Service Robotics Market

According to a new market report published by Transparency Market Research “Service Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021,” the service robotics market was valued at US$5.57 bn in 2014, and is expected to reach US$22.5 bn by 2021, growing at a CAGR of 18.8% from 2015 to 2021.

Browse the full Service Robotics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021 report at http://www.transparencymarketresearch.com/service-robotics-market.html

The service robotics market is driven by the increasing investment in research and development. Moreover, increasing demand for service robots in defense is one of the major factors driving the service robotics market globally. Use of service robots in defense is expected to decrease the number of death casualties during war. Most used service robots in defense are unmanned aerial vehicles, unmanned ground vehicles. In addition, rapid industrialization is acting as a major driver in this market. Service robots work faster than humans, thus reducing the work time and increases work efficiency. They are used to carry out different activities in industries such as welding, painting, packaging, lifting of heavy objects and many more.

The service robotics market is segmented on the basis of product type which includes professional and personal service robots. Among these two types of products, professional service robots held the largest market share followed by personal service robots as of 2014. Rapid industrialization and automation are the major driving factors of this market.

The market is further segmented on the basis of application which includes defense, agriculture, health care, logistics, aerospace, infrastructure, entertainment, research and development and others. Among these, application of service robotics in defense sector held the largest market share followed by health care in 2014. The defense sector held a...