Cleaning Robot Market revenue impact analysis worth $25.9 Billion by 2027

 

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The growth of Cleaning robot market is attributed to the increasing adoption of AI and IoT in household appliances, growing adoption of cleaning robots in commercial sector, rising demand for disinfecting robots in healthcare facilities. During the forecast period, development of AI-enabled and voice-controlled smart cleaning robots is expected to create growth opportunities for the market.

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Industry Trends of the Global Cleaning Robot Market:

1. Amazon.com, Inc. (US) and iRobot Corporation (US) announced a definitive merger agreement under which Amazon will acquire iRobot Corporation under its expansion plan with a USD 1.7 billion offer. The acquisition will bolster Amazon’s line of smart home products and add to the retail giant’s vast store of consumer data.

2. Ecovacs Robotics Co., Ltd., (China) one of the world’s leading service robotics leaders, is making good on its new mission, “Robotics for all”, by reimagining floor cleaning with the new AI-powered DEEBOT T10 robotic vacuum cleaner. The new DEEBOT combines next-generation technologies, such as AIVI 3.0 Upgraded AI-based Object Recognition and Avoidance technology, that offer tech-savvy households’ unique advantages. It also ushers in a new era of human-bot interaction with YIKO Voice Assistant, making the DEEBOT T10 everyone’s intelligent butler.

3. Xiaomi (China) launched the Mi Robot Vacuum-Mop 2 series in Europe, which includes the Mop 2S, Mop 2 Pro, and the Mop 2 Ultra.

What are the Driving Factors of Evolution of consolidation in Cleaning Robot Market ?

The Cleaning Robot Market is projected to grow from USD 9.8 Billion in 2022 to USD 25.9 Billion by 2027; it is expected to grow at a CAGR of 21.5% during the forecast period

Cleaning Robot Market Report Scope:

Report Metric	Details
Market size value in 2022	USD 9.8 Billion
Market size value in 2027	USD 25.9 Billion
Growth rate	21.5%
Market size available for years	2018—2027
Forecast period	2022—2027
Units	Value (USD Million/USD Billion), Volume (Thousand Units)
Segments covered	Product, Type, Operation Mode, Sales Channel, Application, and Geography
Geographic regions covered	North America, Europe, APAC, and RoW

Personal cleaning robots type to account for a larger share of cleaning robot market in 2022

Personal cleaning robots account for a larger share of the cleaning robot market, which is attributed to the growing sales of floor-cleaning robots for domestic purposes. The busy lifestyle and the increase in automation have led to a growth in demand for floor-cleaning robots, which can easily perform the task of dry and wet cleaning. They can be scheduled and controlled using a smartphone or tablet. Apart from floors, personal cleaning robots can also be used for the cleaning of pools, lawns, and windows.

Cleaning Robot Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Residential application to lead cleaning robot market in 2022

The cleaning robot market for residential applications is expected to hold the largest market share during the forecast period. Technological advancements are enabling these robots to become more practical and usable day by day. This is driving consumer demand and acceptance of such products. Rising consumer demand for autonomous robotic technology and the minimization of human intervention are factors driving market growth.

The key players operating in the cleaning robot market include iRobot Corporation (US), Ecovacs Robotics Co., Ltd (China), Samsung Electronics Co., Ltd. (South Korea), Xiaomi (China), and Roborock (China) among others.

Cleaning Robot Market - Geographical Regional Vision by Marketsandmarkets^TM
Asia Pacific to hold significant opportunities for the market during forecast period

Asia Pacific is the fastest-growing market for cleaning robots. The rise in disposable income among consumers in countries of the region has led to the rapid adoption of cleaning robots in the residential segment. The increasing adoption of cleaning robots and the influx of global players, along with the emergence of native players, are driving market growth. China is one of the key countries for the cleaning robot market in Asia Pacific as the country is the major manufacturing hub for cleaning robots globally. The presence of several manufacturers and suppliers in China has helped the cleaning robot market to expand rapidly in the country. The country accounts for a share of more than 50% of the cleaning robot market in Asia Pacific.

