San Francisco, California, January 17, 2018: A recently added market study by TMR Research, titled, “Service Robotics Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” offers crucial information on the market so as to empower savvy companies operating in it take timely, sagacious decisions. It banks upon historical and current figures to understand the trajectory of the market. It also studies the competitive dynamics by taking a thorough look at the companies operating in it and by leveraging popular analytical tools.
Service robots accurately carry out repetitive human tasks such as household chores. There are both personal service robots and professional service robots. While the former conduct non-commercial tasks such as domestic work, assist in personal mobility, and exercising of pets, the latter carry out delicate, commercial tasks such as surgeries, fire-fighting, delivery of goods, cleaning up of personal spaces, and dangerous tasks in the defense and military. Their durability, enhanced stamina compared to human beings, accuracy, along with the ability to bring down operation costs is majorly fuelling their demand.
Another factor promoting the market for service robotics is the high cost of human personnel and their inability to match the robots in terms of efficiency and accuracy. In addition, rising investments in research and development of technologically superior robots, proliferation of smartphones, increasing knowledge about the robots are also generating demand in the market for service robotics. Thrust on fully-autonomous cars, which are yet to go mainstream, will likely spell opportunity for the market too.
A major headwind the market for service robotics has to contend with is the high cost of developing them, which makes them rather expensive. However, the market is currently in a nascent stage and with numerous functional prototypes and research and development of tailor-made products, it will likely see good growth in the next couple of years despite such challenges. Besides, their ability to provide return on investment in the short-to-medium-term, thereby encouraging companies to invest in them to up operational efficiency will also drive sales in the market.
The various operating environments for service robotics are aerial, ground, marine, automated guided underwater vehicles, unmanned surface vehicles controls, and remotely operated underwater vehicles. The ground segment can again be divided into field robotics, defense and security, logistics, medical, telepresence, education, domestic tasks, personal assistance, and entertainment.
Europe and North America are expected to emerge as the most promising segments in the global market for service robotics on the back of the U.K., the U.S., France, and Canada. While the market in Europe is expected to be filliped primarily by the defense and healthcare sectors, the market in North America is predicted to make progress on the back of superior healthcare infrastructure and early adoption of latest technologies by SMUs. Asia Pacific is also primed for good growth because of the developing large economies of China and India seeing swift industrialization and urbanization.
To assess the competition in the global market for service robotics, the report profiles players such as KUKA AG, Parrot SA, Aethon Inc., iRobot Corporation, Honda Motor Co. Ltd., Lely Holding S.a.r.l., Northrop Grumman Corporation, ECA Group, Kongsberg Maritime AS, DJI, Intuitive Surgical, Inc., GeckoSystems Intl. Corp., Bluefin Robotics, DeLaval International AB, and Adept Technology, Inc. It finds that the competition is red hot among them as they pour millions into product development to outgun one another.
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