Commercial Service Robotics - Singapore

Revenue in the Commercial Service Robotics market is projected to reach US$164.80m in 2024.
Medical service robotics dominates the market with a projected market volume of US$124.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.46%, resulting in a market volume of US$168.70m 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 Singapore has been experiencing a mild decline in growth rate due to various factors such as slow adoption of digital technologies, limited awareness among consumers, and challenges in integrating robotics in different industries. However, the market is expected to pick up with increasing demand for automation and efficiency in industries such as agriculture, logistics, medical, and others.

Customer preferences: The commercial service robotics market in Singapore is witnessing a notable shift towards automation and digitalization in various industries such as healthcare, hospitality, and retail. This is driven by the increasing demand for efficiency and cost-effectiveness, as well as the rising adoption of advanced technologies such as artificial intelligence and machine learning. Additionally, the growing aging population in Singapore has also led to a rise in demand for service robots that can assist with tasks such as home care and elderly care.

Trends in the market: In Singapore, the commercial service robotics market is seeing a surge in demand for robots in the healthcare sector, with hospitals and clinics adopting robotic assistants for tasks such as patient care and medication delivery. This trend is expected to continue as the country's aging population drives the need for innovative solutions in the healthcare industry. Additionally, the rise of e-commerce and logistics in Singapore has led to an increased demand for warehouse and delivery robots, indicating a promising future for the commercial service robotics market in the country.

Local special circumstances: In Singapore, the Commercial service robotics Market is driven by the country's strong focus on innovation and technology adoption. The government's initiatives and investments in promoting automation and robotics in industries such as healthcare, logistics, and retail have created a favorable market environment. Additionally, Singapore's highly developed infrastructure and skilled workforce make it an attractive market for service robotics companies. The country's strict regulations and guidelines for robotics deployment also ensure the safety and reliability of these technologies, further boosting market growth.

Underlying macroeconomic factors: The growth of the Commercial service robotics market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in industrial infrastructure. Countries with advanced technological capabilities and favorable regulatory environments are experiencing higher market growth compared to regions with limited technological capabilities and regulatory challenges. Additionally, the increasing demand for automation and efficiency in industrial processes is driving the adoption of service robotics, particularly in countries with strong manufacturing and logistics sectors.

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.