Cleaning Robot Market expected to reach USD 25.9 Billion by 2027

 

The report "Cleaning Robot Market by Type, Product (Floor Cleaning Robots, Lawn Cleaning Robots, Pool Cleaning Robots, Window Cleaning Robots), Operation Mode (Self-driven, Remote Controlled), Sales Channel, Application and Region - Global Forecast to 2027" 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. The growth of the 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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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. In developed and developing countries, the presence of lawns and pools in homes is becoming a luxury, and the maintenance of these requires mowers and pool cleaners. Cleaning robots, as a one-time investment, to reduce labor costs and effort for the maintenance of lawns and pools are helping the market grow.

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.

Market in 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.

Major vendors 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.

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Speech and Voice Recognition Market worth USD 28.1 Billion by 2027, at a CAGR 24.4%

 

According to a research report "Speech and Voice Recognition Market by Deployment Mode (On-Cloud, On-Premises/Embedded), Technology (Speech Recognition, Voice Recognition), Vertical and Geography (Americas, Europe, APAC, Rest of the World) - Global Forecast to 2027" published by MarketsandMarkets, the global speech and voice recognition market size is projected to grow from USD 9.4 billion in 2022  to USD 28.1 billion by 2027; it is expected to grow at a CAGR of 24.4% from 2022 to 2027.

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The key factors contributing to the growth of the speech and voice recognition market include increasing demand in healthcare for improving efficiency and the growing use of smart appliances are among the factors driving the growth of the speech and voice recognition market.

Consumers are likely to register high CAGR

In 2021, the consumer segment the largest share of the speech and voice recognition market. The growing requirement for mobile device and application authentication and the increasing use of voice-controlled wearable devices are expected to drive the speech and voice recognition market growth. Apac region is expected to achieve the highest CAGR during the forecast period owing to the high demand of mobile and wearables devices in the region.

The consumer sector is expected to register the highest CAGR during the forecast period. The demand for speech and voice recognition solutions in this sector is primarily attributed to the growing use of speech recognition technology in consumer products such as smartphones, laptops, tablets, and smart home devices. This factor is likely to drive the growth of the market during the forecast period as well.

APAC exhibit the highest CAGR during the forecast period

The market in the APAC is expected to grow at the highest CAGR from 2022 to 2027. The growing focus on integrating artificial intelligence (AI) into industrial devices is expected to contribute to the growth of the voice recognition market for enterprise applications in the Asia Pacific during the forecast period. Additionally, the governments focus on bringing digitalization and technological innovations in industries is also expected to propel the growth of the market in the Asia Pacific.

Voice recognition to hold the higher CAGR during the forecast period.

Voice recognition is projected to grow at the highest CAGR during the forecast period Data security concerns due to cyberattacks, data breaches by intruders and issues related to illegal migrants are some of the major factors contributing to the higher growth rate of the market for voice recognition technology.

On-cloud segment is projected to dominate the speech and voice recognition market

The on-cloud segment is expected to account for a larger market share due to the ability of the cloud infrastructure to provide self-service applications at a minimal cost. The cloud-hosted deployment mode offers easy accessibility to data from anywhere at any time. Cloud-hosted speech and voice recognition solutions can also be easily integrated with the existing server, which operates on its physical hardware in minimal time.

The key players in this market are Apple (US), Microsoft (US), IBM (US), Alphabet (US), Amazon (US), Baidu (China), iFlytek (China) and SESTEK (Turkey), speak2web (US), and Verint (US). The players in this market have adopted various strategies to expand their global presence and increase their market shares.

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Real-time Location Systems Market expected to grow USD 16.2 Billion by 2028

 

The report "Real-time Location Systems Market by Hardware (Tags/Badges, Readers/Trackers), Technology (RFID, Wi-Fi, UWB, BLE, Infrared, Ultrasound, GPS, Zigbee), Application (Inventory/Asset Tracking, Personnel Monitoring), Vertical, Region - Global Forecast to 2028" The global real-time location systems market size is expected to grow from USD 5.2 billion in 2023 to USD 16.2 billion by 2028, at a CAGR of 25.5% from 2023 to 2028. The market for RTLS technology has witnessed rapid growth, with an increasing number of players entering this market with innovative RTLS features for customers. Moreover, the RTLS hardware components are readily and commercially available throughout, so more customers are inclined to use RTLS solutions for asset and personnel tracking applications.

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The market for services segment is expected to grow at the highest CAGR during the forecast period.

