Demand for Comprehensive Cleaning Services Grow Post-Pandemic

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Aug 26, 2022, 09:00 ET

FinancialBuzz.com News Commentary

NEW YORK, Aug. 26, 2022 /PRNewswire/ -- Due to the growing implementation of AI and automation in household equipment, the domestic robot market reached a high growth rate in recent years. For example, the development of machine vision cameras has rapidly expanded. As such, companies have begun using these 2D and 3D machine vision cameras with AI technologies to effectively map edges of various rooms and areas such as staircases, and to recognize obstacles, such as dustbins, and cables, doorsills, and rugs. Typically, a domestic robot is a service robot used for various household activities such as floor cleaning, pool cleaning, lawn mowing, or for various medical and disinfecting purposes. Such robots are usually autonomous in nature and are controlled by an integrated control system. E-Home Household Service Holdings Limited (NASDAQ: EJH), iRobot Corp. (NASDAQ: IRBT), Chimerix, Inc. (NASDAQ: CMRX), Waste Management, Inc. (NYSE: WM), UiPath Inc. (NYSE: PATH)

Since the pandemic began, demand for cleaning robots has increased, as did demand for disinfection services. Disinfection techniques are critical for houses, according to the World Health Organization, to limit the risk of contamination from COVID-19 as well as monkeypox. Amid the COVID-19 crisis, the global market for home cleaning services was estimated at USD 5.6 Billion in the year 2020, and is projected to reach a revised size of USD 10 Billion by 2026 while growing at a CAGR of 9.6% over the analysis period, according to Global Industry Analysts. The pandemic has made sanitation more important than ever, exponentially accelerating the demand for residential cleaning services.

E-Home Household Service Holdings Limited (NASDAQ: EJH) announced yesterday breaking news that, "the Company has been awarded household and cleaning service contracts worth a total of RMB 4.7 million in August."

Pursuant to the contracts signed, E-Home will be the designated household and cleaning service provider for two years for seven properties under the management of Shanghai Fanying Environment Engineering Co. Ltd., Fujian Company and Fujian Fusheng Property Management Co Ltd.

Among the contracts signed, Putian YouYou Cleaning Co., Ltd. ("YouYou"), a subsidiary of the Company, has been awarded RMB2.9 million new property cleaning contracts which last between one and two years to provide daily sweep and maintain cleanliness at four designated neighborhoods in Fujian city.

YouYou is a leading cleaning services provider and a member enterprise at Fujian Province Cleaning Industry Association. E-Home acquired 60% of equity interests in YouYou in January.

Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: "E-Home is pleased to add these projects to another milestone of cleaning and maintenance services that will contribute to both our 2022 and 2023 performance. In addition, the healthy and long term relationship and the trust our clients rest on us will support the state of E-Home's efforts towards cementing our leading position in the market. All of these projects support the overall improvement and resiliency of our business, support our ambition to diversify into other business areas."

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iRobot Corp. (NASDAQ: IRBT) introduced on May 31st, iRobot OS, an evolution of the company's Genius Home Intelligence platform. iRobot OS delivers a new level of customer experience for a cleaner, healthier and smarter home. Leveraging iRobot's growing base of over 20 million connected devices sold, a unique understanding of the home environment and an advanced computer vision platform, iRobot OS is already enabling over 2.7 million cleaning missions each and every day around the world. "As iRobot expands its ecosystem of connected robots and smart home devices, we are placing a strategic emphasis on superior software intelligence delivered on high-performance, beautifully designed hardware," said Colin Angle, chairman and CEO of iRobot. "iRobot OS brings it all to life, enabling products that understand the home environment, respect customer preferences and intuitively connect with the smart home ecosystem to get the job done. iRobot OS lets our robots get smarter and clean even more effectively over time, delivering valuable new features and functionality that benefits all customers, including pet owners, busy families and those looking to get the most out of their voice assistants. This is just the beginning, and we look forward to continuously building upon iRobot OS, providing customers with even more thoughtful ways to clean in the months and years ahead."

Chimerix, Inc. (NASDAQ: CMRX) announced on May 16th, it has entered into a definitive agreement with Emergent BioSolutions Inc. (Emergent) to acquire its exclusive worldwide rights to brincidofovir, including TEMBEXA®. TEMBEXA is a medical countermeasure for smallpox approved by the U.S. Food and Drug Administration (FDA) in June 2021. "Emergent is an ideal partner to maximize the long-term potential of TEMBEXA to ensure pandemic preparedness in the event of a smallpox recurrence," said Mike Sherman, Chief Executive Officer of Chimerix. "This transaction significantly enhances Chimerix's balance sheet and allows us to focus and invest in our development pipeline. We also continue to participate in the longer-term economics of TEMBEXA through US milestones and double-digit royalties from US and international revenues."

Waste Management, Inc. (NYSE: WM) announced earlier this year that its wholly-owned subsidiary WM Organic Growth, and Tailwater Capital LLC closed a joint venture that provides financial, commercial, and operational support to Continuus Materials to assist the company with scaling production facilities within the waste-to-product industry. Financial terms of the joint venture were not disclosed. Continuus Materials develops and operates manufacturing facilities that upcycle plastic and fiber materials from municipal solid waste into Everboard™, a proprietary, high-performance, low-slope roof cover board. Continuus Materials' process reduces landfill waste and will generate significantly lower life-cycle greenhouse gas emissions than competing products made from traditional materials. "At WM, we are unlocking impactful sustainable solutions as we move toward a more circular economy, and the Continuus Materials business is one example of what we're aiming to achieve," said Jim Fish, president and chief executive officer, WM. "Continuus Materials brings an innovative solution that recovers recyclable materials in addition to materials that cannot otherwise be recycled and gives them a new, purposeful life. We look forward to working together with Tailwater Capital to grow the Continuus Materials business while achieving a shared goal of reducing waste."

UiPath Inc. (NYSE: PATH) reported last month it has been positioned by Gartner, Inc. as a Leader in the 2022 Gartner® Magic Quadrant™ for Robotic Process Automation1 research report. UiPath was named a Leader for the fourth year in a row, and in this report UiPath was positioned highest for Ability to Execute and furthest for Completeness of Vision. "We believe UiPath will be a leader in automation, artificial intelligence, and machine learning, which all companies will embrace over time," said UiPath Co-CEO Robert Enslin. "We believe this recognition affirms our position at the leading edge of the market as we help customers navigate the challenges facing companies around the world today. We are dedicated to innovating our automation platform, driving our market segmentation, and delivering world-class customer experiences."

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