The global service robotics market will increase from $3.7 billion in 2015 to around $15 billion in 2020, according to an IHS Markit Ltd. report published last fall. The London-based financial services company also noted that industrial automation and service robots are going their separate ways.
In 2015, industrial robot revenue totaled around $10 billion, said “The World Market for Service Robots and Drones — 2016 Edition.” IHS predicted that the industrial market will experience a compound annual growth rate (CAGR) of 18 percent and reach $24 billion in 2020, growing at a CAGR of 18%
By contrast, the report said that the service robotics market will grow much faster than that for traditional industrial robots.
Industrial automation focuses on ‘better, cheaper, faster’
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