Service Robotics - Portugal

Portugal

Revenue in the Service Robotics market is projected to reach US$80.67m in 2024.
Commercial service robotics dominates the market with a projected market volume of US$57.45m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.78%, resulting in a market volume of US$134.60m 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 Portugal has seen minimal growth, influenced by factors such as the slow adoption of digital technologies in certain industries, limited consumer awareness, and challenges in implementing online services. However, with the increasing demand for automation and efficiency, the market is expected to grow in the coming years.

Customer preferences: As Portugal's aging population increases, there is a growing demand for service robotics in the healthcare sector. These robots are being used to assist with tasks such as medication reminders, remote health monitoring, and even physical therapy. This trend is driven by the need for more efficient and cost-effective healthcare solutions, as well as the desire for personalized and convenient care. Additionally, the integration of artificial intelligence and machine learning in service robots is expected to further enhance their capabilities and meet the evolving needs of consumers.

Trends in the market: In Portugal, the Service robotics Market within the Robotics Market is experiencing an increase in the adoption of collaborative robots in various industries, such as manufacturing and healthcare. This trend is driven by the need for increased efficiency and productivity, as well as the rising demand for automation solutions. Additionally, there is a growing emphasis on the use of artificial intelligence and machine learning in service robots, enabling them to perform more complex tasks and adapt to changing environments. These developments have significant implications for industry stakeholders, as they can improve operational processes and reduce labor costs. However, it also raises concerns about potential job displacement and the need for upskilling and retraining of the workforce.

Local special circumstances: In Portugal, the Service robotics Market within the Robotics Market is experiencing strong growth due to the country's increasing focus on digitalization and automation. This is driven by the government's support for innovation and the adoption of advanced technologies in various industries. Additionally, Portugal's strategic location in Europe and its favorable business environment make it an attractive market for robotics companies. Furthermore, the country's aging population and shortage of labor in certain sectors have also contributed to the demand for service robots, particularly in healthcare and hospitality.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market in Portugal is greatly impacted by macroeconomic factors such as technological advancements, government initiatives, and investment in research and development. Portugal's growing economy and favorable regulatory environment have created a conducive market for service robotics, while its aging population and increasing demand for efficiency and productivity have also contributed to market growth. Furthermore, the country's focus on digital transformation and its strong investment in healthcare infrastructure have created a favorable environment for the adoption of service robotics in various industries.

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.