Service Robotics Market – U.S. to Account for A Significant Proportion of The Global Remuneration by 2024

The U.S. service robotics market is anticipated to witness growth over the forecast timeline. It can be attributed to the rising demand for robots across various sectors, which include defense, logistics, healthcare, agriculture, and households. Increasing number of players entering the marketplace with new & advanced technological features further contributes to the regional industry demand. Moreover, the increasing adoption of household robots for performing everyday tasks coupled with the rising wage rates across various economies is compelling the adoption of robots, contributing to the Asia Pacific service robotics market.

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The growing deployment of robots across households is anticipated to showcase a positive impact on the service robotics market growth. The household robots help in reducing the burden on their human counterparts by performing domestic tasks such as floor & window cleaning, vacuum cleaning & lawn-mowing and letting them focus on more important tasks. Increasing penetration of entertainment robots in various sectors, such as retail, BFSI, and hospitality, enables the interactive experience deepening the engagement with in-store customers.

The professional application segment of the service robotics market is anticipated to witness a high growth owing to the increasing adoption of these systems for carrying out mundane and monotonous tasks such as milking, packing, and other activities. Medical robot systems are finding increasing applications in providing assistance during surgeries, therapy, and patient caring, contributing to the heavy growth of the service robotics market. For instance, Robot Aps has developed and launched a rehabilitation robot to assist health professionals with patients, who are bed-ridden, reducing the dependence on nurses for actions such as heavy lifting.

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The personal product segment of the service robotics market is predicted to dominate in terms of revenue during the forecast timeframe. Personal robots, such as vacuum cleaners, automated wheelchairs, and domestic servants, among others have aided in improving the quality of life and providing an increased convenience to their users. For instance, in homes with geriatric inhabitants, who live alone, these robots are ideally suited for monitoring and diagnosing patients by relaying the information back to the medical practitioners or alerting authorities during emergencies such as when the patient falls from a wheelchair.

Speaking of the competitive landscape, service robotics market encompasses some prominent firms along the likes of Samsung Electronics, AeroVironment Inc., Parrot SA, Bluefin Robotics, 3D Robotics, Intuitive Surgical Inc., Softbank Robotics, and 3D Robotics. Considering the aforementioned aspects, it is quite imperative that these organizations are increasingly focusing on manufacturing technologically enhanced robots with pathbreaking functionalities.

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Moreover, it has been observed that these companies appear keen on tapping into the power of robotics for providing better consumer service which is certain to propel the global shipments of service robots. In fact, as per a research report compiled by Global Market Insights, Inc., the service robotics industry is forecast to register an impressive y-o-y growth rate of 20% with regards to worldwide shipments over 2017-2024.