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Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

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Artificial Intelligence (Chipsets) Market expected to reach $57.8 billion by 2026

According to the latest market research report "Artificial Intelligence (Chipsets) Market by Technology (Machine learning, Natural Language Processing, Context Aware Computing, Computer Vision), Hardware (Processor, Memory, Network), End-User Industry, and region - Global Forecast to 2026", The global AI (chipsets) market size is expected to be valued at USD 7.6 billion in 2020 and likely to reach USD 57.8 billion by 2026, at a CAGR of 40.1% during the forecast period. Major drivers for the market are increasingly large and complex datasets driving the need for AI, the adoption of AI for improving consumer services and reducing operational costs, the growing number of AI applications, the improving computing power, and growing adoption of deep learning and neural networks.

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The computer vision technology projected to grow at the highest CAGR during the forecast period

Computer vision technology is expected to grow at the highest CAGR in the AI (chipsets) market during the forecast period. The growing adoption of computer vision in autonomous or semiautonomous applications in various industries, such as manufacturing and automotive, is propelling the growth of this technology in the AI (chipsets) market.

The GPU segment is expected to grow the fastest during the forecast period

The market for GPUs is expected to grow at the highest CAGR during the forecast period. This growth is attributed to high parallel computing offered by GPUs and increasing adoption of GPUs at servers/edge devices for processing various AI applications/solutions across industry verticals. GPUs and FPGAs are widely used to implement machine learning algorithms. In terms of throughput, GPUs are ~100 times faster than FPGAs, whereas, in terms of power efficiency, FPGAs are 50 times better than GPUs. GPUs are used extensively to accelerate computational workloads, and their capabilities are growing faster than those of x86 CPUs

AI (chipsets) for the manufacturing industry is expected to grow at highest CAGR during the forecast period

The AI (chipsets) market for the manufacturing industry is expected to witness the fastest growth during the forecast period. This growth is attributed to increasing factory automation and growing demand to reduce operational costs. Additionally, trends such as Industry 4.0 are boosting the growth of AI (chipsets) in the manufacturing sector.

AI (chipsets) market in APAC projected to grow at the highest CAGR from 2020 to 2026

The market in APAC is anticipated to grow at the highest CAGR during the forecast period. This growth can be attributed to the adoption of AI services in end-user industries such as manufacturing, healthcare, and automotive in countries such as Japan, China, Australia, and South Korea. Additionally, declining AI hardware costs and increasing demand to improve consumer services are supplementing the growth of the AI (chipsets) market in APAC.

Some of the major players in the AI (chipsets) market are NVIDIA Corporation (NVIDIA) (US), Intel Corporation (Intel) (US), Xilinx, Inc. (Xilinx) (US), Samsung Electronics Co., Ltd. (Samsung) (South Korea), Micron Technology, Inc. (Micron) (US), Qualcomm Technologies, Inc. (US), International Business Machines Corporation (IBM) (US), Google Inc. (Google) (US), Microsoft Corporation (Microsoft) (US), Amazon Web Services (an Amazon.com, Inc. subsidiary) (AWS) (US), Advanced Micro Devices, Inc. (AMD) (US), General Vision, Inc. (US), and Huawei Technologies Co., Ltd. (Huawei) (China).

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Haptic Technology Market expected to reach $4.6 billion by 2026

 

According to a research report "Haptic Technology Market with COVID-19 Impact by Component (Hardware, Software), Feedback Type (Tactile, Force), Application (Consumer Devices, Automotive & Transportation, Healthcare, Commercial & Industrial, Others) and Region - Global Forecast to 2026", published by MarketsandMarkets, the global haptic technology market size is expected to grow from USD 2.6 billion in 2021 to USD 4.6 billion by 2026, at a CAGR of 12.0%. Increasing integration of haptics into consumer devices is expected to fuel the demand for haptic technology. The growing demand for haptic technology for automobile safety applications is expected to play a vital role in the growth of the haptic technology market.

