Service Robotics - India

India

Revenue in the Service Robotics market is projected to reach US$281.50m in 2024.
Consumer service robotics dominates the market with a projected market volume of US$151.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.78%, resulting in a market volume of US$491.30m 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 India is experiencing moderate growth, impacted by factors such as increasing adoption of automation technologies, growing demand for efficiency in various industries, and rising awareness of the benefits of robotics. The market's growth rate, which is currently declining, is affected by challenges such as high upfront costs and limited awareness among consumers.

Customer preferences: As India's population continues to age, there is a growing demand for service robots in the healthcare sector. This is driven by a desire for increased efficiency and cost-effectiveness in caregiving, as well as a cultural preference for personalized and attentive care. Additionally, the rise of smart homes and connected devices has led to an increased demand for service robots that can assist with household tasks and provide companionship to older individuals. This trend is expected to continue as the country's elderly population grows and consumers become more comfortable with integrating technology into their daily lives.

Trends in the market: In India, the Service robotics Market within the Robotics Market is experiencing a surge in demand for robots in healthcare, agriculture, and logistics industries. This trend is driven by the government's focus on promoting automation and the growing need for efficient and cost-effective solutions. The market is also witnessing an increase in the adoption of AI and IoT technologies in service robots, enabling them to perform complex tasks and improve their capabilities. This trend is expected to continue, creating opportunities for industry stakeholders to innovate and expand their offerings.

Local special circumstances: In India, the service robotics market is growing rapidly due to the country's high population and increasing demand for automation in various industries. The government's initiatives to promote manufacturing and the adoption of advanced technologies have also contributed to the market's growth. Additionally, the cultural acceptance of robots as a means to improve efficiency and productivity has further boosted the market. However, the lack of proper regulations and infrastructure for the development and deployment of service robots remains a challenge for the market's growth in India.

Underlying macroeconomic factors: The Service robotics Market within the Robotics Market in India is influenced by macroeconomic factors such as technological advancements, government initiatives, and rising demand for automation in various industries. With the government's "Make in India" campaign and increasing investment in research and development, the country is witnessing a surge in the adoption of service robots. Additionally, the growing need for cost-effective and efficient solutions, especially in the healthcare and manufacturing sectors, is driving the demand for service robotics in the country.

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.