Commercial Service Robotics - Armenia

Revenue in the Commercial Service Robotics market is projected to reach US$972.80k in 2024.
Medical service robotics dominates the market with a projected market volume of US$758.00k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.51%, resulting in a market volume of US$1.40m by 2029.
In global comparison, most revenue will be generated United States (US$4.99bn in 2024).

Definition:

The Commercial Service Robotics market presents the market size of service robotics in commercial use cases, e.g., medical robots, logistic robots, and agriculture robots.

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.

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 robots. 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 Agrobot.

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Medical Service Robotics
Logistic Services Robotics
Agriculture Service Robotics
Other Service Robotics

Consumer Service Robotics

The Commercial service robotics market in Armenia is facing intense decline, influenced by factors such as limited market demand, lack of awareness and high costs. Despite this, the market is expected to grow due to increasing adoption of digital technologies, rising demand for efficient and automated services in various industries, and advancements in the field of robotics.

Customer preferences: In Armenia, there is a growing demand for commercial service robotics in industries such as hospitality and healthcare. This trend is driven by the country's aging population and the need for cost-effective solutions in these sectors. Additionally, advancements in artificial intelligence and machine learning have made service robots more sophisticated and capable of performing complex tasks, further driving their adoption. Furthermore, the cultural emphasis on hospitality and customer service has also played a role in the increased interest in service robotics, as businesses strive to provide a unique and efficient experience for their customers.

Trends in the market: In Armenia, the Commercial service robotics Market within the Service robotics Market of the Robotics Market is experiencing a surge in demand for delivery and logistics robots. This trend is driven by the increasing need for contactless and efficient delivery services during the pandemic. Additionally, there is a growing interest in using service robots for disinfection and sanitation in public spaces. These trends are expected to continue in the coming years, providing opportunities for industry players to expand their offerings and cater to evolving customer needs.

Local special circumstances: In Armenia, the Commercial service robotics Market of the Service robotics Market within the Robotics Market is influenced by the country's small but growing economy, with a focus on agriculture and manufacturing. This has led to a demand for service robots in these sectors, particularly for tasks such as crop harvesting and factory automation. Additionally, the country's relatively low labor costs and government incentives for innovation have attracted foreign companies to invest in service robotics, further driving market growth. However, challenges such as limited infrastructure and a lack of skilled labor in the robotics industry may hinder market development in Armenia.

Underlying macroeconomic factors: The growth of the Commercial service robotics market in Armenia is also influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. The country's favorable regulatory environment and strong investment in service robotics are driving market growth. Moreover, the increasing demand for automation and efficiency in various industries, as well as the need for labor cost reduction, are contributing to the market's expansion. Additionally, the country's stable economic growth and increasing disposable income are expected to boost the adoption of service robotics in Armenia.

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.