Field Robotics Segment Slated to Touch a Value of About US$ 2,400 Mn in 2022

Professional services robots market is witnessing a sustained growth due to a variety of reasons. Some of these reason include improved usability, delivery of high quality and accurate services, reduced operational costs, reliability and no scope for human errors in the service robots. Professional service robots are used in various industries such as healthcare, defense and security, forestry, construction, agriculture, logistics and professional cleaning to name a few. On the other hand, personal service robots are used for entertainment and domestic purpose. Some of the other factors that influence the growth of professional services robots market include high cost of labor, increased investments in R&D, lack of a skilled workforce, a growing awareness regarding the benefits of using service robots and increased demand and levels of industrial automation. However, there are some restraints which are hampering the market growth of professional services robots such as high initial investments and concerns for the safety of humans.

According to the assessment of Persistence Market Research, the global professional services robots market is forecasted to reach a figure of about US$ 7,400 Mn in 2022 and is poised to exhibit a robust CAGR in the period of assessment.

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North America Market Set to Dominate the Global Professional Services Robots Market in Terms of Revenue

The market in North America is set to dominate the global professional services robots market in terms of value and this trend is projected to sustain itself throughout the assessment period. North America professional services robots market is the most attractive market, growing at a robust CAGR over the forecast period.

Field Robotics Segment Slated to Touch a Value of About US$ 2,400 Mn in 2022

According to the projections of Persistence Market Research, the field robotics segment is expected to reach a value of about US$ 2,400 Mn in the year 2022. This signifies a robust CAGR during the forecast period of 2017-2022. The field robotics segment is estimated to account for more than one-third of the revenue share of the application segment by the end of the year 2017 and is expected to lose in market share by 2022 over 2017.

Land-Based Segment to Exhibit a CAGR of more than 15% During the Assessment Period

According to the assessment of Persistence Market Research, the land-based segment is poised to touch a figure of about US$ 4,300 Mn in the year 2022. This signifies a CAGR of more than 15% during the assessment period from 2017 till the year 2022. The land-based segment is estimated to account for nearly two-thirds of the revenue share of the form factor segment by the end of the year 2017 and is projected to lose market share by 2022 over 2017.

Competition Tracking

The report also profiles companies that are expected to remain active in the expansion of global professional services robots market through 2022, which include Northrop Grumman Corporation, Daifuku Co., Ltd., AB Electrolux, iRobot Corporation, Elbit Systems Ltd., Yujin Robot Co., Ltd, Gecko Systems International Corporation, Robert Bosch GMBH, Kuka AG, Aethon Inc. and Boston Dynamics, Inc.