The services segment mainly comprises deployment and integration services, support and maintenance, and consulting, which are necessary for the successful operation of an RTLS solution. These services help deliver and implement solutions at customer sites and provide the required maintenance after implementation. Services are a critical part of the overall RTLS implementation, which can affect the budget of an enterprise significantly if ignored. The services cost includes installation and regular maintenance, which result in higher expenditure. The demand for consulting services will likely increase as consultation is the most critical parameter that helps decide the type and scale of an RTLS solution required for a specific use case.

The access control & security application is projected to grow at a significant CAGR from 2023 to 2028.

The prime concern of many industries, such as manufacturing, healthcare, government and defense, and education, is the security and safety of their assets and personnel. Access control and security is an important aspect in the areas where tracking of employees or individuals is essential to prevent them from entering non-restricted areas, barring unauthorized people from entering the facility, and alerting industrial facilities beforehand in case of any theft. RTLS solutions can inform an administrator about the location and condition of assets and workers. These systems may be used for safety checks and access control, assuring that the personnel are adequately outfitted with the necessary equipment to perform a particular task or procedure.

North America is expected to hold the largest share of the real-time location systems market during the forecast period.

The high adoption of RTLS solutions in the US is the main factor that has led to the prominent position of North America in the RTLS market. Healthcare, retail, manufacturing and automotive, and transportation and logistics are the major demand-generating verticals for RTLS solutions in the US and throughout North America. For example, various hospitals in the US are using RTLS solutions for multiple applications, and the adoption of RTLS solutions in senior living facilities is also on the rise. Besides, several verticals, such as education, sports, and entertainment, are rapidly adopting RTLS solutions, which would drive the growth of the RTLS market in the US during the forecast period. Wi-Fi technology has traditionally led the market for RTLS solutions in North America; however, the said market in this region is expected to grow at a low rate in the coming years.

The major players in this market include Securitas AB (Sweden), Zebra Technologies Corporation (US), Aruba Networks (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), Impinj, Inc. (US), and Savi Technology (US).

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Aspherical Lens Market expected to reach $12.2 Bn 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 expected to reach $33.9 Bn 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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We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines.  The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Automatic Tube Cleaning System Market worth $143 Mn by 2028

 

The report "Automatic Tube Cleaning System Market by Type (Automatic Ball Tube Cleaning System, Automatic Brush Tube Cleaning System), Industry (Power Generation, Oil & Gas, Commercial Spaces, and Hospitality), Application and Region - Global Forecast to 2028" The global automatic tube cleaning system market size is estimated to be USD 117 million in 2023 and is projected to reach USD 143 million by 2028, at a CAGR of 4.0%. Automatic tube cleaning systems reduce the frequency of costly maintenance shutdowns while optimizing equipment function and increasing energy savings. Automated tube cleaning systems frequently work to eliminate the formation of deposits, thereby decreasing the frequency of costly maintenance shutdowns while optimizing equipment function.

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Automatic ball tube cleaning system to grow at the highest CAGR during the review period

Automatic ball tube cleaning system is an inline cleaning system, which means that there is no need to shut down the plant for periodic cleaning of heat exchanger tubes or interrupt the plant operation. The cleaning can be done without interrupting the process. The key players which provide automatic ball tube cleaning systems are Taprogge Gmbh (Germany), Beaudrey (France), and  Westech Engineering, Inc (U.S)

Power generation industry to grow at the highest CAGR during the forecast  period

Power generation industry is likely to grow at a higher CAGR during the forecast period. The automatic tube cleaning system is used to increase the cooling capacity and energy savings in heat exchangers. It is cost-effective, which reduces carbon footprint and helps heat exchangers operate at peak efficiency.

Asia Pacific to be the fastest growing market during the forecast period

The increasing population and rapidly growing industrialization have made China and India the largest electricity producers in the world. Also, the APAC region has a booming commercial space industry. The growing need for energy saving and improving operational efficiency in refineries and commercial spaces drives the market for automatic tube cleaning systems in APAC. Moreover, the increase in demand for electricity due to growing urbanization and population increases the need for power plants to generate sufficient electricity for usage. These factors are driving the growth of automatic tube cleaning systems in Asia Pacific.

