The trend of automation has gained significant traction and has contributed to the expansion of service robotics. Reports that evaluate the semiconductors and electronics industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is anticipated to achieve USD 20 Billion while progressing at a 15% CAGR in the forecast period.
The expansion of the e-commerce sector globally is expected to motivate the growth of the service robotics market. Moreover, the e-commerce sector is expected to continue its upward growth curve and will thus be crucial to the growth of service robotics. The improvements in AI, advanced sensor technology, Lidar/Radar and GPS are predicted to create viable opportunities for growth in the service robotics market in the approaching period.
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Segmental Analysis
The segmentation of the service robotics market is carried out on the basis of type, end-user, and region. On the basis of type, the service robotics market is segmented into domestic and professional. Based on end-users, the service robotics market is segmented into construction, defense, healthcare, electronics, transportation, automotive, supply & logistics, media & entertainment. The regions included in the service robotics market are Asia Pacific, North America, Europe and the rest of the world.
Detailed Regional Analysis
The regional study of the service robotics market comprises of regions such as Asia Pacific, North America, Europe and the rest of the world. The current global trend towards robotics is being replicated in an increase in the number of service robots in the US. The analysis indicates that the North American region is controlling the service robotics market and is shadowed by the European region. The study also reveals that the North American and European region would demonstrate simultaneous growth that would dominate the service robotics market in the forecast period. This primarily due to factors such as an augmented demand of service robots by the medical, defense, construction sectors and an inclination towards automation.
The review also observes that the Asia Pacific region would be the fastest increasing region in the service robotics market in the forecast period.
Competitive Analysis
The market is projected to accomplish an absolute lead in the market place owing to improved strategies in specific areas. The absorbed expenses in the market are readily dispensed with, opening more room for the development in the market. The companies functioning in the market are persistently taking on the hindrances to progress and are forming strategies that are projected to guide to a beneficial outcome on the market's advancement. The advancement of the market is upgraded chiefly due to the reduction in promotional and miscellaneous expenses. An intensified growth pace is observed due to the productive effect exerted by the market forces both externally and internally. The progress capability of the market is bolstered by the accretive nature of the assets available in the market. Additionally, the deals being coined in the market are likely to additionally inspire the development of the market in the impending years.
The leading competitors in the service robotics market are Honda Motor Co. Ltd. (Japan), Adept Technology, Inc. (U.S.), KUKA AG (Germany), iRobot Corporation (U.S.), GeckoSystems Intl. Corp. (U.S.), Kongsberg Maritime AS (Norway), DJI (China), Intuitive Surgical, Inc. (U.S.), Grumman Corporation (U.S.), Fujitsu Frontech Limited (Japan), Parrot SA (France), LG Electronics Inc. (South Korea), Samsung Electronics Co., Ltd. (South Korea) among others
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Basically, this report is designed to give a proper understanding of industry structure and competition intensity attractiveness.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the service robotics market include iRobot Corporation, Samsung Electronics, AB Electrolux, Toyota Motor Corporation, Fujitsu Frontech Limited, Hanool Robotics Corp., LG Electronics Inc., Honda Motors Co. Ltd., Sony Corp., GeckoSystems, Fujitsu, Yujin Robot.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Service Robotics Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/service-robotics-market/download-sampleMarket DynamicsThe global service robot market is projected to grow at a healthy rate during the forecast period.
This is because businesses want to automate specific processes for safety, productivity, and efficiency.
The safety and productivity advantages of these service robots help businesses allow the market to flourish at an impressive rate.
For this, service robots are increasingly being improved with the latest generation sensors and control systems.
