Service Robotics Market

Service Robotics Market – Increasing Demand For Industrial-Grade Products Occurring In
Almost Every Sector
The vendor landscape of the global service robotics market features a largely consolidated
nature, says Transparency Market Research on the basis of a recently published report. Such a
consolidated mainly exists due to the presence of a handful of players the market. Four leading
companies, namely AB Electrolux, Samsung Techwin Co. Ltd., iRobot Corporation, and
Panasonic Corporation collectively accounted maximum shares. However, the number of
players increasing entering the global service robotics market is increasing by the day, which is
expected to intensify the competition in the next few years.
With an increasing demand for industrial-grade products occurring in almost every sector, a
high requirement for automation in the form of robotics to mass produce commodities is being
felt all over the globe. This has made manufacturers developing robotic services that deliver
functional transformation and commercial excellence. In this way, a key strategy adopted by
most players working in the global service robotics market involves achieving extensive product
and service differentiation to stay ahead in the competition.
According to experts from Transparency Market Research, the global service robotics market
had gained revenue worth US$5.57 bn in 2014, which is further expected to grow up to
US$22.50 bn by the end of 2021. This growth is projected to occur at a stellar CAGR of 18.8%
during the forecast period from 2015 to 2021.
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Mammoth Investments by Players Promises Market to Witness Spectacular Expansions
A rapidly increasing demand for fast production capacities in industrial environments is
primarily driving the global service robotics market. Such a high demand mainly exists in
automotive assemblies, telecom networks, food and beverage processing, aircrafts and other
large transportation forms, heat treating machines, bench presses and other heavy machines,
devices used for steering and ship stabilization, and various other systems. Moreover, several
companies are pouring large sums of money to facilitate research and developmental processes
regarding robotics in industrial automation. This too has been responsible for propelling growth
in the global service robotics market.
Various industrial segments are adopting robotic systems to reduce labor burden, consequently
making the market grow at a respectable pace. Robotic automation also brings into picture the
implementation of various innovative solutions, compared to manual processes. All these
factors are certainly expected to fuel the global service robotics market, and make it thrive
spectacularly and better than current times during the forthcoming years.
High Expenses Required to Develop Robotic Systems Stunts Expansion
However, steep costs required to set up robotic systems for machinery production, as well as
expensive research and development activities undertaken for the same is greatly hampering
the global service robotics market’s growth. High installation and maintenance expenses are
discouraging small-scale plants and industries to avoid robotic automation completely.
Moreover, lack of awareness regarding benefits of robotics in several regions too is posing as an
obstacle to the market in several developing and emerging economies. Nevertheless, several
end user segments such as pharmaceuticals, chemicals, water management, and electronics,
are witnessing a rampant need for robotic services. This is certainly expected to soon reduce
the restraints affecting the global service robotics market.
This review of is based on a recent market research report published by Transparency Market
Research, titled, “Service Robotics Market (Product - Professional Service Robots and Personal
Service Robots; Application - Defense, Agriculture, Healthcare, Logistics, Aerospace,
Infrastructure, Entertainment, and Research and Development) - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2015 - 2021.”