Service Robotics - Laos | Statista Market Forecast

Revenue in the Service Robotics market is projected to reach US$2.92m in 2024.
Consumer service robotics dominates the market with a projected market volume of US$1.83m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -7.47%, resulting in a market volume of US$1.98m 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.

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Commercial Service Robotics
Consumer Service Robotics

robots used in industrial use cases

The Service Robotics market in Laos is experiencing minimal decline in growth rate, influenced by factors such as limited adoption of digital technologies, low health awareness among consumers, and inadequate infrastructure for online services. However, the market is expected to grow due to increasing demand for convenience and efficiency in both commercial and consumer service robotics sub-markets.

Customer preferences: As technology advances, consumers in Laos are increasingly turning to service robotics for assistance with various tasks. This trend is driven by a growing aging population, as well as a desire for convenience and efficiency in daily life. Additionally, cultural attitudes towards robots are becoming more positive, with the belief that they can enhance human capabilities rather than replace them. This has led to a rise in demand for service robots in industries such as healthcare, hospitality, and manufacturing. Furthermore, the COVID-19 pandemic has accelerated the adoption of service robotics in Laos, with increased emphasis on contactless interactions and automation.

Trends in the market: In Laos, the Service robotics Market within the Robotics Market is experiencing a surge in demand for automation solutions in industries such as manufacturing, healthcare, and agriculture. This trend is driven by the country's efforts to modernize and increase productivity. Moreover, there is a growing demand for service robots in the healthcare sector, particularly for telemedicine and remote patient monitoring. These trends are significant as they offer cost-effective and efficient solutions for industries. However, they also raise concerns about job displacement and the need for upskilling workers to adapt to the changing landscape.

Local special circumstances: In Laos, the Service robotics market is still in its infancy due to limited technological infrastructure and low awareness among the population. However, the government's efforts to promote industrialization and modernization are expected to drive the demand for service robots in the coming years. Additionally, the country's unique geographical landscape, with many remote and rural areas, presents opportunities for service robots to assist in tasks such as agriculture and disaster relief. Cultural factors, such as the country's strong Buddhist beliefs, may also impact the acceptance and adoption of service robots. With limited regulations in place, there is room for growth and innovation in the Service robotics market in Laos.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market is influenced by macroeconomic factors such as technological advancements, government policies, and investment in infrastructure. Countries with favorable economic conditions and strong support for automation and robotics are experiencing faster market growth compared to regions with economic challenges and limited funding for innovation. Additionally, the rise of e-commerce and the need for efficient and cost-effective solutions in industries such as healthcare and logistics are driving the demand for service robotics, particularly in developing economies.

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.