ALBANY, New York, December 11, 2017 (Newswire.com) - The vendor landscape of the global service robotics market features a largely consolidated nature, with the leading four companies, namely AB Electrolux, Samsung Techwin Co. Ltd., iRobot Corporation, and Panasonic Corporation collectively accounting for a significant share of the overall market, observes Transparency Market Research in a recent report. In the decently competitive market, companies are focusing on strategies such as expansion across new regional territories and development of new product varieties.
In the next few years, the market is expected to witness promising growth avenues across regions with budding industrial sectors, such as Asia Pacific, with rapidly industrializing countries such as India and China in the region remaining the key growth drivers. Focus on expansion across these regional markets could allow companies in the global service robotics market to strengthen their hold on the market.
Transparency Market Research estimates that the market will exhibit a CAGR of 18.8% CAGR over the period between 2015 and 2021, rising to a revenue opportunity of US$22.50 bn by 2021.
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North America to Continue to Remain Strong Market for Service Robotics
Of the two key types of service robots in the global market, the segment of professional service robots is presently the leading contributor of revenue to the global market. Expected to exhibit an exceptional CAGR of 18.6% from 2015 to 2021, the segment is likely to retain dominance over the report’s forecast period as well. The demand for professional service robots is expected to rise on account of the increased dangers of modern warfare and the rise in efforts taken by the defense sector to bring down human casualties.
From a geographical standpoint, the market for service robotics in North America is presently leading all other regional markets by a fair margin and is also expected to exhibit a promising CAGR over the report’s forecast period, retaining its top spot over the forecast period as well. The regional market is expected to exhibit a promising 17.9% CAGR from 2015 to 2021.
Promising Demand from Defense Sector to Help Market Gain Pace
The global market for service robotics is projected to gain significant traction owing chiefly to the rising demand for service robots from the defense sector. The fact that adoption of robots can lead to a significant decline in the numbers of human casualties suffered during defense activities is expected to compel governments to employ an increased number of service robots in a number of operations. As internal and external threats on homeland security take a leap, the adoption of robotic solutions is expected to rise at a notable pace in the near future. As a result, the demand for a variety of service robots such as demining vehicles, unmanned aerial vehicles, and unmanned ground vehicles is expected to rise, driving the market for service robotics in the near future.
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On the other hand, the market could be restrained due to the high initial capital required for research and development activities related to service robots. While this could discourage companies from investing in the area, the high cost of the final product could prove to be unfavorable for the commercialization of advanced service robots across a number of regional markets.
This review of the global service robotics market is based on a recent market research report published by Transparency Market Research, titled “Service Robotics Market (Product - Professional Service Robots and Personal Service Robots; Application - Defense, Agriculture, Healthcare, Logistics, Aerospace, Infrastructure, Entertainment, and Research and Development) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021.”
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Source: Transparency Market Research