Global Service Robotics Market to Reach US$38.42 Billion by 2015, According to New Report by Global Industry Analysts
GIA announces the release of a comprehensive global report on service robotics market. Although tempered by the recent economic recession, world market for service robotics is forecast to recover poise and display healthy growth thereon to reach US$38.42 billion by 2015. Growth in market in the short to medium term will be driven by factors such as expanding application possibilities, technology development, rising value propositions, demographic shifts and ensuing labor shortages, and the rise of the new service economy.
San Jose, California (Vocus) July 12, 2010
Robotic technology has witnessed a sea change over the years, with the need to automate the workforce resulting in numerous incremental technology advancements in industrial robotics. Market maturity in industrial robotics, however, is helping re-direct development interest in service robotics, such as, field robots, logistic system robots, medical robots, home security and surveillance robots, handicap assistance robots, underwater robots, entertainment robots, construction and demolition robots, inspection and maintenance robots, defense, security and surveillance robots, and domestic robots, among others. Service robots have therefore finally started to move from shop floors to homes, offices, hospitals, museums, and other public places in many forms. Over the last decade, there has been an impressive growth in the use of service robots in professional as well as private and personal applications. Particularly the private use of robots in homes for domestic applications has witnessed significant growth.
The world market for service robotics has witnessed deceleration in growth over the last two years and the euphoric projections over the number of robots expected to proliferate human homes, offices and factories, are now being downgraded to much sober levels, thanks to the impact of the prolonged economic slowdown. Reduction in investments as a fallout of the economic crisis has severely dented the demand for robots in both commercial and mass markets. The deep reductions in disposable spends has impacted demand for entertainment robots like robot toys, and pets. However, a quick recovery and robust future potential is definitely on the cards for service robotics market, as service robots stand positioned to gain stellar prominence as a potential productivity tool in an era where most of the first-world nations transition towards a global service industry.
Expanding application possibilities continue to broaden the market for service robotics, as aging population and increasing need for assisted living creates special market opportunities for personal service robots. The transition of the world’s developed economies towards being a service economy offers ample opportunities for growth in service robots market. Given their ability to offer a technological platform for supporting the growing needs of the professional services industry and thus triggering strong economic growth in the process, service robotics is slated to witness considerable opportunities in the years to come.
Shortages and exorbitantly high cost of labor for risky jobs such as, mining, skyscraper construction, and rescue operations among others, present a perfect opportunity for service robots to replace human personnel.
As stated by the new market research report on service robotics, the professional use robots market makes up for the largest segment in the Service Robotics market, by value. On the other hand, personal use robots market represents the fastest growing segment in terms of value. Personal Use Robots is also the largest market segment in the service robotics market, by volume.
Key players dominating the global service robotics market include Electrolux Group, Fujitsu Frontech Limited, Husqvarna AB, Hanool Robotics Corp, Honda Motors Co. Ltd, Iberobotics S. L., iRobot Corporation, Intuitive Surgical Inc, LG Electronics Inc, PARO Robots U. S. Inc, RoboSoft SA, SeaRobotics Corporation, Toyota Motor Corporation, and WowWee Group Limited, among others.
The report titled “Service Robotics: A Global Market Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of the industry, key market trends, issues, profiles of major players, and recent industry activity. The report provides market estimates and projections for service robotics in terms of annual dollar sales in US$ Million and Year-end operational stock volume in thousand units, for product market segments including Personal Use Robots (Domestic Robots, and Entertainment Robots), and Professional Use Robots.
For more details about this comprehensive market research report, please visit – http://www. strategyr. com/Service_Robotics_Market_Report. asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1100 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
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