Service Robotics Market Worth 23.90 Billion USD by 2022

PUNE, India --- According to the market research report "Service Robotics Market by Operating Environment (Aerial, Ground, Marine), Application (Professional, Personal), and Geography (North America, Europe, Asia-Pacific, and Row) - Global Forecast to 2022", published By MarketsandMarkets, the service robotics market is expected to reach USD 23.90 Billion by 2022, at a CAGR of 15.18% between 2016 and 2022.

The growth in Service Robotics Market is expected to be driven by rising demand for mobile-robotic solution across warehouse automation and logistics, and high demand from medical and healthcare sectors, and increasing usage of service robotics in education and research institutes. The short- to medium-term payback period supported by higher RoI is another factor leading to the growth of service robotics market in the near future.

The market for ground-based service robotics systems is expected to grow at the highest rate during the forecast period. Growing usage of AGVs and other service robots for automating the warehouses across the globe is key driving factor for the said market. The estimated increase in the demand for personal service robots, apart from the increase in demand for logistics and telepresence robots, is another key factor likely to drive the market for ground-based service robots.

Professional service robotics is currently most widely developed and deployed application area of service robots in terms of market value. The market is expected to be driven by the increase in demand for logistics applications. However, other emerging professional applications such as telepresence and inspection and maintenance are expected to fuel the overall service robotics market during the forecast period.

Europe held the largest market share in 2015

Europe held the largest market in 2015, followed by North America and Asia-Pacific for service robots. The growth in the European market was driven by the demand for service robots in defense, domestic robots, and education and research and hobbyist sectors. Additionally, the marine, milking robots, and logistics robots are further expected to add to the growth of market in Europe region. The U.K. held the largest share of the European service robotics market owing to significant adoption rate among elderly healthcare and the personal assistance robots. The costs of manufacturing robotics components are also decreasing steadily because of the increasing technological breakthroughs.

Browse 72 market data Tables and 62 Figures spread through 158 Pages and in-depth TOC on "Service Robotics Market" at http://www.marketsandmarkets.com/Market-Reports/service-robotics-market-681.html  

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