Service Robotics Market to cross USD 22 billion by 2024

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Service Robotics Market By Product, Application,
Region - Forecast 2024 Global Market Insights
Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Service Robotics Market

• Service Robotics Market was valued at USD 8
  billion in 2016, and is set to reach USD 22
  billion by 2024 according to a new research
  report by Global Market Insights, Inc. The
  shipments are forecast to grow at over 20 CAGR
  from 2017 to 2024. The rising demand for robots
  with advanced capabilities to assist humans in
  everyday lives is anticipated to drive the
  service robotics market over the forecast
  timeline.
• The emerging trend of innovations from many
  engineering and scientific disciplines and
  technological advancements such as AI, machine
  learning, 3D sensors, machine vision, and big
  data analysis further contribute to the industry
  demand. In addition, the increasing penetration
  of robots in military defense applications
  followed by the significantly rising defense
  budgets across the major economies is providing
  an impetus to the service robotics market.

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Continued...

• The growing deployment of robots across
  households is anticipated to showcase a positive
  impact on the service robotics market growth. The
  household robots help in reducing the burden on
  their human counterparts by performing domestic
  tasks such as floor window cleaning, vacuum
  cleaning lawn-mowing and letting them focus on
  more important tasks. Increasing penetration of
  entertainment robots in various sectors, such as
  retail, BFSI, and hospitality, enables the
  interactive experience deepening the engagement
  with in-store customers. The robots can bring in
  a transformation by making use of advanced
  technologies such as facial recognition, speech
  recognition, and emotion recognition. However,
  factors such as rising RD expenses and capital
  investments are expected to limit the industry
  demand.
• Rising deployment of professional robots, such as
  drones, ground-based, and marine robots across
  the military defense sector, is anticipated to
  drive the service robotics market growth.

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China Professional Service Robotics Market Share,
By Application, 2016 (Units)

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Continued...

• It can be attributed to the advantages offered by
  these machines, which include reducing human
  casualties, performing hazardous tasks, lowering
  the operational costs, collecting better
  intelligence, enabling effective surveillance,
  and improving the attack capabilities.
  Furthermore, increasing demand for the automated
  processes with higher efficiency and accuracy
  across the dairy sector to improve the
  productivity is driving the field robots segment
  in the service robotics market.
• Increasing utilization of healthcare robots in
  applications, such as surgeries, diagnostics,
  monitoring, and mental physical therapy, will
  drive the healthcare service robotics market
  growth. Hospitals are increasingly using robotics
  in rehabilitation activities, which include
  orthotics and assistive devices such as
  wheelchairs. However, the demand for robotics in
  the logistics sector is on the rise owing to the
  growing e-commerce sector followed by the
  increasing efforts by industries to reduce the
  labor cost optimize the processing speed.

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Continued...

• The U.S. service robotics market is anticipated
  to witness growth over the forecast timeline. It
  can be attributed to the rising demand for robots
  across various sectors, which include defense,
  logistics, healthcare, agriculture, and
  households. Increasing number of players entering
  the marketplace with new advanced technological
  features further contributes to the regional
  industry demand.
• Moreover, the increasing adoption of household
  robots for performing everyday tasks coupled with
  the rising wage rates across various economies is
  compelling the adoption of robots, contributing
  to the Asia Pacific service robotics market.

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Industry Coverage

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Continued...

• Companies in the service robotics market comprise
  iRobot, DJI, Intuitive Surgical, Inc., Parrot SA,
  Bluefin Robotics, Northrop Grumman Corporation,
  DeLaval, Lely, Medtronic, Yujin Robot, Samsung
  Electronics, Honda Motors Corp., 3D Robotics,
  AeroVironment, Inc., Ecovacs Robotics, and
  Softbank Robotics.
• The industry is highly competitive in nature
  followed by the presence of a large number of
  players. Furthermore, the industry is rapidly
  evolving and is subjected to shifting consumer
  needs and changing technologies.
• Industry players are heavily investing in RD and
  increasingly focusing in the areas of product
  development and maintenance support services.

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Table Of Content (TOC-)

• Chapter 1. Methodology Scope
• 1.1. Methodology
• 1.1.1. Initial data exploration
• 1.1.2. Statistical model and forecast
• 1.1.3. Industry insights and validation
• 1.1.4. Scope, definition and research parameters
• 1.2. Data Sources
• 1.2.1. Primary
• 1.2.2. Secondary
• Chapter 2. Executive Summary
• 2.1. Service robotics industry 360º synopsis,
  2013 - 2024
• 2.1.1. Business trends
• 2.1.2. Regional trends
• 2.1.3. Product trends
• 2.1.4. Application trends

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