Service Robotics - Finland

Finland

Revenue in the Service Robotics market is projected to reach US$102.10m in 2024.
Consumer service robotics dominates the market with a projected market volume of US$72.66m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 15.77%, resulting in a market volume of US$212.30m 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 Finland has seen a slight decline in growth, impacted by factors such as slow adoption of digital technologies and limited consumer awareness. However, opportunities for growth remain with the convenience offered by online health services and increasing health awareness among consumers.

Customer preferences: The Service robotics Market within the Robotics Market in Finland has seen a rise in demand for automated home cleaning and personal care robots. This can be attributed to the aging population and the need for assistance in daily tasks. Additionally, there is a growing trend towards sustainable and eco-friendly solutions, with consumers opting for energy-efficient and recyclable robots. This shift is fueled by the increasing awareness and importance placed on environmental issues in Finnish culture.

Trends in the market: In Finland, the Service robotics market is experiencing a surge in demand for autonomous robots in the healthcare sector. This trend is driven by the aging population and shortage of healthcare workers. The use of robots for tasks such as patient monitoring and medication delivery is expected to increase in the coming years. These developments have significant implications for industry stakeholders, as they can improve efficiency and reduce costs in healthcare. Additionally, there is a growing focus on developing robots for social and domestic purposes, such as elderly care and household chores. This trend is expected to continue as the government invests in research and development for service robotics.

Local special circumstances: In Finland, the Service robotics market is heavily influenced by the country's high level of technological advancement and strong focus on innovation. The government's support for research and development in robotics has led to a thriving market for service robots in industries such as healthcare and logistics. Additionally, the country's aging population has created a demand for robotic solutions that can assist with tasks like elder care. The strong emphasis on sustainability and environmental responsibility has also driven the adoption of service robots for tasks such as cleaning and maintenance.

Underlying macroeconomic factors: The service robotics market in Finland is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with strong government support and robust investment in service robotics are experiencing higher market growth compared to regions with limited government funding and technological challenges. Additionally, the rising demand for automation and increasing labor costs are driving the adoption of service robotics, particularly in industries such as healthcare, manufacturing, and logistics. Moreover, Finland's stable economic conditions and high per capita income are expected to further drive market growth in the coming years.

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.