Service Robotics - APAC

APAC

Revenue in the Service Robotics market is projected to reach US$10.79bn in 2024.
Consumer service robotics dominates the market with a projected market volume of US$7.00bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.59%, resulting in a market volume of US$17.85bn by 2029.
In global comparison, most revenue will be generated in the United States (US$8,681.00m in 2024).

Key regions: France, United Kingdom, United States, Canada, South Korea

Market

Region

Region comparison

Currency

Analyst Opinion

The Service Robotics market in APAC is experiencing minimal growth, influenced by factors such as increasing adoption of automation, rising demand for efficient services, and advancements in technology. This growth is expected to continue as businesses and consumers seek solutions for improving productivity and convenience in various industries.

Customer preferences: As urbanization and aging populations continue to rise in APAC, there is a growing demand for service robotics in the healthcare sector. This is driven by the need for cost-effective and efficient solutions to assist with tasks such as patient care and medication management. Additionally, cultural values and preferences for high-quality care are pushing for the adoption of service robots in hospitals and elderly care facilities. This trend is expected to continue as governments and healthcare institutions prioritize the use of technology in improving patient outcomes and addressing labor shortages.

Trends in the market: In APAC, the Service robotics Market within the Robotics Market is experiencing a surge in demand for healthcare robots, particularly in Japan and South Korea. These robots are being used for tasks such as patient monitoring, medication delivery, and disinfection in hospitals and elderly care facilities. This trend is expected to continue as the region's aging population drives the need for innovative healthcare solutions. Additionally, there is a growing emphasis on the use of service robots in industries such as retail, hospitality, and logistics, as companies look to automate processes and improve efficiency. This presents opportunities for industry stakeholders to tap into the potential of service robotics in APAC.

Local special circumstances: In APAC, the Service robotics Market within the Robotics Market is heavily influenced by the region's economic growth and rapid technological advancements. In China, the market is driven by the government's initiatives to promote automation and address the aging population's needs. In Japan, cultural acceptance of robots in everyday life has led to a diverse range of service robots, from household assistants to healthcare providers. In Southeast Asia, the market is driven by the increasing demand for labor-saving solutions in industries such as hospitality and retail, due to the region's labor shortage.

Underlying macroeconomic factors: The growth of the Service robotics market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for automation and efficiency, along with the rising labor costs and aging population in APAC, are driving the adoption of service robotics in various industries, such as healthcare, retail, and logistics.

Methodology

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.