Cleaning Robot Market Set to Hit $4.3B by 2023
A new research by market research analyst MarketsandMarkets expects substantial growth across the cleaning robot market over the next five years.
In the report, “Cleaning Robot Market by Type, Product (Floor-cleaning robot, Lawn-cleaning robot, Pool-cleaning robot, Window-cleaning robot), Application (Residential, Commercial, Industrial, Healthcare), and Geography – Global Forecast to 2023,” analysts expect growth across all markets to more than double from $2.09 billion in 2018 to $4.34 billion in 2023. This is represents a compound annual growth rate of 16.21 percent.
According to the report, the floor-cleaning robot sector will hold the largest share of revenue, with both commercial and residential markets set to continue growing.
The Asia-Pacific area is expected to grow at the highest CAGR over the next five years due to a rise in disposable income and native manufacturers.
Overall growth in the market is attributed to the rise of automation, rising labor costs, and safety concerns.
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