Service robotics market to grow at a CAGR of 17.4%

The service robotics market was valued at $18.39 billion in 2011, and hit a value of $20.73 billion in 2012. By 2017 market value is expected to grow at a compound annual growth rate (CAGR) of 17.4% to reach $46.18 billion.

The elderly look set to represent the largest segment of the service robotics market in the years to come, as the industry anticipates a huge demand for servant robots.

The service robotics market is being driven by factors such as the ageing population, value enhancement by robots, increasing grants and funds by governments, increasing venture capital investments in service robotics companies, enhancements in complementary technologies and integration of robotics with mobile technologies, other smart products, and appliances.

Key service robotics market players include iRobot (US), a company that designs and builds robots that make a difference, founded in 1990, iRobot's government and industrial robots provide enhanced situational awareness and increase mission success on the land and in the water. Yujin Robot (South Korea), a leading company in the area of industrial robot, MEMS test handler and manufacturing automation system with state of the art technology for more than 15 years and GeckoSystems (US), a leading developer of mobile service robots, who specialise in supplying mobile robot solutions for safety, security and service.

Over the coming decade, evolutions within the service robotics market are expected to continue with its application in Unmanned Ground Vehicles (UGVs) or self-driving cars, Unmanned Aerial Vehicles (UAVs) or self-piloting airplanes, and autonomous wheelchairs, as well as C3PO-like anthropomorphic robots and less complex simple cleaning robots.

For more information on the service robotics market, see the latest research: Service Robotics Market Report

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