The new professional service mobile robots market in the APAC research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Professional Service Mobile Robots Market in APAC 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the professional service mobile robots market in APAC.
“One of the primary growth drivers for this market is the high efficiency and safety of the workforce,” says a senior analyst for industrials at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the professional service mobile robots market in APAC size to grow by USD 1.32 billion during the period 2020-2024.
Professional Service Mobile Robots Market in APAC Segment Highlights for 2020
- The professional service mobile robots market in APAC is expected to post a year-over-year growth rate of 27.12%.
- Based on the end-user, logistics and warehousing segment saw maximum growth in 2019. The increasing awareness about the safety of the workforce is driving the segment.
- The growth of the segment will be significant during the forecast period.
- 37% of the growth will originate from the China region.
- The increase in the aging population and the rise in wages are a few of the prime factors that will facilitate the growth of the professional service mobile robots market in China. Market growth in China will be slower than the growth of the market in Japan.
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- The professional service mobile robots market in APAC size is expected to accelerate at a CAGR of almost 25% during the forecast period.
- The professional service mobile robots market in APAC is segmented by end-user (Logistics & warehousing, Agriculture &mining, Medical & Healthcare, Hospitality & tourism, and Others) and geography (China, South Korea (Republic of Korea), Japan, Singapore, and Rest of APAC).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Clearpath Robotics Inc., Hangzhou Hikrobot Technology Co. Ltd., HYUNDAI ROBOTICS, Midea Group Co. Ltd., New Kinpo Group, OMRON Corp., Savioke Inc., SESTO ROBOTICS Pte. Ltd., Singapore Technologies Engineering Ltd., and Teradyne Inc.
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