Market Size of APAC Service Robots Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 46.40 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Service Robots Market Analysis
The Asia-Pacific Service Robots Market is expected to register a CAGR of 46.4% during the forecast period (2020 - 2025).The demand and consumption for service robots are expected to increase in the region, owing to the rapid development of robotic systems by the Chinese and Japanese companies. Asian institutions and companies are gaining high financial and regulatory support from governments to add these technologies in personal and professional applications.
- The presence of various personal service robot manufacturers in Asia contributes to the growth of the market. These models are adopted in domestic tasks, such as vacuum and floor cleaning. Additionally, the easy and cheap availability of raw materials in the region has increased the robot manufacturing activities in the region.
- The Chinese government has ambitious plans for the country's robotics industry. The government has listed the robotics industry, along with AI and automation, as one of the priority sectors for high-end development to push forward the transformation and upgradation of the manufacturing industry.
- In fiscal 2021, Japan's Air Self-Defense Force would deploy the U.S.-made Global Hawk unmanned aerial vehicle, creating a special unit to handle the drone, which can stay airborne for long periods. Moreover, in 2018, China's military spending amounted to an estimated USD 250 billion. Hence such developments are expected to create opportunities for service robotics in the defense industry.
- Governments in many developing countries, especially in Asia-Pacific, are implementing initiatives to improve their healthcare infrastructure. This will encourage medical facilities in these countries to replace traditional open surgeries with laparoscopic procedures. For instance, medical facilities in Japan have already commenced replacing conventional open surgeries with minimally invasive techniques, single-incision procedures, and robot-assisted surgeries.
- The significant outbreak of the COVID-19 pandemic has boosted the market for service robots, as most of the enterprises, hospitals, and other institutions believe that robotic interaction could facilitate more socially distanced models of operation, to enable a safer and faster reopening and recovery of some hotels impacted by the COVID-19 outbreak.
