Commercial Service Robotics - Hong Kong

Revenue in the Commercial Service Robotics market is projected to reach US$85.70m in 2024.
Medical service robotics dominates the market with a projected market volume of US$67.45m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.56%, resulting in a market volume of US$75.26m 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 Hong Kong has seen slow growth due to factors such as limited adoption of digital technologies, low health awareness among consumers, and challenges faced by sub-markets such as agriculture, logistics, medical, and others. This has resulted in a negligible growth rate for the overall service robotics market in Hong Kong. Government regulations and high costs are also impacting the growth rate.

Customer preferences: In Hong Kong, the Commercial service robotics Market of the Service robotics Market within the Robotics Market is experiencing a growing demand for automated cleaning and disinfection solutions due to heightened hygiene concerns amidst the COVID-19 pandemic. This trend is further amplified by the city's densely populated urban areas and the increasing adoption of smart technologies. Additionally, there is a rising preference for contactless delivery and service options, driving the demand for autonomous delivery robots and customer service robots in the commercial sector.

Trends in the market: In Hong Kong, the Commercial service robotics Market is experiencing a surge in demand for automation in the retail and hospitality sectors. This trend is driven by the need for contactless services and cost-saving measures. As businesses strive for efficiency and safety, service robots are being utilized for tasks such as cleaning, delivery, and customer service. This trend is expected to continue as the market for service robotics expands in Hong Kong and across the globe. Industry stakeholders should take note of this trend and invest in the development of advanced service robots to meet the growing demand. Additionally, partnerships and collaborations between service robotics companies and businesses could lead to innovative and customized solutions, further driving the growth of the market.

Local special circumstances: In Hong Kong, the Commercial service robotics Market of the Service robotics Market within the Robotics Market is driven by the high demand for automation and labor-saving solutions in the city's busy commercial and industrial sectors. The advanced technological infrastructure and favorable business environment also contribute to the growth of this market. Additionally, the government's initiatives to promote innovation and support the development of robotics have created a conducive environment for service robotics companies in Hong Kong.

Underlying macroeconomic factors: The Commercial service robotics Market of the Service robotics Market within the Robotics Market is influenced by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with favorable regulatory environments and strong government support for automation are experiencing faster market growth compared to regions with regulatory challenges and limited funding for technological innovation. Additionally, the increasing demand for efficiency and productivity in various industries, along with the growing trend of automation, is driving the demand for commercial service robotics in the global market.

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.