Robotics - APAC

APAC

Revenue in the Robotics market is projected to reach US$14.93bn in 2024.
Service robotics dominates the market with a projected market volume of US$10.79bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.43%, resulting in a market volume of US$22.38bn by 2029.
In global comparison, most revenue will be generated in the United States (US$9,421.00m in 2024).

Key regions: United States, China, South Korea, Japan, Germany

Definition:

The Robotics market refers to the industry that encompasses the design, development, manufacturing, and deployment of robotic systems and technologies. It involves the creation of machines that perform tasks autonomously or with minimal human intervention. These machines, also known as robots, mimic human actions and/or perform specialized functions in various sectors. These sectors include manufacturing, healthcare, agriculture, logistics, defense, and entertainment.

A robot is defined as a powered machine that is programmable on two or more axes and has some degree of autonomy; it moves within its environment to perform its programmed tasks.

Structure:

The Robotics market shows the market size of robotics in industrial and service use cases. In Industrial Robotics, there are six distinct markets:

The Automotive Industry Robotics market
The Chemical Industry Robotics market
The Electric/Electronic Industry Robotics market
The Food Industry Robotics market
The Metal Industry Robotics market
The Other Industry Robotics market

Service Robotics is further split into:

The Commercial Service Robotics market, which contains the Agriculture, Logistics, Medical and Other Service Robotics markets
The Consumer Service Robotics market, which contains the Domestic and Entertainment Robotics markets

Additional information:

Data includes revenues, volume, and the average price per newly installed robot. It also examines the level of automation, the share of collaborative robots, and investment in robotics, as well as a list of the key players in the market and their consolidated revenues. The market displays both B2B and B2C revenues, and the revenue is based on the country’s demand for robots. It is shown in manufacturer prices. Industrial Robotics does not include software revenues, as industrial robots are mostly used with specific software solutions that belong to the company that deploys them. For Service Robotics, software revenues are considered, as service robots are mostly delivered with software solutions that have been implemented by the manufacturer.

Key players in the market include Kuka, ABB, Boston Dynamics, and Yaskawa Electric Corporation.

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Analyst Opinion

The Robotics Market in APAC is witnessing significant growth, propelled by factors such as increasing adoption of automation, rising demand for efficient production processes, and advancements in technology. However, the overall growth rate is currently negligible due to challenges in the industrial and service sub-markets, such as high initial costs and lack of skilled labor.

Customer preferences: With the increasing adoption of automation and robotics technology in the APAC region, there has been a corresponding rise in demand for smart home and personal assistants. Consumers are seeking out these innovative solutions for their convenience and efficiency in managing daily tasks and improving their quality of life. This trend is further fueled by the growing aging population in APAC, where robotics technology can assist in providing care and support for the elderly. Additionally, the incorporation of artificial intelligence in robotics is also driving the market, allowing for more personalized and intuitive interactions with these devices.

Trends in the market: In APAC, the Robotics Market is experiencing a surge in demand for collaborative robots, also known as cobots, due to their flexibility and ease of use in various industries. Additionally, there is a growing trend of integrating artificial intelligence and machine learning capabilities into robotics, allowing for more advanced and efficient operations. This trajectory is significant as it enables businesses to automate processes and reduce human error, leading to increased productivity and cost savings. However, it also raises concerns about potential job displacement and the need for upskilling workers to adapt to these advanced technologies. Industry stakeholders must keep up with these trends to stay competitive and embrace the opportunities they bring while addressing any potential challenges.

Local special circumstances: In China, the Robotics Market market is experiencing rapid growth due to the country's focus on industrial automation and advancements in artificial intelligence. The government's initiatives, such as the "Made in China 2025" plan, are driving the adoption of robotics in manufacturing industries. Additionally, the cultural emphasis on efficiency and productivity is further fueling the demand for robotic solutions in the country.

Underlying macroeconomic factors: The Robotics Market in APAC is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with favorable regulatory environments and strong investment in robotics technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding for innovation. The increasing demand for automation and the rise of Industry 4.0 are also driving the growth of the Robotics Market in APAC, as businesses seek to improve efficiency and reduce labor costs. Additionally, the growing need for advanced healthcare and infrastructure solutions in developing countries is creating a significant opportunity for robotics companies to expand their presence in the region.

Methodology

Data coverage:

The data encompasses B2B and B2C revenues. Figures are based on the country’s demand for robotics in manufacturer prices.

Modeling approach / Market size:

Market sizes are determined through a regional bottom-up approach, and further detailed by a top-down rationale for each market segment. As a basis for evaluating markets, we use trade data of the respective economic sector. Furthermore, we use relevant key market indicators such as level of automation and digitization or the economy composition to estimate each country's specialization in demand and supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques but primarly exponential smoothing. The selection of forecasting techniques is based on the behavior of the relevant market.

Additional notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.