Professional service robot market to grow at 46%: IHS

The market for professional service robots is expected to see tremendous growth in the coming years as improved technology and lower costs boost demand.
 
According to a report by IHS, revenue from professional service robots reached US$2.6 billion, with around 20,000 units shipped in 2015. The market is expected to grow at a CAGR of 46 percent from 2015 to 2020.
 
“The various demands on the professional service applications are multi-billion dollar opportunity for the professional service robot markets,” said Wilmer Zhou, senior analyst, for the manufacturing technology at IHS Markit. “The agriculture industry, logistics, medical and care, and domestic help are the early adoption industries for professional service robots.”  
 
In terms of regional differences, North American shipments of professional service robots reached 35 percent, with revenues touching 37 percent of the global market. However, Asia pacific will see the fastest growth at a CAGR of 50 percent.
 
“North America will continue to lead the medical and care, agriculture, logistics, transportation, and space sectors of the service robot market, because of the country’s abundant innovation resources, including talented people from around the world, large capital funds, leading universities and huge consumer and commercial markets,” Zhou said. 
 
Japan and Korea will lead markets in Asia, but China is expected to soon catch up with the support of its government.
 
Europe is also witnessing a rising demand for such robots, especially in energy, government, civil defense and rescue, maritime activities etc. “These applications need the service robot companies to cooperate with their customers very closely for customized solutions for dedicated applications,” Zhou said. “Europe has had abundant industry knowledge and specialized professionals for a long time.”   
 
In the agricultural segment, automated machines are replacing humans, especially in the processes like seeding, planting, harvesting pruning, weeding, picking, spraying and materials handling. In the logistics sector, warehouses have also been making wide adoption of service robots. Health care robots are quickly replacing personnel in surgery rooms.