Major companies operating in the automatic tube cleaning system market include Taprogge Gmbh (Germany) BEAUDREY (France), WesTech Engineering, LLC (U.S.), Ovivo (Canada), Balltech Energy Ltd.(Israel) and among others

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Automotive Semiconductor Market worth $70.0 Billion by 2027, at a CAGR of 10.1%

 

The report "Automotive Semiconductor Market by Component (Processor, Analog IC, Discrete power device, Sensor), Vehicle Type (Passenger Car, LCV, HCV), Fuel Type (Gasoline, Diesel, EV/HEV), Application (Powertrain, Safety, Chassis) - Global Forecast to 2027" The automotive semiconductor market is projected to grow from USD 42.9 billion in 2022 to USD 70.0 billion by 2027; it is expected to grow at a CAGR of 10.1% during the forecast period. A number of factors, including increased demand for safety features, and induction of EVs and HEVs globally, is making it complex for automotive semiconductor integrators to meet the demand from automotive OEM end users to meet their operational needs in various types of vehicles including passenger cars, LCVs, and HCVs. Government initiatives pertaining to EVs has led to the promoting the development and sales of EVs and related charging infrastructure worldwide.

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Discrete power device segment to account for the highest CAGR during the forecast period for the automotive semiconductor market

The growth and development of the electric HEVs and all EVs has received considerable growth in the recent few years. Hence, discrete power device is expected to be the fastest-growing segment during the forecast period. The reason behind this sharp growth in the market share of the discrete power devices is due to the shift towards electrification of the major applications of the automobile such as powertrain, which is generating more demand for power components such as MOSFET and IGBT. Hence, discrete power devices are likely to hold the largest market share by 2027.

Market for passenger cars to grow at highest CAGR during the forecast period

The market for passenger cars growth can be attributed to the huge demand for passenger cars across the globe, especially in APAC. The rising middle-class population and improved disposable income have accelerated the demand for passenger cars in countries such as China, India, Thailand, Indonesia, and Malaysia among others. Semiconductor electronics not only help improve the performance of the car but also enhance safety and reduce carbon emissions to a greater extent. Rapid improvements in road infrastructure, easy availability of cheap labor, increased purchasing power of consumers, and high demand for safer vehicles have propelled the growth of the market for automobiles in emerging economies. The increasing purchasing power also creates a high demand for automobiles with more safety and advanced features. The adoption of ADAS technology and autonomous cars helps the automotive semiconductors market to grow in developed nations such as the US, Germany, and the UK.

Market for EVs and HEVs to register the highest CAGR for automotive semiconductor market

The automotive semiconductor market for electric/hybrid-powered vehicles is estimated to grow at the highest CAGR during the forecast period. Consumer’s growing adoption of greener and cleaner technology, as well as government goals and mandates are expected to lead to a significant rise in the demand for more electric/hybrid fuel-based vehicles which, in turn, helps the semiconductor market for this segment to grow exponentially during the forecast period. Since EVs and HEVs demand more semiconductor content in the powertrain application due to electrification of the system, the average semiconductor content consumed by an EV/HEV is almost double than an internal combustion engine (ICE) vehicle which include both gasoline- and diesel-powered vehicles.

Market in APAC is estimated to grow at the highest CAGR during the forecast period

Asia Pacific held the largest share of the overall automotive sensors market, followed by Europe, and North America, respectively. The automotive sensors market in Asia Pacific is projected to grow at the highest CAGR from 2021 to 2026. Countries such as China, Japan, and India are considered major automotive manufacturing hubs in Asia Pacific, thereby propelling the growth of the automotive sensors market in the region. The growth of the automotive sensors market in Asia Pacific is attributed to the factors such as the increasing use of electric vehicles and the growing adoption of advanced driver-assistance systems (ADAS) and autonomous cars owing to the stringent vehicle emission standards. Moreover, major OEMs have invested in the Chinese market, which is inclined toward small and affordable passenger vehicles. This, in turn, is expected to drive the growth of the automotive sensors market in the region.

Major players profiled in this report are Robert Bosch (Germany), Continental (Germany), Infineon Technologies (Germany), NXP Semiconductors (Netherlands), Sensata Technologies (US), Borgwarner, (US), Allegro Microsystems (US), DENSO (Japan), Analog Devices (US), ELMOS Semiconductor (Germany), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Onsemi (US), Renesas Electronics (Japan), ROHM Semiconductor (Japan), Aptiv (Ireland), CTS (US), Autoliv (Sweden), ZF Group (Germany), Quanergy (US), Toshiba (Japan), Magna International (Canada), Melexis (Belgium), Amphenol (US), and Valeo (France).

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