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MarketsandMarkets: Global Service Robotics Market worth U.S. $21 Billion by 2014
According to a new market research report, ‘Global Service Robotics Market (2009 - 2014)’, published by MarketsandMarkets (www.marketsandmarkets.com), the total global service robotics market is expected to be worth US$21 billion by 2014, out of which the Asia market will account for nearly 35% of the total revenues. The global market is expected to record a CAGR of 49.6% from 2009 to 2014.
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Increasing ageing population concerns are driving the need for domestic and personal service robots. Efficient and advanced robots with lower power consumption are the need of the hour.
In personal service robotics market, domestic robotics market is the largest segment; and is expected to reach US$1.97 billion by 2014 at a CAGR of 52%. The high market size of domestic robots is mainly due to demand of robots for assistance in household tasks and act as companion. The entertainment market is estimated to be $1.85 billion in 2014. Defense, security and surveillance robots cover the large segment of the professional service robotics market. However, they are expected to be taken over by field robots by 2014.
Ageing population and continuous research has made Asia the dominant player in the service robotics market. In 2009, the market share is estimated to be 52% with a size of $3.7 billion. Europe is expected to have the second-highest market for service robots. However, large consumer base of domestic robots in the U.S. and Europe makes them the most attractive market for vacuum cleaners and other domestic products.
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