The vendor landscape of the global service robotics market features a largely consolidated nature, says Transparency Market Research on the basis of a recently published report. Such a consolidated mainly exists due to the presence of a handful of players the market. Four leading companies, namely AB Electrolux, Samsung Techwin Co. Ltd., iRobot Corporation, and Panasonic Corporation collectively accounted maximum shares. However, the number of players increasing entering the global service robotics market is increasing by the day, which is expected to intensify the competition in the next few years.
With an increasing demand for industrial-grade products occurring in almost every sector, a high requirement for automation in the form of robotics to mass produce commodities is being felt all over the globe. This has made manufacturers developing robotic services that deliver functional transformation and commercial excellence. In this way, a key strategy adopted by most players working in the global service robotics market involves achieving extensive product and service differentiation to stay ahead in the competition.
ccording to experts from Transparency Market Research, the global service robotics market had gained revenue worth US$5.57 bn in 2014, which is further expected to grow up to US$22.50 bn by the end of 2021. This growth is projected to occur at a stellar CAGR of 18.8% during the forecast period from 2015 to 2021.
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Mammoth Investments by Players Promises Market to Witness Spectacular Expansions
A rapidly increasing demand for fast production capacities in industrial environments is primarily driving the global service robotics market. Such a high demand mainly exists in automotive assemblies, telecom networks, food and beverage processing, aircrafts and other large transportation forms, heat treating machines, bench presses and other heavy machines, devices used for steering and ship stabilization, and various other systems. Moreover, several companies are pouring large sums of money to facilitate research and developmental processes regarding robotics in industrial automation. This too has been responsible for propelling growth in the global service robotics market.
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