Robotics - ASEAN

ASEAN

Revenue in the Robotics market is projected to reach US$1.34bn in 2024.
Service robotics dominates the market with a projected market volume of US$0.73bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 9.61%, resulting in a market volume of US$2.12bn 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.

For more information on the data displayed, use the info button right next to the box.

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Analyst Opinion

The Robotics Market in ASEAN is experiencing moderate growth, influenced by factors such as the increasing adoption of automation, government initiatives to promote industrial robotics, and the growing demand for service robots in healthcare and hospitality industries. However, the market's growth rate is subdued due to factors like high initial investment costs, lack of skilled labor, and safety concerns.

Customer preferences: In the growing ASEAN Robotics Market, consumer preferences are shifting towards automation and smart technology solutions in various industries. The increasing demand for efficiency and productivity has led to a rise in demand for industrial robots, while the adoption of service robots is on the rise in the healthcare and hospitality sectors. This trend is driven by the region's aging population and the need for cost-effective and reliable solutions to address labor shortages. Additionally, the integration of AI and IoT technologies in robotics is gaining traction, providing advanced features and capabilities for businesses.

Trends in the market: In the ASEAN region, the Robotics Market is experiencing a surge in demand for industrial robots, with an increasing number of manufacturers implementing automation solutions to improve efficiency and productivity. In addition, there is a growing trend towards collaborative robots, which can work alongside humans and are equipped with advanced safety features. This trend is significant as it allows for safer and more efficient collaboration between humans and robots. Potential implications for industry stakeholders include a shift towards more advanced and specialized robotics solutions, as well as a need for upskilling and retraining of workers to adapt to the changing technological landscape.

Local special circumstances: In Indonesia, the Robotics Market is driven by the government's push for industrial automation and the country's growing manufacturing sector. The archipelago's unique geographic landscape, with its thousands of islands, creates challenges for transportation and logistics, making automation a necessity. Additionally, Indonesia's cultural emphasis on communal living and shared resources has led to the adoption of collaborative robots in industries such as agriculture and construction, where human-robot collaboration is necessary for efficient and safe operations.

Underlying macroeconomic factors: The growth of the Robotics Market market is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in research and development. Countries with supportive regulatory environments and robust investments in robotics technology are experiencing significant market growth compared to regions with regulatory barriers and limited funding. Furthermore, the rising demand for automation and efficiency in various industries, along with the increasing adoption of artificial intelligence, is driving the growth of the robotics market in ASEAN.

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.