (Volume, Thousand Units & Revenue, USD Million; 2012 - 2020)

• Professional Robots

  • Defense

  • Field

  • Medical

  • Logistics

  • Mobile Platforms

  • Underwater Systems

  • Construction & Demolition

  • Others

• Personal Robots

  • Entertainment

  • Household

Service Robotics Regional Outlook (Volume, Thousand Units & Revenue, USD Million; 2012 - 2020)

• North America

• Europe

• Asia Pacific

• RoW