Service robotics market size estimated to reach USD 21.7 billion by 2022

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Service robotics market size estimated to reach
USD 21.7 billion by 2022 Global Market Insights
Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Service Robotics Market

• Global shipments are forecast to exceed 28
  million units by 2022, growing at 22.9 CAGR from
  2015 to 2022.
• Professional service robotics market share was
  more than 70 of the global revenue in 2014. This
  can be attributed to considerable price trend as
  compared to their personal counterparts. These
  products are used in agriculture, assisted
  surgery, and in the UAV market for military
  applications.
• Online retailers are looking towards optimizing
  their logistics and supply chain to minimize lead
  time and offer better customer experience, which
  will fuel revenue across the logistics segment.
• Household service robotics market size is
  anticipated to cross USD 4 billion by 2022.

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Continued

• Design and development for generic applications
  is usually done in accordance to a set of
  standard conditions, which might not be suitable
  for extreme conditions such as extremely low or
  high temperatures or the presence of too many
  obstacles. Imparting cognitive competencies
  involves a high level of programming, which is
  possible only for domain-specific programmers and
  may pose a challenge to growth.
• U.S. service robotics market share was the key
  region in 2014, with North American industry
  revenue set to grow at over 17 CAGR over the
  forecast timeframe.
• Notable companies operating in the industry
  include Yujin Robots, iRobot, LG Electronics,
  Toyota, Honda, Samsung, Hanool Robotics, etc.

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North America service robotics market size by
application, 2012-2022 (USD Million)

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360 Analysis

• Application Analysis
• Professional service robotics market size was USD
  4.5 billion in 2014. It includes defense, field,
  medical, logistics, mobile platforms, underwater
  systems, construction demolition and others. In
  2014, demand originated mainly from the defense
  sector, as a result of their adoption in unmanned
  aerial vehicles among others.
• Regional Analysis
• North America was valued over USD 2.4 billion in
  2014. It is expected to reach USD 8.6 billion by
  2022 at a CAGR of over 17 over the coming few
  years. Europe was projected to make USD 6.55
  billion by 2022, with gains estimated of over
  16.5 from 2015 to 2022.
• .
• Competitive Market Share
• The global service robotics market share is
  highly competitive with established players
  driving sales through technological innovations.
  The market comprises hardcore robotics companies
  (e.g. iRobot, Yujin Robots) that compete
  alongside consumer electronics manufacturers (LG
  Electronics, Samsung) automotive specialists
  (Honda, Toyota) and technology-driven companies
  (Google Inc.).

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