Robotics - Armenia | Statista Market Forecast

Revenue in the Robotics market is projected to reach US$1.93m in 2024.
Service robotics dominates the market with a projected market volume of US$1.93m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.01%, resulting in a market volume of US$2.96m by 2029.
In global comparison, most revenue will be generated United States (US$9.42bn in 2024).

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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Industrial Robotics
Service Robotics

robots not programmable in two or more axes
robots with no degree of autonomy

The Robotics market in Armenia has been experiencing substantial decline in growth rate, influenced by factors such as slow adoption of digital technologies, limited awareness among consumers, and challenges in implementing online services. The sub-markets of Industrial and Service robotics are also impacted by these factors.

Customer preferences: As the technology industry continues to grow in Armenia, the Robotics Market is also experiencing a rise in demand. This can be attributed to a growing interest in automation and efficiency, particularly in the manufacturing sector. With the country's strong focus on STEM education and a skilled workforce, there is also a growing trend towards the use of advanced robotics in industries such as healthcare and agriculture. Furthermore, the adoption of robotics is seen as a cost-effective solution for businesses looking to increase productivity and reduce labor costs.

Trends in the market: In Armenia, the Robotics Market is experiencing a shift towards automation and the adoption of advanced technologies. With the government's focus on developing the country's high-tech sector, there is a growing trend of incorporating robotics in various industries such as manufacturing, healthcare, and agriculture. This trajectory is significant as it not only improves efficiency and productivity but also reduces labor costs. Additionally, the potential implications for industry stakeholders include job displacement and the need for upskilling to keep up with the rapidly evolving technology. Moreover, the increased use of robotics has the potential to attract foreign investment and bolster the country's economy.

Local special circumstances: In Armenia, the Robotics Market is developing rapidly due to the country's high-tech industry and government support for innovation. With a well-educated workforce and a growing interest in technology, Armenia has become a hub for research and development in robotics. Additionally, the country's strategic location between Europe and Asia allows for easy access to emerging markets and a diverse pool of clients. However, the lack of a well-established supply chain and limited funding opportunities pose challenges for the growth of the market. These factors contribute to a unique environment for robotics companies in Armenia, shaping the market dynamics and driving its growth.

Underlying macroeconomic factors: The Robotics Market in Armenia is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong government support and a thriving technology sector are experiencing faster market growth compared to regions with limited government funding and regulatory challenges. Additionally, the increasing demand for automation and efficiency in industries such as manufacturing, healthcare, and agriculture is driving the growth of the Robotics Market in Armenia. The country's stable economic health and favorable fiscal policies also contribute to a conducive market environment for robotics companies to thrive.

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.

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

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.