Service Robotics Market Overview
The global service Robotics market was valued at over US$ 9 Billion in 2017. Service robots have witnessed widespread acceptance among various professional and personal applications owing to benefits such as enhanced usability, delivery of accurate and high-quality services, reliability, and reduced operational costs and human errors. Professional service robots are employed in various industries including medical, defense, rescue and security, agriculture, logistics, construction, and professional cleaning among others, whereas personal service robots are used for domestic and entertainment and leisure purpose.
The global service Robotics market is expected to almost triple by 2024 from the 2017 level, driven by an upsurge in its adoption owing to high labor cost, lack of skilled workforce, increasing research and development investments, growing awareness regarding the benefits of service robots, and increased demand for automation among professional and personal sectors. However, high initial investment and concern for human safety restricts the growth of the market.
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The Global Robotics Market is expected to register a CAGR of 14% over the forecast period of 2018-2024. The demand for Robotics is anticipated to grow exponentially during the forecast period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety. The adoption of robots across a wide range of industries including manufacturing, healthcare, defense and security, automotive, electronics, and food and beverage has accelerated the growth of the market. Robots deliver better quality products and services more efficiently, with less wastage and without causing physical damage to humans due to their autonomous nature. They help to reduce operating costs, while increasing production output. The increasing use of Robotics will boost the growth of the market in the coming future.
Industrial Robotics Market Overview
The global industrial Robotics market was valued at just over US$ 16 Billion in 2017, and is likely to grow at a double digit CAGR between 2018 and 2024. The demand for industrial Robotics is anticipated to grow exponentially during the forecasting period driven by advantages such as cost reduction, improved quality, increased production, and improved workplace health and safety. The adoption of automation to ensure quality production and meet market demand, and the growing demand from small- and medium-scale enterprises in developing countries is fueling the growth of industrial Robotics market globally.
Top Key Players Covered :
- KUKA AG
- Adept Technology (Acquired by OMRON)
- iRobot Corporation
- Intuitive Surgical
Electric Corporation Moreover, for the businesses, it is the most important to get knowhow of consumer’s demands, preferences, attitudes and their changing tastes about the specific product which can be studied via this Robotics report. The report also puts light on the various inhibitors as well as motivators of the product market in both quantitative and qualitative approach so that users get accurate information. This Robotics report also presents an analysis of prime manufacturers, trends, opportunities, marketing strategies, market effect factor and consumer needs by major regions, types, and applications worldwide while considering the past, present and future state of the Robotics industry.
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Global Robotics Market and Volume Forecast – By Type
- Industrial Robotics
- Service Robotics
Global Industrial Robotics Market and Volume Forecast – By Segment
- Automotive Industry
- Electrical/Electronics Industry
- Metal Industry
- Chemical, Rubber and Plastics Industry
- Food Industry
- Others Industry
- Unspecified Industry
Research for Markets report titled “Global Robotics Market (By Product Segments, Service Segments, Industry Verticals, Geography, Recent Developments) – Forecast to 2024” provides a comprehensive assessment of the fast-evolving, high-growth Robotics Market.
This 106 Page report with 61 Figures and 5 Tables has been analyzed from 9 viewpoints:
- Global Robotics Market & Forecast (2024)
- Global Robotics Market Share & Forecast (2024)
- By Product Segments – Global Robotics Market & Forecast (2024)
- By Service Segments – Global Robotics Market & Forecast (2024)
- By Industry Verticals – Global Robotics Market & Forecast (2024)
- By Geography – Global Robotics Market & Forecast (2024)
- Global Robotics Market – Key Developments
- Global Robotics Index 2019
- Global Robotics Market – Growth Drivers and Challenges
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