The growth of service robotics is expected to be driven by rising demand for mobile-robotic solution across warehouse automation and logistics, and high demand from medical and healthcare sectors, and increasing usage of service robotics in education and research institutes. The short- to medium-term payback period supported by higher RoI is another factor leading to the growth of service robotics market in the near future.
Growing usage of AGVs and other service robots for automating the warehouses across the globe is key driving factor for the said market. The estimated increase in the demand for personal service robots, apart from the increase in demand for logistics and telepresence robots, is another key factor likely to drive the market for ground-based service robots.
Professional service robotics is currently most widely developed and deployed application area of service robots in terms of market value. The market is expected to be driven by the increase in demand for logistics applications. However, other emerging professional applications such as telepresence and inspection and maintenance are expected to fuel the overall service robotics market during the forecast period.
However, the service robotics industry faces some challenges associated with safety issues while working alongside humans and take longer time to commercialize in the market. The high initial costs and R&D expenses, along with performance-related issues in untested environment, and lack of high level interfacing acts as some of the restraints of the service robotics market growth.
The service robotics market is expected to reach USD 23.90 Billion by 2022, at a CAGR of 15.18% between 2016 and 2022