Service Robotics - EU-27

EU-27

Revenue in the Service Robotics market is projected to reach US$9.87bn in 2024.
Commercial service robotics dominates the market with a projected market volume of US$6.90bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.78%, resulting in a market volume of US$18.01bn by 2029.
In global comparison, most revenue will be generated in the United States (US$8,681.00m in 2024).

Key regions: France, United Kingdom, United States, Canada, South Korea

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Analyst Opinion

The Service robotics market in the EU-27 is facing a slight decline in growth rate, potentially due to factors such as slow adoption of digital technologies and limited awareness among consumers. However, the convenience offered by online health services and increasing demand for automation in commercial and consumer sectors could drive future growth.

Customer preferences: The demand for service robotics is on the rise in the EU-27 market, driven by a growing preference for automation and digital solutions. Consumers are increasingly seeking out robots to assist with tasks such as household chores, personal care, and healthcare services. This trend is particularly evident in aging populations, where service robots can help with daily tasks and provide companionship. Additionally, the COVID-19 pandemic has further accelerated the adoption of service robotics, as individuals and businesses look for contactless and efficient solutions.

Trends in the market: In the EU-27, the Service robotics Market within the Robotics Market is seeing a surge in demand for collaborative robots, particularly in manufacturing and healthcare industries. This trend is driven by the need for increased efficiency, flexibility, and safety in the workplace. It is expected that this trend will continue to grow, with a potential for further integration of advanced technologies such as AI and IoT. This presents opportunities for industry stakeholders to capitalize on this market and cater to the evolving needs of customers. Additionally, there is a growing trend towards using service robots in areas such as logistics, agriculture, and retail, leading to a potential expansion of the service robotics market in the EU-27.

Local special circumstances: In the EU-27, the Service robotics market is driven by the increasing adoption of automation in various industries, such as manufacturing, healthcare, and logistics. This is due to the region's aging population and high labor costs. Additionally, the strict regulations on labor and safety standards have accelerated the demand for service robots. In countries like Germany and France, the growth of the market is also supported by government initiatives promoting the use of robotics in industries to improve efficiency and productivity.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market is strongly impacted by macroeconomic factors such as advancements in technology, government policies, and investment in infrastructure. Countries with supportive regulatory environments and robust investments in service robotics are experiencing rapid growth compared to those with regulatory barriers and limited funding. The rising demand for advanced automation and the aging population worldwide are also driving the market for service robotics, as they offer efficient solutions for labor shortages and aging-related care.

Methodology

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.