AI Industrial Robotics - Hong Kong

The market size in the AI Industrial Robotics market is projected to reach US$77.02m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 25.44%, resulting in a market volume of US$300.00m by 2030.
In global comparison, the largest market size will be United States (US$2.94bn in 2024).

Definition:
Artificial intelligence (AI) industrial robotics refers to the integration of artificial intelligence technologies and capabilities into industrial robots for enhanced automation and intelligent decision-making in manufacturing and industrial processes. These robots are equipped with AI algorithms, machine learning, computer vision, and other AI techniques to perform tasks such as assembly, material handling, quality control, and predictive maintenance with higher precision, efficiency, and adaptability. By leveraging AI, industrial robots can analyze data, learn from experience, and optimize their operations in terms of increased productivity, reduced costs, improved safety, and streamlined manufacturing workflows in various industries.

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Artificial Intelligence Industrial Robotics companies and market revenue data from the Statista robotics market. Key players of the market include companies such as Universal Robots, ABB, and Fanuc.

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Collaborative robots (cobots) that collaborate with human workers, such as Universal Robots' UR5 and UR10
Automated guided vehicles (AGVs) that move materials and products through a manufacturing plant, such as KION Group's Linde Robotics
Robot arms that perform repetitive tasks on an assembly line, such as ABB's YuMi and Fanuc's LR Mate.

Drones used for surveying or inspecting industrial sites, such as DJI's Matrice series and Parrot's ANAFI USA
Self-driving cars or trucks used for transportation of goods or people, such as Tesla's Semi and Waymo's autonomous vans
Virtual assistants or chatbots used for customer service and/or sales support, such as IBM Watson Assistant and Google Dialogflow.

The AI Industrial Robotics Market in Hong Kong has been experiencing rapid growth, driven by factors such as increasing adoption of AI technology, growing demand for automation in industries, and the convenience offered by intelligent robotics. This elevated growth rate is supported by the country's focus on technological advancements and the potential for increased efficiency and productivity in various industries.

Customer preferences: In Hong Kong, there has been a marked increase in the adoption of AI industrial robotics in various industries, as companies seek to improve efficiency and reduce human error. This trend is driven by the city's rapidly aging population and rising labor costs. Additionally, cultural values emphasizing precision and speed have led to a preference for automated solutions. This has also been influenced by the increasing use of AI in other aspects of daily life, such as smart home devices and virtual assistants.

Trends in the market: In Hong Kong, the AI Industrial Robotics Market is experiencing a surge in demand for collaborative robots, also known as cobots. These robots are designed to work alongside humans, increasing efficiency and safety in manufacturing processes. Additionally, there is a growing trend of using AI-powered robots for warehouse automation, with companies such as Alibaba investing heavily in this technology. These trends indicate a shift towards a more integrated and intelligent supply chain. This could have significant implications for industry stakeholders, such as increased productivity and cost savings, but also potential job displacement and the need for retraining and upskilling of the workforce.

Local special circumstances: In Hong Kong, the AI Industrial Robotics Market is thriving due to the city's strong manufacturing sector and government support for technological advancements. The market is also influenced by the city's high population density and limited space, driving the demand for efficient and compact industrial robots. Additionally, Hong Kong's proximity to mainland China allows for easy access to advanced robotics technology, contributing to the growth of the AI Industrial Robotics Market.

Underlying macroeconomic factors: The growth of the AI Industrial Robotics market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in industrial infrastructure. Countries with favorable regulatory environments and robust investments in AI technology are experiencing faster market growth compared to regions with regulatory hurdles and limited funding for industrial development. Moreover, the increasing demand for automation in industries, driven by the need for increased efficiency and productivity, is a significant driver of the AI Industrial Robotics market.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

AI Industrial Robotics - Hong Kong

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