Robotics - Bangladesh

Bangladesh

Revenue in the Robotics market is projected to reach US$42.86m in 2024.
Service robotics dominates the market with a projected market volume of US$41.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 21.74%, resulting in a market volume of US$114.60m 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 Bangladesh is facing a negligible decline in growth rate due to factors such as slow adoption of digital technologies, limited health awareness among consumers, and lack of convenience in online services. However, the market still shows potential for growth in both Industrial and Service robotics sub-markets.

Customer preferences: The growing adoption of automation and digitalization in manufacturing industries is driving the demand for advanced robotics solutions in Bangladesh. This shift is fueled by the need to increase productivity, reduce costs, and improve efficiency in the production process. Additionally, the country's young and tech-savvy population is increasingly open to incorporating robotics technology in their daily lives, indicating a promising market for robotics companies. Furthermore, the rise of e-commerce and online retail in Bangladesh has also created a need for automated warehouse and logistics solutions, further driving the demand for robotics in the country.

Trends in the market: In Bangladesh, the Robotics Market is experiencing a surge in demand for automation solutions, particularly in the manufacturing sector. This trend is driven by the government's initiatives to boost industrial growth and increase productivity. Additionally, there is a growing focus on using robotics in healthcare, agriculture, and logistics. These advancements are expected to improve efficiency, reduce costs, and enhance safety in various industries. As the country continues to invest in robotics technology, it presents significant opportunities for industry stakeholders to tap into this emerging market and drive economic growth.

Local special circumstances: In Bangladesh, the Robotics Market is influenced by the country's geographical location as a river delta, leading to a high demand for underwater robotics technology in industries such as offshore oil and gas exploration. Additionally, the cultural emphasis on education and technology has led to the development of a skilled workforce in the field of robotics, making it a hub for research and development. Furthermore, the government's focus on promoting industrial automation and increasing efficiency in manufacturing processes has also driven the growth of the robotics market in Bangladesh.

Underlying macroeconomic factors: The growth of the Robotics Market in Bangladesh is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in infrastructure. The country's favorable regulatory environment and increasing government support for automation and robotics have led to a surge in market demand. Additionally, the rising labor costs and shortage of skilled workers are driving the adoption of robotics in various industries, such as manufacturing and agriculture, to improve efficiency and productivity. Moreover, the country's growing economy and rising GDP per capita are expected to further fuel the growth of the Robotics Market in Bangladesh.

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.