Robotics - Colombia

Colombia

Revenue in the Robotics market is projected to reach US$124.30m in 2024.
Service robotics dominates the market with a projected market volume of US$118.90m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.51%, resulting in a market volume of US$266.90m 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 Colombia is experiencing steady growth, driven by factors such as increasing adoption of automation technologies, growing demand for efficient and cost-effective production processes, and the rise of service robotics in various industries. These factors contribute to the average growth rate of the market, while advancements in technology and government initiatives also play a role in supporting its growth.

Customer preferences: As technology advances and automation becomes more prevalent, Colombian consumers are increasingly turning to robotics solutions for a variety of tasks. This trend is driven by the desire for efficiency and convenience, particularly among younger demographics. Additionally, the rise of e-commerce and delivery services has created a demand for robotics systems in logistics and supply chain management. As a result, the robotics market in Colombia is expected to continue its rapid growth in the coming years.

Trends in the market: In Colombia, 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 productivity in manufacturing and other industries. This trend is expected to continue as companies look for ways to improve their operations and reduce costs. Additionally, there is a growing emphasis on automation and artificial intelligence in the country, which is contributing to the growth of the Robotics Market. This trend has significant implications for industry stakeholders, as it presents opportunities for increased profits and improved processes, but also raises concerns about potential job displacement and the need for upskilling and retraining workers.

Local special circumstances: In Colombia, the Robotics Market is on the rise due to the country's increasing investment in technology and innovation. With a growing economy and a highly skilled workforce, Colombia has become a hub for robotics research and development. Additionally, the government's support for the industry through initiatives such as tax incentives and funding programs has further fueled its growth. Moreover, the country's strategic location in Latin America and its free trade agreements with other countries make it an attractive market for robotics companies looking to expand their reach.

Underlying macroeconomic factors: The Robotics Market in Colombia is significantly impacted by macroeconomic factors such as technological advancements, government initiatives, and investment in research and development. Countries with favorable economic conditions and strong support for innovation are experiencing faster growth in the robotics market compared to regions with economic challenges and limited funding for technological advancements. Additionally, the increasing demand for automation in various industries and the growing need for efficient and cost-effective solutions are driving the growth of the robotics market in Colombia.

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.