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The market is expected to decline in 2020, mainly due to the impact of COVID-19. The consumer electronics and automotive supply chains was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the haptic technology market. Though the market is expected to be impacted in 2020, it is expected to fully recover by 2021.

Haptics hardware component expected to hold the largest market share during the forecast period

Haptics hardware component is estimated to have the largest market share by value and are expected to exhibit a similar growth trend during the forecast period. Increased adoption of haptic technology in various devices has been observed owing to factors such as increased accuracy, increased input command speed, and improved user satisfaction. Technological advancements in devices is one of the driving factors for market growth. For instance, manufactures of mobile devices, vehicles, and IoT appliances are inclined toward the adoption of touch surfaces with haptic feedback instead of physical buttons. Haptic enables devices to become more compact, sleek, easy to update, durable, which is being preferred by end users. This is expected to drive the market for haptics hardware segment.

Consumer devices application is estimated to be the largest market

The haptic technology market for the consumer devices application is expected to hold the largest market share during the forecast period. The increasing demand for consumer devices such as smartphones, tablets, and other wearable devices is one of the major driving factors for the haptic technology market. Almost all smartphones and tablets are inbuilt with haptics, and the trend has been shifting to smartwatches and wristbands. Also, haptic technology is in high demand for gaming consoles such as Xbox, PlayStation, and others. The presence of haptics enables the user to feel a sense of touch and have a real-time experience. The role of haptics becomes even more critical as they replace the mechanical buttons to restore the sense of touch. Thus, the increasing adoption of haptics in the latest gaming consoles is expected to drive the growth of the consumer devices application segment.

Asia Pacific likely to emerge as the largest haptic technology market

The market in APAC is expected to hold the largest market share during 2021–2026. The global market players are experiencing increased demand for haptic solutions from countries such as China, Japan, and South Korea. Increasing demand for consumer electronic devices such as smartphones, tablets, and wearables in China, Japan, South Korea, and India is expected to drive the growth of the haptic technology market in the region. Also, APAC is home to several major players in the haptic technology market such as Johnson Electric (Hong Kong), TDK (Japan), AAC Technologies (China), and SMK Corporation (Japan), which further aids the growth of the market in the region.

Major players in the haptic technology market include Texas Instruments (US), Johnson Electric (Hong Kong), AAC Technologies (China), TDK (Japan), Microchip Technology (US), Immersion (US), ON Semiconductor (US), Precision Microdrives (UK), Ultraleap (UK), and Synaptics (US).

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Aspherical Lens Market expected to reach $12.2 billion by 2028

 

The report "Aspherical Lens Market by Type (Glass Aspherical lens, Plastic Aspherical lens), Offering (Double Aspherical lens and Single Aspherical lens), Manufacturing Technology (Molding, Polishing & Grinding), Application and Region - Global Forecast to 2028" The aspherical lens market is projected to grow from USD 9.0 billion in 2023 to USD 12.2 billion by 2028, registering a CAGR of 6.2% during the forecast period. The market growth is attributed to the growing use of infrared aspherical lenses in security and surveillance cameras and rising demand for aspherical lenses for use in digital cameras. Furthermore, surging use of aspherical lenses in optical instruments and ophthalmic applications is expected to create lucrative opportunities for the market.

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Glass aspherical lens type accounted for larger share of aspherical lens market in 2023.

In 2023, the glass aspherical lens held the highest market share. It is further expected to dominate the market during the forecast period. Glass aspherical lenses offer advantages such as improved durability and resistance to scratches and other types of damage. This makes them a reliable and long-lasting option for a variety of applications. The growth in this market can be attributed to the increasing demand for cameras, automotive, and surveillance applications. The increasing focus of market players on the research and development of glass based aspherical lens is also driving market growth. For instance, in 2022, Nikon Corporation announced the release of glass based NIKKOR Z 17-28mm f/2.8, an ultra-wide-angle zoom lens that is compatible with full-frame/FX-format mirrorless cameras for which the Nikon Z mount has been adopted.

Molded manufacturing technology is expected to grow at highest CAGR in the forecast period.

