Problem: Dirty floors suck. This is a globally recognized phenomenon: according to Grandview Research, “The global floor cleaning equipment market size was valued at USD 5.38 billion in 2018 and projected to expand further at a CAGR of 8.5% from 2019 to 2025.” But what are the innovations and opportunities in this otherwise dirty market?
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Solution: In addition to sizing an absurdly large market, during their Floor Cleaning Equipment Industry Report, Grandview Research identified a few other notable trends. Namely,
High-end cleaning demand: “Rising demand for high-end cleaning products is among the key factors responsible for the growth of this market.” This point has only been exacerbated by the global consciousness of the COVID-19 pandemic. In fact the global market is expected to grow at 11% per year over the next decade: largely due to germ-consciousness.
Electric Machines: “The advent of electric machines and handles due to technological advancements in mopping system will also help boost the market growth.” In the consumer space, this includes products like the “Roomba,” which vacuums houses or apartments automatically. However, there is also the rise of other products like floor scrubbers, vacuum cleaners, floor sweepers, power washers, and more. All of these have the potential to be digitized.
Ride-on and No-ride Models: “Moreover, the introduction of ride-on models of floor cleaners has resulted in increased demand, thereby fueling market development. The ride-on models are 60% more efficient than other products due to the reduction in forward motion by the operator, which reduces the intensity of the task.” While Grandview focuses on ‘ride-on’ models, my hunch is that the next generation of robotics will be entirely remote. Much like how Cobalt Robotics is on a mission to provide seamless robotic security services for all situations through self-driving and self-acting robots for security, this business would ideally do the in the cleaning space.
Consumer Complexity: This market trend, one I completely overlooked, is best described by Grandview: “Use of different types of flooring materials also affects the product demand. For instance, flooring materials used in hospital wards, such as wood blocks or strips, require high maintenance and hygiene levels as these materials are porous and thus, the surface can have split between the strips or blocks retaining dust particles. Thus, increasing usage of flooring materials, such as of natural wood, stones, and rubber materials, has widened the scope of application for advanced floor cleaning products.”
Ultimately, this business would use robotics to modernize floor cleaning equipment to be even more autonomous and less reliant upon human operators. Given the size of the space and the variety of products, this business would start by making in-roads with floor scrubbers and grow from there to the rest of the market all-up.
Monetization: Sales of this technology to existing businesses that need high-quality sanitation.
Contributed by: Michael Bervell (Billion Dollar Startup Ideas)