Robotics - Cyprus | Statista Market Forecast

Revenue in the Robotics market is projected to reach US$6.55m in 2024.
Service robotics dominates the market with a projected market volume of US$5.74m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.22%, resulting in a market volume of US$11.65m by 2029.
In global comparison, most revenue will be generated United States (US$9.42bn in 2024).

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.

Industrial Robotics
Service Robotics

robots not programmable in two or more axes
robots with no degree of autonomy

The Robotics Market in Cyprus is facing a subdued decline in its growth rate due to factors such as lack of government support, high costs of implementation, and slow adoption of advanced technologies. However, the market is expected to grow in the coming years driven by increasing demand for automation in industries and rising need for efficient and cost-effective services in various sectors.

Customer preferences: As technology continues to advance, consumers in the Robotics Market are increasingly looking for more efficient and automated solutions for various tasks. This has led to a rise in demand for AI-powered robots that can perform complex tasks with precision and speed. Furthermore, with the growing emphasis on sustainability and eco-friendliness, there is a growing trend towards the development of robots that are powered by renewable energy sources, such as solar or wind power. This shift is driven by the need for more environmentally-friendly and cost-effective solutions in the market.

Trends in the market: In Cyprus, the Robotics Market is experiencing a surge in demand for automation solutions, particularly in the manufacturing and logistics sectors. This trend is driven by the need for increased efficiency and cost savings, as well as the growing availability of advanced technologies such as AI and IoT. As a result, companies are investing in robotic systems to streamline their operations and reduce their reliance on manual labor. This trend is expected to continue, with the Robotics Market projected to grow significantly in the coming years. For industry stakeholders, this presents opportunities for expansion and innovation, but also potential challenges in terms of adapting to new technologies and competition from global players. Overall, the trajectory of this trend highlights the growing importance of robotics in the Cypriot economy and its potential to drive economic growth and development.

Local special circumstances: In Cyprus, the Robotics Market is influenced by its strategic location as a gateway between Europe, Asia, and Africa. This has attracted international companies to establish their presence in the country, leading to a robust market. Additionally, the country's strong educational system and government support for research and development have fostered a skilled workforce and innovative startups. However, the market faces challenges due to limited local demand and a small population, prompting businesses to focus on exports.

Underlying macroeconomic factors: The Robotics Market in Cyprus is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong government support and funding for robotics technology are experiencing faster market growth compared to regions with limited support and funding. Additionally, the growing global demand for automation and the increasing adoption of robotics in various industries, such as manufacturing, healthcare, and logistics, are also driving the growth of the Robotics Market in Cyprus. Moreover, the country's stable economic health and favorable business environment are attracting foreign investment and promoting market growth.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Despite the frightening, almost Terminator-esque, way the phrase “there are robots everywhere” might sound, the increased use of robotics has been a boon to both consumers and enterprises worldwide. The industrial robot market has seen steady growth across the globe and is expected to continue growing as automation becomes ever more vital to businesses. This stems largely from mechanical automation, reducing production costs and improving efficiency. This increased demand due to greater automation, especially in the United States and Europe, is likely to mean that the price increase per robot unit will remain modest.