Service Robotics - Cyprus | Statista Market Forecast

Revenue in the Service Robotics market is projected to reach US$5.74m in 2024.
Commercial service robotics dominates the market with a projected market volume of US$3.41m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.57%, resulting in a market volume of US$9.49m by 2029.
In global comparison, most revenue will be generated United States (US$8.68bn in 2024).

Definition:

The Service Robotics market presents the market size of robotics in service use cases, e.g., commercial service robots or consumer service robots. Service robots are intended for personal or professional use and are designed to assist humans in carrying out certain tasks.

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.

Structure :

The Commercial Service Robotics and Consumer Service Robotics markets can be found within the Service Robotics market. The Commercial Robotics market is further split into a range of service industries that have the highest adoption of robots. This includes agriculture service robotics, logistics service robotics, medical service robotics, and all other service industries, which are all covered by the Other Industry Robotics market.

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 robot. 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 iRobot.

For more information on the data displayed, use the info button right next to the box.

Commercial Service Robotics
Consumer Service Robotics

robots used in industrial use cases

The Service robotics market in Cyprus is experiencing a mild decline in growth rate, influenced by factors such as slow adoption of digital technologies, limited health awareness among consumers, and less convenience offered by online health services. However, the market is expected to grow due to the increasing demand for advanced robotics in both commercial and consumer sectors.

Customer preferences: As the adoption of service robotics continues to grow in Cyprus, there is a noticeable trend towards personalized and convenient solutions for everyday tasks. With an aging population and an increasing number of dual-income households, there is a demand for robotic assistance in tasks such as household chores and caregiving. This shift towards service robotics is also driven by the desire for more efficient and time-saving solutions in a fast-paced society.

Trends in the market: In Cyprus, the Service robotics market is experiencing a surge in demand for robots in the healthcare sector. With an aging population and increasing healthcare costs, there is a growing trend towards using service robots for tasks such as patient care and medication delivery. This trend is expected to continue, driven by advancements in artificial intelligence and cost efficiency. As a result, industry stakeholders can expect to see an increase in the adoption of service robots in healthcare facilities, leading to improved patient outcomes and reduced healthcare costs.

Local special circumstances: In Cyprus, the Service robotics market is driven by the government's initiatives to promote the adoption of automation and robotics in various industries. The country's strategic location and its strong ties with the European Union make it an ideal market for companies looking to establish a presence in Europe. Additionally, the growing demand for advanced healthcare solutions in Cyprus, along with the country's aging population, is expected to drive the growth of the service robotics market in the near future.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market in Cyprus is influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for automation and efficiency in various industries is driving the adoption of service robotics, especially in healthcare and manufacturing sectors. The growing aging population and need for advanced healthcare solutions are also contributing to the growth of the service robotics market in Cyprus.

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.