Cleaning Robot Market Set to Hit $4.3B by 2023

A new research report 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.