Service Robotics - Taiwan

Taiwan

Revenue in the Service Robotics market is projected to reach US$226.00m in 2024.
Commercial service robotics dominates the market with a projected market volume of US$140.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.82%, resulting in a market volume of US$535.20m 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 Taiwan is seeing steady growth, influenced by factors such as increasing demand for digital solutions, growing health awareness among consumers, and the convenience of online services. However, the growth rate is subdued due to factors like high initial costs and limited awareness, particularly in the Consumer service robotics sub-market.

Customer preferences: The service robotics market in Taiwan is witnessing a rise in demand for advanced and intelligent solutions that can cater to the aging population. With a growing elderly population and a shortage of healthcare workers, there is a shift towards robotic assistants that can provide in-home care and support. This trend is also driven by the cultural value of filial piety, where adult children feel responsible for the care of their elderly parents. Additionally, the increasing adoption of smart homes and the need for home automation is also contributing to the growth of the service robotics market in Taiwan.

Trends in the market: In Taiwan, the Service robotics Market within the Robotics Market is experiencing a surge in demand for delivery and sanitation robots, as businesses look for ways to minimize human contact during the COVID-19 pandemic. This trend is expected to continue, as robotic solutions offer a safe and efficient alternative to traditional methods. Additionally, there is a growing adoption of service robots in healthcare settings, with robots being used for tasks such as disinfection and patient care. This trend is significant as it highlights the potential for service robots to revolutionize the healthcare industry, improving efficiency and patient outcomes. For industry stakeholders, this presents an opportunity to invest in research and development to further advance the capabilities of service robots and tap into this growing market.

Local special circumstances: In Taiwan, the Service robotics Market within the Robotics Market is thriving due to the country's strong manufacturing sector and government support for technological innovation. The demand for service robots is driven by the aging population and labor shortage, pushing industries such as healthcare, retail, and hospitality to adopt automation solutions. Additionally, Taiwan's unique position as a leader in semiconductor and electronic manufacturing has allowed for the development and production of advanced robotics technology, giving the country a competitive edge in the global market.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market in Taiwan is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. With a strong focus on innovation and a robust economy, Taiwan is experiencing rapid growth in its service robotics market. Additionally, the country's aging population and increasing demand for automation in various industries are also driving the adoption of service robotics, further fueling market growth.

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.