November 14, 2019 by Market-NewsFlash
Rising interest in the growth of robotic technology worldwide and increased cost efficiency in the manufacture of household robots
Advances in the robotics industry have ensured cost effective robots engineered for specific domestic and household tasks.
According to the International Federation of Robotics, household and entertainment robots sold approximately 42 million units between 2016 and 2019. This number is expected to keep cumulatively increasing over the forecast period.
Growth of allied markets, such as robotics, AI, microprocessors, electronics and telecommunications are directly fueling the growth of the household robotics market by making the manufacture of robots cost efficient and enhancing the computational capabilities of the robots.
1. Global Robot Market: According to MRFR analysis, the global robotics market is slated to grow to USD 93 billion by 2024 at a CAGR of 16% during the forecast period of 2019 to 2024. The global household robot market is forecast to reach USD 8.5 billion by 2025. Companies such as Samsung Electronics Co Ltd., LG Electronics Inc., and Husqvarna utilize their technical expertise in creating industrial robots to manufacture efficient and cost-effective household robots, which is fueling market growth.
2. Global Robot Services Market: The use of robots entails services such as installation, maintenance, repair, and reprogramming. While the household robot services segment constitutes a small section of this market, providers can utilize the existing infrastructure to provide quality service for household robots.
1. Global Consumer Electronics Market: The growth of the global consumer electronics market is fueling the innovation of electronic components that are critical for the cost-effective manufacturing of robots. The global household robots market directly benefits from this innovation and an increasing number of household appliances can now be automated with ease.
2. Global Entertainment Robot Market: Robots with advanced AI are increasingly in demand as pets and companions. The advanced heuristic learning capabilities of entertainment robots adds value, fueling demand. Companies such as Blue Frog Robotics cater exclusively to this market.
1. Household Electronic Appliance Market: This large and competitive market is capitalizing on the growth of allied markets such as electronics, semiconductors, and AI to automate domestic appliances. Labor-intensive chores such as vacuuming and window and pool cleaning are gradually being automated, which is directly contributing to the growth of the house cleaning robot segment.
2. Lawn Care Products Market: Lawn care and maintenance is a highly labor-intensive activity that can easily be handled by robots with numerous robots created specifically for lawn maintenance. Companies such as Robomow almost exclusively manufacture lawn mowing robots.
3. Companion Robot Market: Social withdrawal is becoming an increasingly common phenomenon with a large number of individuals in developed countries living virtually isolated lives. The problem is severe enough for the UK to include loneliness in the remit of the Minister for Sport and Civil Society and for the Japanese government to recognize it as a medical condition called hikikomori. Robotic companions are increasingly being adopted by isolated individuals to meet their companionship needs and reduce the effects of loneliness on mental health. Advances in AI and increased affordability are resulting in the growth of the companion robot market with good returns on investment.
4. Robotic Toys Market: The robotics toys market comprises educational robots, pet robots, and hobby robots. For example, Lego offers the Mindstorm make-it-yourself robot kits.
5. Elder Care Services Market: A growing geriatric population in Germany, France, Japan, and China with sub-replacement fertility has resulted in the need for alternatives to human caregivers. Japan is spearheading innovation of elderly assistance robots and there is a growing demand for such robots in Germany and China. Compliance with ISO 13482:2014 is required for classification as an elderly assistance robot with emphasis placed on ensuring the safety of users.
6. Household Laundry Appliance Market: Laundry robots can typically fold laundry faster and more efficiently than humans. Technological advancements in smart laundry appliances have mostly been limited to washing and drying; however, companies are not turning their focus to the automation of the cumbersome process of folding laundry. Automated laundry systems that can handle washing, drying, and folding are in the development stage and have the potential of revolutionizing the household laundry appliance market.
Household Appliance Market: The pinnacle of the household appliance market is fully automated platforms that can perform multiple tasks with minimum instructions. Robot butlers and kitchen assistants fall under this category. They require advanced AI, seamlessly integrated mechanical parts, and state-of-the-art sensors. Though expensive, these robots offer the potential for growth if the production costs are reduced; this is being enabled by the gradual reduction of cost of the individual components required in these advanced machines.
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