The molded segment of the aspherical lens market accounted for the largest share in 2023. It is further expected to dominate the market during the forecast period, recording the highest CAGR between 2023 and 2028. The molding approach has the advantage of being able to make high-precision aspherical lenses with complicated shapes rapidly and efficiently, which is particularly useful for mass production. Precision glass molding is used to manufacture lenses for applications ranging from cameras and cell phones cameras to high end medical systems. The increasing demand for mass production of high-thermal stability aspherical lens is driving market growth.

Asia Pacific market accounted for larger share of aspherical lens market in 2023.

Over the forecast period, Asia Pacific is anticipated to have the largest aspherical lens Asia Pacific is projected to dominate the market and record the highest CAGR during the forecast period due to the increasing applications of aspherical lenses in several verticals, such as fiber optics & photonics, digital cameras, autonomous vehicles, and ophthalmic. The market growth in the region is also expected to be driven by the increasing demand for aspherical lens in China, Japan, and South Korea; and for the growing use of aspherical lenses in autonomous vehicles, and ophthalmic applications. China is expected to be the largest market for aspherical lens in Asia Pacific. The major drivers for the growth of the aspherical lens market in the region include the growing adoption of high-end smartphones, increasing demand for video surveillance, and high vehicle production. The increasing use of cameras in various industries, the availability of solutions to deal with astigmatism, distortion, and spherical aberrations, and the rapid expansion of the automotive and mobile phone industries is driving the market growth. The increasingly popular photography trend is also creating an opportunity for the market.

Key players

Key players in the aspherical lens market include Nikon Corporation (Japan), Canon, Inc. (Japan), Panasonic Holding Corporation (Japan), HOYA (Japan), Asahi Glass (AGC) (Japan), Schott (Germany), ZEISS International (Germany), Tokai Optical (Japan), SEIKO Optical Products Co., Ltd. (Japan), and Calin Technology Co., Ltd. (Taiwan), among others.

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IO-Link Market projected to reach $33.9 billion by 2028

 

The report "IO-Link Market by Type (IO-Link Wired, IO-Link Wireless), Component (IO-Link Masters, IO-Link Devices), Industry (Process Industries, Hybrid Industries), Application (Machine Tools, Intralogistics Solutions) and Region - Global Forecast to 2028" The IO-Link market is projected to reach USD 33.9 billion by 2028 from an estimated USD 13.6 billion in 2023, at a CAGR of 20.0% from 2023 to 2028. The rise in demand for IO-Link solutions can be attributed to rising demand for industry 4.0 and growing demand for remote configuration, monitoring, and maintenance.

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IO-Link wired segment to propel market growth during forecast period.

IO-Link wired is used in automated production in industrial environments for linking sensors and actuators. It supports a master–slave configuration with passive connection points, which further reduces wiring requirements. IO-Link wired communication offers transmission of three different data types: service data, process data, and event data. Owing to this, the IO-Link wired segment is expected to account a larger market share of the IO-Link market in 2028.

IO-Link devices segment is expected to dominate IO-Link market in 2028

In 2028, the IO-Link devices segment is expected to dominate the IO-Link market. IO-Link devices refer to intelligent sensors or actuators such as converters, device circuit breakers, I/Os, safety relays, and motor starters connected to a system. IO-Link makes it possible to drive industrial communication from the lowest level of automation—the sensor level. A device has identification data, e.g., type designation, serial number, or parameter data, that is readable over the IO-Link protocol. In addition, IO-Link devices can supply detailed diagnostics data that can be used for preventive maintenance and servicing.

In 2028, discrete industries segment to account largest share of IO-Link market

The discrete industries segment is expected to account the largest share of the IO-Link market in 2028. Discrete manufacturing involves parts and systems such as nuts and bolts, brackets, wires, assemblies, and individual products. A discrete product at the end of its life cycle can be broken down into its components, which can be recycled. Discrete manufacturers use a bill of materials (BOM), and production follows a route, e.g., an assembly line. Discrete manufacturers use automation systems to operate and control motors, robots, and conveyors. Increasing global competition and growing consumer demand encourage discrete manufacturers to improve their production quality and reduce operational costs.

