The service robotics market is witnessing high investment for improvement of products. For instance, in 2016, the U.S. Defense Advanced Research Projects Agency (DARPA) announced to invest nearly USD 3 billion in the development of new military technologies, which include automated technologies and combat robot warriors. These investments are improving the existing products and which is driving growth of the market.
According to TMR, the global service robotics market was valued at US$5.57 bn in 2014 and is expected to touch US$22.50 bn by 2021. The global market revenue is anticipated to expand at a CAGR of 18.8% between 2015 and 2021.
Wide Technical Ability Inducing Growth: The technical ability to automate a range of tasks with varying complexities has spurred an exponential demand for service robots in various industries such as agriculture, defense, healthcare, logistics, infrastructure, aerospace, entertainment, research and development, and logistics.
Rising Labor Cost to Boost Adoption: The need to combat rising labor costs in developed nations and growing instances of assisted living are expected to give impetus to the global service robotics market. Since they help perform tasks that would otherwise be deemed risky or difficult, service robots are expected to witness growing demand.
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High Accuracy to Influence Growth Positively: Ordinary everyday tasks can be easily handled with a high degree of accuracy by these computer-controlled devices. However, service robotics are in close proximity to humans; therefore, ensuring complete security and safety is of the utmost importance. An increasing number of companies have been developing and honing automation techniques in order to gain market share. Major components involved in service robotics include sensors, microcontrollers, power supply, actuators, and manipulators, of which sensors are the most critical.
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Technology Proliferation and Innovation Fuelling Growth: Technology proliferation and innovation are expected to serve as a key driver for the market growth as a result of which the price for service robotics is expected to see a fall. In addition, an ageing population, mobile technology and other smart devices incorporating robotics, funds and favorable government grants, enhancement of complementary technologies and venture capital investments among others are expected to impact positively the market demand.