Robotics - Benin

Benin

Revenue in the Robotics market is projected to reach US$2.03m in 2024.
Service robotics dominates the market with a projected market volume of US$2.03m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 21.57%, resulting in a market volume of US$5.39m 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 Benin is facing a negligible decline in growth rate, impacted by factors such as limited adoption of digital technologies, low health awareness among consumers, and lack of convenience in accessing online services. This trend is evident in both the Industrial and Service sub-markets, reflecting the overall challenges faced by the robotics industry in the country.

Customer preferences: As technology continues to advance in Benin, there is a growing trend towards using robotics in various industries, including healthcare, agriculture, and manufacturing. This shift towards automation is driven by the need for increased efficiency and productivity. Additionally, with an aging population and a shortage of skilled labor, robotics offer a solution for meeting labor demands while also reducing costs. This has led to a significant increase in the adoption of robotics in Benin, with a particular focus on collaborative robots that can work alongside humans.

Trends in the market: In Benin, the Robotics Market is experiencing a surge in demand for collaborative robots, also known as cobots. These robots are designed to work alongside human workers, increasing efficiency and safety in manufacturing processes. This trend is significant as it addresses the country's shortage of skilled labor and promotes the adoption of automation. It also has potential implications for industry stakeholders, such as increased productivity and cost savings. Furthermore, there is a growing interest in using AI and machine learning in robotics, allowing for more advanced capabilities and applications in various industries.

Local special circumstances: In Benin, the Robotics Market is faced with challenges due to limited access to technology and infrastructure. However, the government's efforts to promote technological advancements and innovation have led to a growing demand for robotics in various industries such as agriculture, healthcare, and manufacturing. Additionally, cultural attitudes towards technology and the use of robots in the workforce also play a significant role in shaping the market. With a young and tech-savvy population, the country presents a unique opportunity for companies to tap into the potential of the robotics market in Benin.

Underlying macroeconomic factors: The Robotics Market in Benin is heavily impacted by macroeconomic factors such as technological advancements, government policies, and investment in infrastructure. Countries with supportive regulatory environments and significant investments in robotics are witnessing rapid market growth, while those facing regulatory challenges and limited funding are experiencing slower growth. Moreover, the rising demand for automation and the need for efficiency in industries such as manufacturing, healthcare, and logistics, are driving the adoption of robotics in Benin. Additionally, the country's growing population and increasing labor costs are also contributing to the market's growth, as businesses turn to robotics to reduce labor expenses and improve productivity.

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.