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Professional Service Robotics Market Worth $46.18 Billion by 2017

Service Robotics Market total service robotics market is expected to reach $46.18 billion by 2017 at a CAGR of 17.4% from 2012 to 2017

 

Dallas, TX -- (ReleaseWire) -- 02/19/2014 -- According to the market research report “Personal & Professional Service Robotics Market – Global Forecast & Assessment by Applications & Geography (2012 – 2017)

Browse 72 tables spread through 208 pages and in-depth TOC on “Personal & Professional Service Robotics Market”

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Though the evolution of the service robotics market started in the late 1900s, the market for service robots picked up only two decades ago in response to the growing ageing population across the world. The devices currently being sold are simple and elementary as compared to earlier devices.

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Service robotics is a wide technology area that also includes a subset of various enabling technologies. It is also an area of increasing interest, investment, and hype. Within this backdrop, domestic, military, and healthcare are the applications driving service robotics commercialization. Mobile robots and unmanned systems consist of several subsystems. The technologies involved in these systems will require advances if robots are to see an extensive use in personal home and security applications.

The definition of service robots is already dynamic; active in a multitude of industries, emerging in many more sectors, likely to have a serious worldwide economic impact, and encompasses all the methods of processing, service, and assistance with robots.

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Service robots are classified into personal service robots and professional service robots. Personal service robots are meant for household jobs, education, entertainment, and for assistance to the elderly and physically and mentally challenged population. Some of the examples of service robots are domestic robots such as the ASIMA, a Humanoid from Honda, ”Roomba” (vacuum cleaners) and ”Aibo”, the Sony robot dog.

Professional service robots are high-tech, sophisticated, highly valuable, and increasingly being used in factories, hospitals, public buildings, dangerous and hazardous environments, oceans, the space, cow barns, and fields. Some of the examples of professional service robots include underwater remotely operated vehicles, cow milking robots, medical robots, and bomb disposal robots.

The service robotics industry will witness a blend of leading industrial robotics manufacturers who will benefit from technology gains in the new high growth sectors, as well as cutting edge service robotics companies that combine the latest robotics technology with practical uses primarily in the home and in the defense, service, and medical industries.
Service robots can be used to provide domestic aid for the elderly and disabled; serving various functions ranging from cleaning to entertainment. The high cost of labor in developed countries and the increasing need for assisted living has led to the development of the service robotics market. The saturation of industrial robotics industry also lends significant growth potential to this nascent market. As service robots are in greater proximity to humans, the technology involves more safety concerns over human-machine interaction. However, developments in the manufacture of intelligent and safer robots are expected to soon address the issues of safety, manipulation, and sensing. Thus, leading robotics companies have begun preparing for the day when every home will have a robot.

The global service robotics market is projected to grow from in 2009 to $21 billion in 2014 at a high CAGR of 57% from 2009 to 2014. Market growth is driven mainly by the introduction of new robotic technologies such as robodocs and unmanned AUVs (autonomous underwater vehicles). The global service robotics market is categorized into the submarkets for professional and personal service robotics. Defence, rescue, and security robots generated the highest revenue in the global market for professional service robots.

The briefing on the global service robotics market (2009-2014) will benefit the robot manufacturers, robot component manufacturers, software developers, sensors and actuators manufacturers, and research laboratories.

“We can expect to see significant growth opportunities for researchers and manufacturers as the demand for professional service robots increases with the rising cost of labor in developed countries; while the market for personal service robots will grow due to the increasing need for assisted living.” notes MarketsandMarkets. “However, concerns about human safety and about the current inability of robots to work efficiently in unstructured environments still form major growth challenges for the service robotics industry”.

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Industrial Robotics Market - Global Forecast & Analysis by Applications, Functions, Product & Geography (2012 - 2017)
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