Robotics - Bhutan

Bhutan

Revenue in the Robotics market is projected to reach US$0.43m in 2024.
Service robotics dominates the market with a projected market volume of US$0.43m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 13.22%, resulting in a market volume of US$0.80m 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 Bhutan is experiencing remarkable growth, driven by factors such as increasing adoption of automation technologies, growing demand for efficient and precise manufacturing processes, and the convenience offered by robotics in various industries. This extraordinary growth rate is also influenced by the country's focus on developing its technology sector and promoting innovation.

Customer preferences: As Bhutan continues to invest in developing its technology sector, there has been a noticeable increase in consumer interest in robotics applications. This trend can be attributed to the country's growing youth population and their exposure to advanced technology. Additionally, the demand for robotics in industries such as healthcare and education has also seen a rise, as Bhutanese consumers prioritize efficiency and innovation in these sectors. This shift towards automation and robotics is a reflection of the country's evolving lifestyle and embrace of modernization.

Trends in the market: In Bhutan, the Robotics Market is experiencing a surge in demand for collaborative robots (cobots) as they offer improved safety features and can work alongside humans. This trend is expected to continue as companies strive for increased efficiency and cost savings. Additionally, there is a growing focus on the use of artificial intelligence (AI) in robotics, with advancements in machine learning and data analytics driving further growth. These trends are significant as they have the potential to revolutionize manufacturing processes and increase productivity. Industry stakeholders should closely monitor these developments and strategically invest in cobot and AI technologies to stay competitive in the market.

Local special circumstances: In Bhutan, the Robotics Market is shaped by the country's unique cultural values and geographical landscape. As a small Himalayan nation, Bhutan has limited access to resources and a strong emphasis on sustainable development. This has led to a growing focus on robotics for agriculture and disaster management, as well as a push towards locally developed solutions. Additionally, Bhutan's strict regulations on foreign investments have created a barrier to entry for global players, resulting in a more localized and community-driven market. These factors play a significant role in shaping the Robotics Market in Bhutan, making it distinct from other markets.

Underlying macroeconomic factors: The growth of the Robotics Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with favorable economic conditions and strong investment in robotics technologies are experiencing faster market growth compared to regions with economic challenges and limited funding. Additionally, the increasing demand for automation and efficiency in industries such as manufacturing, healthcare, and logistics is driving the growth of the robotics market in Bhutan.

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.