New York, US: The Service robotics market in Asia-Pacific is estimated to grow at a CAGR of 18.24 percent during the forecast period 2017-2025. The market value is anticipated to increase from US$1761.50 million in 2016 to US$8176.91 million by 2025. The untapped emerging markets and the growing demand for networking robotics systems are presenting the market with plenty of growth opportunities. That is the reason why the Asia-Pacific market is expected to show the highest growth rate as compared to other regional markets.
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The two major drivers that are responsible for the growth of the market are the increasing elderly population and a growing need for automation. The market is segmented by service type into professional service robotics and personal service robotics. The professional service type is currently leading the market.
However, the personal service type market is expected to perform better over the forecast period. These market segments are again subdivided into end-user applications that include underwater and medical systems, defense and security, personal assistance robots, home security and surveillance robotic systems, entertainment robots, etc. Entertainment robots are the leading end-user category in personal applications whereas the professional applications are being dominated by the defense, rescue & security robotics.
Some of the top players in the market include Honda Motor Co. Ltd., Toyota, Gecko Systems International Corporation, Fujitsu Ltd, Google Inc, Irobot Corporation, Hansen MedicalLely, Medsys SA, Macdonald Dettwiler and Associates Ltd., Sony Corporation etc.