Global service robotics market size to hit USD 21.7 billion by 2022: Medical industry to provide lucrative growth avenues

Publisher : Fractovia | Published Date : December 2016 | Price : $4500
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Service robotics market size is projected to reach USD 21.7 billion by 2022, owing to its high demand in defense services along with regulations favoring the use of service robots across various industries such as healthcare, transport, etc. Unmanned vehicles, which are primarily used to carry out dangerous military operations in the defense sector, will contribute significantly towards service robotics industry growth over the coming years. Favorable government norms encouraging the use of service robotics across various industrial applications are also a vital driving factor. For instance, EU’s SPARC robotics program emphasizes on product development across medical, transportation, manufacturing, civil security, and household sectors.

Service robotics market share in medical sector is expected to surpass USD 6 billion by 2022, as its use ensures superior healthcare quality and sustainable medical facility. Introduction of new technologies providing dexterity, accuracy, and stability as well as inclusion of 3D ultrasound facility in the healthcare sector are expected to boost service robotics industry growth. Medical service robotic systems extensively support fluoroscopy, MRI, CT scan, and ultrasound imaging operations.

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

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

Personal and Professional sectors are expected to make substantial contributions towards the service robotics market share over the coming timeframe. Personal sector is further segmented into household and entertainment sectors. Service robotic market revenue in professional sector worth USD 4.5 billion in 2014, is expected to witness a high surge over the coming years. The growth can be attributed to the extensive use of service robots in assisted surgery, construction, demolition, defense, and farming activities. Service robotics market size in personal applications is expected to reach USD 6.8 billion by 2022. The growth can be credited to the rising popularity of service robots in the household applications along with the increasing consumer trend for automation.

North America service robotics industry size worth USD 2.4 billion in 2014, is predicted to reach USD 8.6 billion by 2022, driven by the increasing demand for service robotics across healthcare, defense, logistics, mobile platforms, underwater systems sectors, etc. U.S. is projected to contribute substantially towards the regional revenue.

Asia Pacific service robotics market share worth USD 900 million in 2014, is estimated to be valued at USD 4 billion by 2022. The growth can be credited to its heavy demand in defense and household sectors. MEA service robotics market size is anticipated to grow at a rate of 22% over 2015-2022. Europe services robotics market is predicted to record a CAGR of 16.5% over the coming six years.

Market players will try to enhance their brand visibility and regional presence by implementing   key business strategies such as mergers & acquisitions, product innovations, and R & D investments. Key industry players include Fujitsu Frontech, iRobot Company, Honda, Yujin Robot, LG Electronics, Hanool Robotics Corporation, and Samsung Group.

Written By : Dhananjay Punekar

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