MarketsandMarkets: Global Service Robotics Market worth $46.18 Billion by 2017

DALLAS, July 10, 2012 /PRNewswire/ -- According to the market research report "Personal & Professional Service Robotics Market – Global Forecast & Assessment by Applications & Geography (2012 – 2017)" published by MarketsandMarkets (www.marketsandmarkets.com), the total service robotics market is expected to reach $46.18 billion by 2017 at a CAGR of 17.4% from 2012 to 2017.

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Though the evolution of the service robotics market started in the late 1900s, the market for service robots picked up only two decades ago in response to the growing ageing population across the world. The devices currently being sold are simple and elementary as compared to earlier devices.

Service robotics is a wide technology area that also includes a subset of various enabling technologies. It is also an area of increasing interest, investment, and hype. Within this backdrop, domestic, military, and healthcare are the applications driving service robotics commercialization. Mobile robots and unmanned systems consist of several subsystems. The technologies involved in these systems will require advances if robots are to see an extensive use in personal home and security applications.

The definition of service robots is already dynamic; active in a multitude of industries, emerging in many more sectors, likely to have a serious worldwide economic impact, and encompasses all the methods of processing, service, and assistance with robots.

Service robots are classified into personal service robots and professional service robots. Personal service robots are meant for household jobs, education, entertainment, and for assistance to the elderly and physically and mentally challenged population. Some of the examples of service robots are domestic robots such as the ASIMA, a Humanoid from Honda, "Roomba" (vacuum cleaners) and "Aibo", the Sony robot dog.

Professional service robots are high-tech, sophisticated, highly valuable, and increasingly being used in factories, hospitals, public buildings, dangerous and hazardous environments, oceans, the space, cow barns, and fields. Some of the examples of professional service robots include underwater remotely operated vehicles, cow milking robots, medical robots, and bomb disposal robots.

The service robotics industry will witness a blend of leading industrial robotics manufacturers who will benefit from technology gains in the new high growth sectors, as well as cutting edge service robotics companies that combine the latest robotics technology with practical uses primarily in the home and in the defense, service, and medical industries.

The service robotics market is driven by factors like 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.

The leading market players in service robotics industry include Honda Motors (Japan), iRobot (U.S.), AB Electrolux (Sweden), Sony (Japan), Fujitsu (Japan), Toyota (Japan), GeckoSystems (U.S.), Yujin Robot (South Korea), and others.

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