Service Robotics - NAFTA

NAFTA

Revenue in the Service Robotics market is projected to reach US$10.08bn in 2024.
Commercial service robotics dominates the market with a projected market volume of US$6.15bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.89%, resulting in a market volume of US$15.43bn 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

Market

Region

Region comparison

Currency

Analyst Opinion

The Service robotics market in NAFTA has been witnessing sluggish growth, attributed to factors such as limited consumer awareness, high cost of implementation, and lack of skilled workforce. However, the market is expected to grow with the increasing adoption of digital technologies and rising demand for automation in commercial and consumer sectors.

Customer preferences: The rise of e-commerce and the increasing use of technology in everyday life have led to a growing demand for service robotics in the market. Consumers are looking for efficient and convenient solutions for tasks such as cleaning, cooking, and home maintenance. This trend is further fueled by the aging population, which is increasingly seeking assistance with daily activities. Additionally, the shift towards smart homes and the integration of artificial intelligence in service robots is also driving the growth of this market.

Trends in the market: In the NAFTA region, the Service robotics Market within the Robotics Market is experiencing a surge in demand for automated solutions in industries such as healthcare, logistics, and retail. With advancements in AI and IoT, service robots are becoming more sophisticated, offering increased efficiency, safety, and cost savings. This trend is expected to continue as companies increasingly adopt automation to improve productivity and reduce labor costs. Additionally, the increasing demand for contactless services due to the COVID-19 pandemic has further accelerated the adoption of service robotics. This has significant implications for industry stakeholders, as they need to adapt to this trend by investing in advanced robotics technology and upskilling their workforce to manage and maintain these robots. Failure to do so could result in a loss of competitiveness in the market.

Local special circumstances: In the NAFTA region, the Service Robotics Market is influenced by the growing demand for automation in various industries, such as manufacturing, healthcare, and logistics. However, in Mexico, the market is also driven by the government's push for technological advancements and the increasing adoption of robotics in agriculture to improve efficiency and productivity. In Canada, the market is influenced by the country's aging population, leading to a rise in demand for assistive and medical robots. These unique local factors contribute to the growth and development of the Service Robotics Market in the NAFTA region.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market is impacted by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with progressive regulatory environments and robust investment in service robotics are experiencing rapid market growth, while regions with regulatory barriers and limited funding for technological advancements are seeing slower growth. Moreover, the rising prevalence of chronic diseases and aging populations globally are driving the demand for service robotics to improve healthcare access and outcomes.

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.