Increasing interest in the development of robotic technology globally and surged cost efficacy in the making of household robots primarily drive the household robot market. According to the analysis done by Market Research Future, the global robotics market is expected to develop to USD 93 bn by 2024 at a CAGR of 15.5% throughout the review period of 2019 to 2024. The worldwide household robot market is predicted to attain USD 8.5 bn by 2025. Giant players like LG Electronics Inc., Samsung Electronics Co Ltd., Husqvarna employ their technical know-how in making industrial robots to manufacture cost-effective and efficient household robots, which is propelling the market growth. The application of robots encompasses services such as maintenance, installation, reprogramming, and repair. While the household robot services segment comprises a small segment of the market, manufacturers can exploit the prevailing infrastructure to offer quality service for household robots. The development of the worldwide consumer electronics market is surging the upgradation of electronic elements that are crucial for the cost-effective making of robots.
The worldwide household robots market benefits directly from this advancement and an expanding number of household applications can now be automated easily. Robots with progressive AI are gaining popularity increasingly as companions and pets. The progressive heuristic learning abilities of entertainment robots adds worth, accelerating demand. Enterprises like Blue Frog Robotics cater exclusively to this market. This competitive and large market is capitalizing on the expansion of related markets such as semiconductors, AI, and electronics, to automate domestic applications. Labor-intensive chores like window and pool cleaning, and vacuuming are consistently being automated, which is contributing directly to the expansion of the house cleaning robot segment. Lawn care and maintenance is an extensively labor-intensive task that can easily be accomplished by robots with several robots made specifically for lawn maintenance. Enterprise like Robomow almost exclusively make lawn mowing robots. Furthermore, social withdrawal is turning into an increasingly common occurrence with a large number of population residing in developed economies leading virtually secluded lives. The problem is critical enough for the UK to encompass loneliness in the remit of the Minister for Sport and Civil Society and for the government of Japan to identify it as a medical incidence called hikikomori. Robotic firms are largely being adopted by isolated people to meet their companionship requirements and curb the impact of loneliness on mental wellbeing.
The prominence of the household appliance market leads a fully automated platform that can participate into several tasks with minimum interference. Robot kitchen assistants and butlers fall under this section. They need seamlessly incorporated mechanical parts, state-of-the-art sensors, and advanced AI. Although expensive, these robots extend the potential for development if the production costs are curtailed; this is being supported by the gradual decline in cost of the individual parts needed in the advanced machines.
Regional Analysis
- North America: The epicenter of the global robotics market, North America maintains a commanding lead due to its well-established robotics industry and excellent R&D fueled by corporations, governments, and top educational institutions. The profitability and diverse applicability of automation are well understood in the context of industrial processes.
- Ease of Business: Very Good
- Legislative Support: Very Good
- Level of Competition: High
- Investment potential: High
- US: According to the Economic Times, the US market for domestic robots is expected to quadruple from 2018 to touch an expected USD 4 billion by 2025. The US is one of the largest markets for household robots and, with the increasing demand for efficient utilization of man-hours per individual, the market for household robots is ever expanding. The presence of large corporations such as iRobot, Neato, and John Deere focused on making robots easier to manufacture and lowering costs is helping drive market growth .
- Canada: More than a quarter of Canada’s population is expected to be above the age of 65 by 2051. This has fueled research by the Canadian government on elder care robots. The presence of well-established research infrastructure in Canada offers investment opportunities in the development of a robust robot manufacturing industry.
- Europe: Europe is expected to have a very large geriatric population as virtually all European nations have sub-replacement fertility. Robotics was initially the answer to Europe’s small manpower pool for a robust manufacturing industry. The focus has now shifted to the care of a fast-aging population, companionship for lonely individuals, and a need to delegate domestic manpower-heavy chores to increase available man-hours. Europe’s excellent inter-disciplinary research, integrated with industry, provides lucrative investment opportunities.
- Ease of business: Good
- Legislative support: Excellent
- Level of competition: Good
- Investment potential: High
- Germany: A leader in the European robotics market, Germany has a very high ratio of 309 industrial robots per 10,000 employees. Germany seeks to utilize its high robot manufacturing potential to cater to the ever-increasing demand for quality household robots.
Key Players
Key Players dominating the market include Samsung Electronics Co., Ltd., IRobot, Neato, LG Electronics Inc., Lego, Dyson, Ecovacs, and John Deere.
More Information@ https://www.marketresearchfuture.com/reports/household-robot-market-8196
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
Comments
Post a Comment