Service Robotics - Bahrain | Statista Market Forecast

Revenue in the Service Robotics market is projected to reach US$4.67m in 2024.
Consumer service robotics dominates the market with a projected market volume of US$3.23m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.92%, resulting in a market volume of US$7.83m by 2029.
In global comparison, most revenue will be generated United States (US$8.68bn in 2024).

Definition:

The Service Robotics market presents the market size of robotics in service use cases, e.g., commercial service robots or consumer service robots. Service robots are intended for personal or professional use and are designed to assist humans in carrying out certain tasks.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure :

The Commercial Service Robotics and Consumer Service Robotics markets can be found within the Service Robotics market. The Commercial Robotics market is further split into a range of service industries that have the highest adoption of robots. This includes agriculture service robotics, logistics service robotics, medical service robotics, and all other service industries, which are all covered by the Other Industry Robotics market.

Additional information:

The market comprises revenues, volume, and the average price per new installed robot. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robot. It is shown in manufacturer prices. Software revenues are included as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Intuitive Surgical, ABB, and iRobot.

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Commercial Service Robotics
Consumer Service Robotics

robots used in industrial use cases

The Service Robotics market in Bahrain is facing a considerable decline in growth rate due to factors such as limited adoption of digital technologies and low health awareness among consumers. However, the convenience offered by online health services has the potential to drive growth in the market.

Customer preferences: In Bahrain, there has been a growing interest in service robotics for tasks such as cleaning, delivery, and security. This trend can be attributed to the country's demographic shift towards an aging population, coupled with a strong cultural emphasis on convenience and efficiency. Additionally, the rise of smart homes and smart cities in Bahrain has increased the demand for service robots to assist with household and community tasks. This shift towards automation is also driven by the need for contactless services and reduced human interaction, in light of the recent COVID-19 pandemic.

Trends in the market: In Bahrain, the Service robotics Market within the Robotics Market is experiencing a shift towards automation in the healthcare sector. With an aging population and a shortage of healthcare workers, there is a growing demand for robotic assistants in hospitals and nursing homes. This trend is expected to continue as the government invests in advanced robotics technology and encourages the adoption of automation in healthcare. This will not only improve efficiency and productivity but also reduce costs and improve patient care. Industry stakeholders should closely monitor this trend and explore opportunities for collaboration and innovation in the service robotics market.

Local special circumstances: In Bahrain, the Service robotics Market within the Robotics Market is experiencing growth due to the country's strong focus on innovation and technological advancements. The government's initiatives to promote a knowledge-based economy and attract foreign investment have created a favorable environment for the market. Additionally, the country's small geographical size and high urbanization rate have led to a high demand for automation and robotics solutions in various industries, such as healthcare and logistics. This unique combination of factors has resulted in a growing market for service robotics in Bahrain.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market in Bahrain is influenced by macroeconomic factors such as technological advancements, regulatory support, and investment in infrastructure. As the global economy continues to evolve, countries with favorable regulatory environments and strong investment in robotics are experiencing faster market growth. In addition, the national economic health and fiscal policies of Bahrain play a significant role in creating a conducive environment for the growth of the Service robotics Market. Furthermore, the increasing demand for automation and efficiency in various industries is driving the adoption of service robotics, making it a key market driver in Bahrain.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.