Service Robotics - ASEAN

ASEAN

Revenue in the Service Robotics market is projected to reach US$0.73bn in 2024.
Commercial service robotics dominates the market with a projected market volume of US$0.46bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.39%, resulting in a market volume of US$1.43bn 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 the ASEAN region is experiencing a slight decline in growth, attributed to factors such as slow adoption of digital technologies, limited health awareness among consumers, and challenges in providing convenient online services. However, the Commercial and Consumer sub-markets show potential for growth in the future.

Customer preferences: The demand for service robots in ASEAN is on the rise due to the growing elderly population and increasing need for automation in various industries. This trend is driven by the region's cultural emphasis on respect for elders and the need for efficient and cost-effective services. Additionally, the adoption of service robots is also influenced by the growing preference for contactless and self-service options, particularly in light of the COVID-19 pandemic. This has led to an increased focus on developing advanced service robots with artificial intelligence capabilities to meet the evolving needs of consumers.

Trends in the market: In ASEAN, the Service robotics Market within the Robotics Market is experiencing a surge in demand for collaborative robots, also known as cobots, due to their ability to work alongside humans and increase productivity. This trend is expected to continue as the region's manufacturing sector seeks to modernize and automate operations. Additionally, there is a growing focus on service robots in the healthcare industry, with the use of robotic assistants for tasks such as patient care and disinfection. These developments are significant for industry stakeholders, as they offer opportunities for cost savings, improved efficiency, and enhanced safety measures. However, there may be potential implications for human workers, as the adoption of service robotics could lead to job displacement and the need for reskilling.

Local special circumstances: In ASEAN, the Service robotics Market within the Robotics Market is influenced by the region's focus on automation and technological advancements. With a growing economy and rising demand for efficiency and productivity, countries like Singapore, Malaysia, and Thailand have seen a significant adoption of service robots in industries such as healthcare, retail, and manufacturing. Additionally, the region's diverse cultural and regulatory environment has resulted in the development of customized solutions to cater to the unique needs of each market.

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 research and development. Countries with favorable regulatory environments and strong investment in service robotics technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding for innovation. Additionally, the increasing demand for automation and efficiency in service industries, coupled with the rise of e-commerce and online services, is driving the adoption of service robotics solutions in ASEAN countries.

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.