The handling and assembly automation segment to dominate IO-Link market in 2028

Handling and assembly processes are strongly influenced by the products being manufactured in a plant and require flexibility and openness to develop and implement individual processes. The increasing complexity of products and the growing need to run multiple products on the same line have increased the pressure on manufacturers. Hence, IO-Link, being a serial communication standard and capable of connecting valves and RFID read heads, is gaining traction in the market for the smooth operation of handling and assembly processes. Some of the benefits offered by IO-Link in the handling and assembly automation include simplified connection of RFID read heads, valve terminals, and standard sensors; modular construction of equipment; easy electrical connection; and reduction of resources required. Thus, the handling and assembly automation segment to dominate the IO-Link market in 2028.

Europe likely to hold largest share of IO-Link market during forecast period

Europe is likely to account the largest share of the IO-Link market during the forecast period. The region focuses on developing highly advanced connected cars and autonomous vehicles, thereby accelerating the demand for IO-Link solutions. The region produces a large number of motor vehicles, aerospace parts, and robots. Thus, the robots manufacturing industry and aerospace industry are an integral part of Europe’s economy. These industries help the IO-Link market to grow rapidly. Also, the region houses leading players in the IO-Link market, such as Siemens AG, Balluff GmbH, ifm electronics GmbH, and SICK AG.

Siemens AG (Germany), Rockwell Automation, Inc. (US); OMRON Corporation (Japan); Hans Turck GmbH & Co. KG (Germany); Balluff GmbH (Germany); ifm electronic GmbH (Germany); Pepperl+Fuchs (Germany); SICK AG (Germany); Festo SE & Co. KG (Germany); SMC Corporation (Japan) are some of the key players in the IO-Link market.

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Battery-free Sensors Market expected to reach $109 Million, at a CAGR of 27.6%

 

According to Research report "Battery-free Sensors Market with Analysis, by Sensor Type (Temperature Sensors, Humidity/Moisture Sensors, Pressure Sensors), Frequency, Industry (Automotive, Logistics, Healthcare, Food & Beverages), and Region - Global Forecast to 2026", The global battery-free sensors market size is projected to grow from USD 32 million in 2021 to USD 109 million by 2026; it is expected to grow at a CAGR of 27.6% from 2021 to 2026. With rapid technological advancements, battery-free sensors are increasingly adopted in IoT applications to improve production efficiency and reduce operational and maintenance costs in the wake of COVID-19. Additionally, the ongoing miniaturization of medical and electronic devices and the growing implementation of automated condition monitoring solutions in smart factories are expected to boost the growth of the battery-free sensors market during the forecast period.

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Driver: Rising use of battery-less sensors in IoT applications to reduce maintenance costs, coupled with rapid advancements in sensing technology

Significant technological developments since the past decade have resulted in a considerable reduction in the size of different types of sensors, such as temperature, level, pressure, and image sensors. The use of RFID technology instead of a battery has helped manufacturers reduce the size of sensors to a great extent. Thus, owing to the rapid reduction in the sensor size, sensors are increasingly being used in automotive, healthcare, consumer electronics, and many other industries.

Opportunity: High implementation of predictive maintenance programs in industrial environments

Predictive maintenance (PdM) is one of the key opportunity areas for the battery-free sensors market. It is an important tool for industrial, transportation, and healthcare verticals. PdM helps reduce the operating and capital costs of Industrial IoT (IIoT) by facilitating proactive servicing and repair of assets while allowing more efficient use of repair resources both human labor and replacement products. PdM gives companies the ability to accurately diagnose and prevent failures in real-time, which is vital for critical infrastructure applications.

APAC is projected to be the largest market for battery-free sensors from 2021 to 2026.

Battery-free sensors market in APAC is expected to grow at the highest CAGR during 2021−2026. Ongoing industrialization, growing adoption of predictive maintenance tools, and increasing competitive pressure to achieve operational efficiency are fueling the growth of the battery-free sensors market in this region. The expansion of manufacturing activities resulting from the migration of production bases to Asian countries, such as China, India, and South Korea, with low labor costs, drives the demand for battery-free sensors in the region. However, the outbreak of COVID-19 has impacted the manufacturing facilities of all verticals across the world, forcing them to shut down. However, production has resumed in a few facilities in China, thereby initiating the manufacturing of some essentials.

