Indoor Robots Market
The global indoor robots market is garnering significant traction. The market growth attributes to the advancements in technologies such as AI and machine learning, transforming capabilities of robots to communicate and collaborate with humans and other fellow robots. Besides, the increasing trend of industry 4.0 creates a vast market demand, increasing the usages of robots for almost every industrial or factory operation.
Moreover, the rising adoption of indoor robotics in domestic and commercial applications escalates market growth. According to Market Research Future (MRFR), the global indoor robots market is projected to garner exponential accruals by 2023, growing at an impressive CAGR throughout the review period (2022 – 2030). Today, robots serve almost every industry vertical, including retail, BFSI, healthcare, military & defense, etc.
Additionally, reduced prices of robots and increased development of smaller & mobile robots influence the growth of the indoor robots market. Also, the increasing demand for improved security services, and growing need for medical robots, boosts the market growth. Furthermore, the growing trend of smart or connected homes plays a significant role in the development of the market. Moreover, growing applications and adoption of autonomous warehouse and logistics industry verticals accelerate the market growth.
With the rapid technological advancements in the field, the number of indoor robot applications in manufacturing and production processes is continually growing. Conversely, the high cost of these robots and human safety concerns are the major factors projected to hamper the market growth. Nevertheless, the increasing trend of automation in production and manufacturing processes would support the market growth throughout the review period, speeding up the development of industrial robots.
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Global Indoor Robots Market Segmentation
The report is segmented into three dynamics;
By Robot Type : Education & Research, Entertainment, Security & Surveillance, Personal Assistance & Public Relations, Medical Robots, Drones and others.
By Application : Residential, Commercial, Industrial, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
Global Indoor Robots Market Regional Analysis
North America dominates the global indoor robots market. The market growth attributes to enormous spending on research and development of robotics, AI, machine learning, and cognitive technologies. Besides, substantial technological advances in robotics and the increasing demand for indoor robots from the logistics industry drive the growth of the market. Moreover, major robotics providers, especially in the US, accelerate the development of the regional market.
The US and Canada account for the leading share of the regional market. The increasing focus on enhancing communication capabilities, especially in the commercial & industrial sectors, influences the growth of the regional market. The North American indoor robots market is expected to retain its dominance throughout the projected period.
The Asia Pacific region stands second in the global indoor robots market. The market growth is driven by the escalating adoption of robots in the region for domestic and commercial purposes, such as cooking, cleaning, medical surgeries, etc. Additionally, increasing demand for robots for security and monitoring purposes and personal assistant robots to control other devices or perform any task fosters market growth. The Indian indoor market holds the maximum potential to grow rapidly during the forecast period.
Rapidly emerging APAC countries such as India and China hold a sizable share in the regional market due to the increasing investments for automation in commercial and corporate activities. Furthermore, the rapid economic growth increased R&D activities, and the demand for robotics from the commercial sectors in the region push the growth of the market. The APAC indoor robots market is estimated to grow at a significant rate during the forecast period.
The Europe indoor robots market has emerged as a promising market globally. European countries are initiating, transforming regulations towards the usage of robotics in commercial applications, which has led to the expansion of the region's indoor robots market. Moreover, increasing R&D activities and modifications of smart home components & robotic systems act as major tailwinds for the growth of the market.
Global Indoor Robots Market Competitive Analysis
Highly competitive, the indoor robots market appears to be fragmented due to the presence of several well-established players. These players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product/ technology launch to maintain their positions and gain a competitive advantage in this market.
These players focus on new product developments and geographical expansion. The market is predicted to witness relentless innovations and new products, resulting in intense competition among manufacturers.
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Players leading the indoor robots market are Toyota (Japan), NXT Robotics (US), iROBOT (US), Savioke (US), LG Electronics (South Korea), Ecovacs (China), Omron Adept Technologies (US), ASUSTeK Computer Inc. (Taiwan), Aeolus Robotics (US), Aethon (US), Simbe (US), Cobalt Robotics (US), Moley Robotics (UK), pal-robotics.com (Spain), Riken (Japan), and Cafe X Technologies, Inc. (US), among others.
Industry/ Innovation/ Related News
August 26, 2020 ----- Hyundai Glovis (South Korea), the logistics wing of the Hyundai auto group, announced its entry in the indoor robot delivery service market. The company has developed a customized urban logistics service by using indoor delivery robots. A test run is scheduled in the first half of 2021 for self-driving robots is to deliver parcels, mails, and drinks through at the company's new head office.
Also, the company confirmed that it has signed a memorandum of understanding with Twinny, an indoor autonomous robot developer. Upon the successful test run, the robot would be launched as a delivery service at apartments, hotels, and offices.