Service Robotics - Singapore | Statista Market Forecast

Revenue in the Service Robotics market is projected to reach US$211.10m in 2024.
Commercial service robotics dominates the market with a projected market volume of US$164.80m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.68%, resulting in a market volume of US$252.90m 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.

For more information on the data displayed, use the info button right next to the box.

Commercial Service Robotics
Consumer Service Robotics

robots used in industrial use cases

The Service Robotics market in Singapore is experiencing a subdued decline in growth rate, attributed to factors such as slow adoption of digital technologies, low health awareness among consumers, and limited convenience offered by online health services. Despite this, the market is expected to see significant growth in the near future due to increasing demand for Commercial and Consumer service robotics.

Customer preferences: As the demand for automation and efficiency in various industries continues to grow, the service robotics market in Singapore has seen a significant rise. With the increasing adoption of advanced technologies such as artificial intelligence and Internet of Things, there is a growing trend towards autonomous robots for tasks such as logistics, delivery, and customer service. This shift towards automation is driven by the need for cost-effective and efficient solutions, as well as the shortage of skilled labor in certain industries. Additionally, the aging population in Singapore has also led to an increased demand for service robots in healthcare and eldercare settings, where they can assist with tasks and provide companionship.

Trends in the market: In Singapore, the Service robotics Market within the Robotics Market is seeing a growing trend towards the use of autonomous robots in the healthcare sector. These robots are being utilized for tasks such as medication delivery and patient monitoring, reducing the workload of healthcare professionals and improving efficiency. This trend is expected to continue as the country faces challenges in its aging population and shortage of healthcare workers. It also presents opportunities for industry stakeholders to tap into this market and develop innovative solutions to cater to the increasing demand for service robots.

Local special circumstances: In Singapore, the Service robotics Market within the Robotics Market is thriving due to the country's highly advanced and technology-driven economy. The government's strong emphasis on innovation and automation has led to a high demand for service robots in industries such as healthcare, retail, and logistics. Additionally, Singapore's small size and dense population make it an ideal market for testing and implementing new service robotics solutions. The country's strict regulations on labor and high labor costs have also fueled the adoption of service robots, making it a key factor in the market's growth.

Underlying macroeconomic factors: The growth of the Service robotics Market within the Robotics Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in automation infrastructure. Countries with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for automation and efficiency in industries such as healthcare, logistics, and manufacturing is driving the adoption of service robotics globally.

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.