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Top Service Robots Market Worth $20.7B by 2022
February 3, 2017 | PRNewswireEstimated reading time: 2 minutes
According to the market research report "Top Robotics Market by Industrial Robotics (Articulated, SCARA, Cylindrical, Parallel, Cartesian), Service Robotics (Logistics, Domestic, Medical, Field, Defense, Rescue and Security, Entertainment, Education, and Personal) - Global Forecast to 2022", published by MarketsandMarkets, the market for top industrial robots is expected to be valued at USD 79.58 Billion by 2022, growing at a CAGR of 11.92% between 2016 and 2022, while the market for top service robots is estimated to grow at a CAGR of 14.71% to reach USD 20.7 Billion by 2022.
The growth in the service robotics segment of top robotics market is expected to be driven by rising demand for mobile robotic solution across the warehouse automation and logistics sector, high demand from medical and healthcare sectors, and increasing usage of service robotics in education and research institutes. Growing adoption of automation to ensure quality production, meeting market demand and growing demand from small- and medium-scale enterprises in developing economies, is expected to drive the market for industrial robotics segment of top robotics market during the forecast period.
The market for articulated robots is expected to grow at the highest rate during the forecast period. Owing to their structure and operational capabilities, articulated arm robots are widely used in automotive, and electrical and electronics industries. This is further expected to drive the global market of industrial robots in the top robotics market.
The market for electrical and electronics industry vertical expected to grow at the highest rate during the forecast period
Industrial robots are currently most widely deployed in the automotive industry. Growing demand for vehicles, especially from developing countries, has encouraged automotive manufacturers and OEMs to opt for automation to increase production volume and meet market demand. However, owing to continuous advancements in on-board technologies, the market in the electrical and electronics industry is expected to witness prominent growth during the forecast period.
Logistics application segment held the largest share of the service robotics market in 2015
The service robotics segment of top robotics market was majorly dominated by the logistics application vertical in 2015 and the same trend is expected to continue in the near future. The significant deployment of automated guided vehicles (AGVs) in manufacturing facilities and warehousing units is the key factor driving the growth of the service robotics market for the logistics application.
The major players in the top industrial robotics market include ABB Ltd. (Switzerland), KUKA AG (Germany), Mitsubishi Electric Corp. (Japan), Nachi-Fujikoshi Corp. (Japan), FANUC Corp. (Japan), Kawasaki Heavy Industries Ltd. (Japan), and Yaskawa Electric Corp. (Japan). Northrop Grumman Corporation (U.S.), iRobot Corporation (U.S.), DJI (China), Intuitive Surgical, Inc. (U.S.), Parrot SA (France), Honda Motor Co., Ltd. (Japan), Adept Technology, Inc. (U.S.), Aethon Inc. (U.S.), DeLaval International AB (Sweden), Lely Holding S.a.r.l. (Netherlands), and The LEGO Group (Denmark) are some of the key providers of top service robots.
About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
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