Service Robotics - Australia & Oceania

Australia & Oceania

Revenue in the Service Robotics market is projected to reach US$0.68bn in 2024.
Commercial service robotics dominates the market with a projected market volume of US$0.52bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.28%, resulting in a market volume of US$1.06bn 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

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Analyst Opinion

The Service robotics market in Australia & Oceania is experiencing minimal growth, influenced by factors such as increasing adoption of new technologies, rising demand for efficient services, and the convenience of automated solutions. These factors are driving the overall market, with the potential for further growth in both the Commercial and Consumer sub-markets. However, challenges such as high initial costs and lack of regulatory framework may impact the market's growth rate.

Customer preferences: As remote work becomes more prevalent in Australia & Oceania, there is a growing demand for service robotics that can assist with household tasks, such as cleaning and cooking. This trend is driven by demographic shifts, including an aging population and an increase in dual-income households. Additionally, the desire for convenience and efficiency is contributing to the popularity of service robotics in the region.

Trends in the market: In Australia & Oceania, the Service robotics Market within the Robotics Market is experiencing a surge in demand for autonomous delivery robots. These robots are being used in various industries such as retail, food delivery, and healthcare to improve efficiency and reduce human contact. This trend is expected to continue as businesses seek to adapt to the changing landscape caused by the COVID-19 pandemic. Additionally, there is a growing interest in social robots for elderly care and education, as the region faces an aging population. This presents opportunities for industry stakeholders to develop innovative solutions and partnerships to meet the growing demand.

Local special circumstances: In Australia & Oceania, the Service robotics Market within the Robotics Market is heavily influenced by the region's strong focus on sustainability and environmental conservation. With a growing demand for eco-friendly solutions, the market has seen an increase in the adoption of service robots for tasks such as waste management and energy efficiency. Additionally, cultural factors, such as the region's aging population and high labor costs, have also contributed to the growth of the service robotics market in this region.

Underlying macroeconomic factors: The service robotics market in Australia & Oceania is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and a strong focus on innovation are experiencing rapid market growth, while those with limited government support and limited funding for research and development are facing challenges in market growth. Additionally, the growing demand for automation and efficiency in various industries, coupled with the aging population in the region, is driving the adoption of service robotics solutions to improve productivity and reduce labor costs.

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.