ON Semiconductor (UK), Farsens (Spain), Axzon (Rfmicron) (US), Inductosense (UK), Phase IV Engineering (US), Powercast (US), Distech Controls (US), EnOcean (Germany), DCO Systems (UK), and Everactive (US), are some of the major players in battery-free sensors market.

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3D Sensor Market size is estimated $9.4 billion by 2026, at a CAGR of 28.1%

 

The report "3D Sensor Market analysis by Type (Image Sensors, Position Sensors), Technology (Time of Flight, Structured Light), End-use Industry (Consumer Electronics, Industrial Robotics, Automotive), and Region, Global Forecast to 2026 ", size is estimated to be USD 2.7 billion in 2021 and is projected to reach USD 9.4 billion by 2026; it is expected to grow at a CAGR of 28.1% from 2021 to 2026. Factors such as growing penetration of 3D depth sensors in various devices and increased demand for virtual reality in gaming consoles are likely to provide opportunities for market growth.

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The 3D sensor market includes major Tier I and II players like Infineon Technologies AG (Germany), OmniVision Technologies, Inc. (US), Sony Corporation (Japan), Cognex Corporation (US), Lumentum Operations LLC (US), and others. These players have a strong market presence for 3D sensor across various countries in North America, Europe, APAC, and RoW.

Driver: Growing penetration of image sensors in automobiles

The application of image sensors in automobiles is propelling the growth of the image sensors market. Some of the application areas of these sensors in automobiles include advanced driver assistance systems (ADAS), dash cameras, side mirror replacement, night vision, LiDAR driver monitoring, and gesture recognition systems. ADAS equipped with image sensors provide parking assistance, collision avoidance, and lane departure warning.

Opportunity: Growing penetration of 3D depth sensors in various devices

The 3D depth-sensing technology is used in consumer electronics for the measurement of objects or scenes in three dimensions. This technology is gaining traction in consumer electronics, particularly in smartphones and tablets for facial recognition. 3D depth sensors in smartphones serve as high-quality 3D scanners. Apple introduced the iPad Pro with a 3D depth sensor capable of facial recognition in March 2020. In 2019, Microsoft introduced a new device, Kinect, with a 3D depth sensor for personal computers.

3D sensor market in North America to hold the highest market share during the forecast period

North America is expected to lead the global 3D sensor market. The growth of the market in this region can be attributed to the presence of key manufacturers of consumer electronics with a high adoption rate of new technologies. The growth of the consumer electronics industry is another factor driving the 3D sensors market in this region. The presence of key manufacturers of sensors such as Intel, Lumentum, Cognex Corporation, and OmniVision Technologies drives the market across the US. Companies such as Google, Microsoft, and Apple are investing in 3D sensing technologies across consumer electronics and robotics applications. These factors have contributed to the huge growth of the 3D sensor market in North America.

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Infineon Technologies AG (Germany), OmniVision Technologies, Inc. (US), Sony Corporation (Japan), Cognex Corporation (US), Lumentum Operations LLC (US), ifm electronic gmbh (Germany), Intel Corporation (US), KEYENCE CORPORATION. (Japan), LMI Technologies Inc. (Canada), Microchip Technology Inc. (US), II-VI Incorporated (US), AIRY3D (Canada), ASUSTeK Computer Inc. (Taiwan), CronAI (UK), Leuze electronic GmbH + Co. KG (Germany), Mantis Vision ltd. (Israel), Melexis NV (Belgium), Microsoft (US), Occipital, Inc. (US), Orbbec 3D (US), Panasonic Corporation (Japan), Qualcomm Technologies, Inc. (US), Quanergy Systems, Inc. (US), Samsung (South Korea), and SICK AG (Germany) are among the many players in the 3D sensor market.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441