Saudi Arabia Service Robotics Market
Saudi Arabia Service Robotics Market Size More Than Doubles at Robust CAGR of 15.6% to Reach USD 1.7 Billion by 2029
Published | 27 April 2023
Saudi Arabia service robotics market is flourishing because of an increasing preference for smart homes and appliances, shortage of labor and rising demand for services, and growing operational efficiency and cost savings.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia service robotics market size at USD 600.23 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia service robotics market size to grow at a significant CAGR of 15.55% reaching a value of USD 1,653.19 million by 2029. Major growth factors of Saudi Arabia service robotics market include an increasing demand for automation in various sectors, such as healthcare, hospitality, retail, and construction, and an increasing preference for smart homes and appliances. The Saudi Arabian government is promoting the adoption of robotics in various sectors through initiatives such as the National Industrial Development and Logistics Program (NIDLP), the Saudi Vision 2030, and the National Transformation Program (NTP). These initiatives are aimed at reducing the country's reliance on oil and developing a knowledge-based economy, which has led to increased investments in robotics.
The healthcare sector in Saudi Arabia is experiencing a surge in demand for service robots, such as surgical robots, rehabilitation robots, and telepresence robots, owing to the aging population and the need for better healthcare services. The COVID-19 pandemic has also accelerated the adoption of service robots in hospitals and clinics for tasks such as disinfection and patient monitoring. Also, the development of advanced robotics technology, such as artificial intelligence and machine learning, has led to the creation of more sophisticated service robots that can perform a wide range of tasks. This has increased the demand for service robots in Saudi Arabia, as businesses seek to improve efficiency coupled with the cost-of-service robots has decreased in the recent years, making them more accessible to businesses of all sizes. This has led to increased adoption across various sectors in Saudi Arabia. Hence, these aspects are expected to boost the expansion of Saudi Arabia service robotics market during the forecast period. However, high cost of services robots compared to traditional labor is anticipated to restrain the growth of overall market.
Saudi Arabia Service Robotics Market – Overview
The service robotics market in Saudi Arabia refers to the market for robots that are designed to perform services for humans, either in a professional or personal context. These robots are programmed to perform tasks autonomously or with minimal human intervention and can be used in a variety of industries, such as healthcare, hospitality, retail, construction, and others. Service robots can take various forms, such as humanoid robots, mobile robots, collaborative robots, and drones. They are equipped with various sensors, cameras, and other technologies that enable them to interact with the environment and perform specific tasks efficiently. The service robotics market in Saudi Arabia is experiencing significant growth due to the increasing demand for automation in various sectors and the development of advanced robotics technology.
Impact of COVID-19 on Saudi Arabia Service Robotics Market
COVID-19 had both positive and negative impacts on the Saudi Arabia service robotics market. On the one hand, there has been an increased demand for robots that can perform tasks such as cleaning and disinfecting to prevent the spread of the virus. On the other hand, the pandemic has caused disruptions in the global supply chain, resulting in a shortage of components needed for manufacturing robots. This has led to delays in production and delivery of service robots. Furthermore, the economic slowdown caused by the pandemic has led to a decrease in consumer spending, which may have a negative impact on the demand for service robots in the short term.
Saudi Arabia Service Robotics Market – By End User
Based on end user, Saudi Arabia service robotics market is divided into Healthcare, Defense & Security, Agriculture, Logistics, and Entertainment segments. The automotive sector held the highest market share and is expected to grow at the fastest CAGR during the forecast period. This is because of the greater level of automation in the industry, with service robotics being utilized to transport and store goods, leading to time savings and enhanced efficiency.
Major players operating in Saudi Arabia service robotics market include Advanced Electronics Company, Saudi Robotics, Saudi Industrial Development Fund, Taqnia Robotics, Alsalam Aerospace Industries, Al-Majd Company, Arabian Robotics Company, Dallah Albaraka Group, Hajj Robots, Intra Defense Technologies, Saifi Automation, and SAMA Aerospace and Defense. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Service Robotics Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Service Robotics Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Saudi Arabia Service Robotics Market - By Type (Professional Service Robots, Personal Service Robots); By Component (Hardware, Software, Services); By End User (Healthcare, Defense & Security, Agriculture, Logistics, Entertainment), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: April 2023
Increasing operational efficiency and cost savings, shortage of labor and rising demand for services, and increasing preference for smart homes and appliances are projected to propel the expansion of Saudi Arabia service robotics market during the forecast period between 2023 and 2029.
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