According to the research report titled ‘Service Robotics Market Share, Size, Trends, & Industry Analysis Report, By Type ; By Component; By Environment; By End-User; By Region: Segment Forecast, 2018 -2026’ available with Market Study Report, global service robotics market is projected to register a robust CAGR of 17.3% during 2018-2026, subsequently accounting for USD 54.4 billion by the end of the study period.
 

Factors such as escalating demand for automation, rising adoption of collaborative robots in service applications, and technological advancements in assistive robots and vision software for patients are augmenting the growth of global service robotics market.
 

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Flourishing economy in developing nations coupled with increasing penetration of smartphones, wireless technology, and cloud computing solutions are further fueling the industry expansion.
 

Moreover, widespread application of unmanned ground as well as aerial vehicles, drones, and autonomous underwater vehicles along with low manufacturing cost of service robots are stimulating the global service robotics market outlook.
 

Based on type, global service robotics industry is bifurcated into personal service robotics, and professional service robotics. With regards to component terrain, the market is fragmented into services, software, and hardware.
 

Moving on to environment, the market is divided into marine, aerial, and ground based. The end-use terrain of the industry comprises of entertainment, domestic, logistics & transportation, defense, construction, agriculture, healthcare, and others.
 

From a regional point of view, Europe service robotics market is estimated to record substantial expansion over 2018-2026. Favorable government initiatives, rising investments by industry players, technological advancements, and surging demand for automation in the region are creating lucrative opportunities for revenue generation in Europe market.
 

Major players that outline the global service robotics industry trends are Kongsberg Maritime, Parrot SA, Robert Bosch GmbH, Yujin Robot Co. Ltd., Panasonic Corporation, GeckoSystems Intl. Corp., Aethon Inc., Bluefin Robotics Corporation, Kuka AG, iRobot Corporation, and Omron Adept Technology Inc.