Service Robotics - Canada

Canada

Revenue in the Service Robotics market is projected to reach US$1.08bn in 2024.
Commercial service robotics dominates the market with a projected market volume of US$0.88bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.35%, resulting in a market volume of US$1.54bn 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 Canada is experiencing a negligible decline in growth rate, impacted by factors such as slow adoption of digital technologies in commercial and consumer sub-markets, and lack of awareness among consumers about the benefits of service robotics. However, with increasing demand for automated services and advancements in technology, the market is expected to grow in the near future.

Customer preferences: The service robotics market in Canada is witnessing a significant shift towards automation and self-service solutions. This can be attributed to the increasing demand for contactless interactions and the need for efficient and cost-effective operations. Additionally, advancements in artificial intelligence and machine learning technologies have led to the development of more sophisticated and personalized service robots, catering to the diverse needs of consumers. This trend is expected to continue, driven by the growing demand for convenience and enhanced customer experience.

Trends in the market: In Canada, the Service robotics Market within the Robotics Market is experiencing a surge in demand for automated and autonomous solutions in various industries such as healthcare, retail, and manufacturing. This trend is driven by the increasing need for efficiency, cost reduction, and safety in the workplace. As a result, there is a growing adoption of robots for tasks such as inventory management, patient care, and warehouse operations. Moreover, advancements in artificial intelligence and machine learning are further driving the growth of this market. This trend is expected to continue in the coming years, providing opportunities for industry stakeholders to innovate and expand their offerings to meet the changing needs of the market.

Local special circumstances: In Canada, the Service robotics market is thriving due to the country's strong focus on innovation and technology. The government has invested heavily in research and development, leading to a high adoption rate of service robots in various industries such as healthcare, manufacturing, and logistics. Additionally, Canada's multicultural society has contributed to the diverse use cases of service robots, catering to the unique needs of different cultural communities. The country's strict safety and privacy regulations have also played a crucial role in shaping the market, ensuring the ethical and responsible use of service robots.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market in Canada is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investments in research and development. With a strong economy and supportive regulatory environment, Canada is experiencing significant growth in the service robotics market. Additionally, the country's aging population and rising demand for healthcare services are driving the adoption of service robotics solutions to improve efficiency and reduce costs in the healthcare sector.

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.