Consumer Service Robotics - Singapore

Revenue in the Consumer Service Robotics market is projected to reach US$46.29m in 2024.
Domestic service robotics dominates the market with a projected market volume of US$26.95m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.72%, resulting in a market volume of US$84.21m by 2029.
In global comparison, most revenue will be generated China (US$5.53bn in 2024).

Definition:

The Consumer Service Robotics market covers the market size of service robotics for consumer use, e.g., household and entertainment robots. Consumer robots are usually not big and relatively easy to use. Consumer robots include vacuum cleaners, robotic toys, and drones.

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, 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 iRobot, Samsung, and Xiaomi.

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Domestic Service Robotics
Entertainment Service Robotics

Commercial Service Robotics

The Service robotics market in Singapore is experiencing subdued growth, influenced by factors such as limited consumer awareness and slow adoption of digital technologies. However, the market is expected to see growth due to increasing demand for convenience and the potential for expansion into sub-markets such as Domestic and Entertainment Service Robotics.

Customer preferences: As Singapore's population ages, there has been a growing demand for consumer service robotics in the healthcare sector. This is driven by the need for personalized and efficient care for the elderly, as well as the rising cost of healthcare services. Furthermore, with the increasing adoption of smart home technologies, consumers are looking for service robots that can assist with household tasks and improve their overall quality of life. This trend is also influenced by the cultural value placed on filial piety, where robots can serve as companions for the elderly and help alleviate the burden on caregivers.

Trends in the market: In Singapore, the Consumer service robotics Market within the Robotics Market is experiencing a surge in demand due to the increasing need for automation in the service industry. This trend is expected to continue with the rise of e-commerce and the adoption of smart technologies in retail and hospitality. As a result, there is a growing focus on developing advanced humanoid robots for customer service and assistance. This trend is significant as it not only improves efficiency and cost-effectiveness but also enhances the overall customer experience. However, it may also lead to job displacement and raise ethical concerns regarding the use of robots in customer-facing roles.

Local special circumstances: In Singapore, the Consumer service robotics Market is driven by the country's highly developed and affluent economy. The government's initiatives to promote the adoption of robotics in various industries, including healthcare and retail, have contributed to the growth of this market. Additionally, the country's aging population and shortage of labor have also fueled the demand for service robots in sectors such as eldercare and hospitality. Furthermore, Singapore's strict regulations and high-tech infrastructure create a favorable environment for the development and deployment of service robots, making it a leading market in the Asia-Pacific region.

Underlying macroeconomic factors: The Consumer service robotics Market of the Service robotics Market within the Robotics Market is greatly impacted by macroeconomic factors in Singapore. The country's strong economic growth, stable political climate, and favorable business environment have attracted significant investments in the robotics industry. Moreover, the government's initiatives to promote the adoption of automation and robotics in various sectors have further boosted the market. Additionally, the aging population in Singapore has increased the demand for service robotics, particularly in the healthcare sector, to improve efficiency and reduce labor costs.

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.