Robotics - Dominican Republic

Dominican Republic

Revenue in the Robotics market is projected to reach US$21.43m in 2024.
Service robotics dominates the market with a projected market volume of US$16.46m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 14.91%, resulting in a market volume of US$42.94m 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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Market

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Analyst Opinion

The Robotics market in Dominican Republic is facing a negligible decline in growth rate due to factors such as limited adoption of digital technologies, low health awareness among consumers, and lack of convenience offered by online services. This is particularly evident in the Industrial and Service sub-markets, where the use of robotics is not widespread and there is a lack of awareness about its potential benefits. Efforts to increase awareness and improve accessibility to digital technologies could help drive growth in the overall market.

Customer preferences: The Dominican Republic is experiencing a growing trend towards automation and robotics in various industries, driven by the need for efficiency and cost-effectiveness. This has led to an increased demand for advanced robotic solutions, such as collaborative robots and automated systems, in manufacturing and logistics. Additionally, the rise of e-commerce and online shopping has also fueled the adoption of robotics in warehouses and fulfillment centers, as companies seek to improve their supply chain operations. This shift towards automation is also influenced by the country's young and tech-savvy population, who are more open to embracing new technologies.

Trends in the market: In Dominican Republic, the Robotics Market is experiencing a surge in demand for industrial robots, particularly in the manufacturing sector. This trend is expected to continue as businesses seek to improve efficiency and reduce labor costs. Additionally, there is a growing interest in the use of collaborative robots, or "cobots," which can work alongside human workers and perform repetitive tasks. This trend is significant as it enables companies to increase productivity and improve workplace safety. However, it may also have implications for job displacement and the need for retraining workers. As technology continues to advance, it will be crucial for industry stakeholders to keep up with the trajectory of these trends to remain competitive in the market.

Local special circumstances: In the Dominican Republic, the Robotics Market is influenced by the country's strong focus on tourism and manufacturing industries, which drive the demand for automation and advanced technologies. Additionally, the government's investment in STEM education and initiatives to promote innovation and entrepreneurship have created a favorable environment for the growth of the robotics market. The country's strategic location and trade agreements also make it an attractive market for robotics companies looking to expand in the Latin American region.

Underlying macroeconomic factors: The growth of the Robotics Market in the Dominican Republic is influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. The country's stable economic growth and favorable business environment have attracted foreign direct investment in the technology sector, leading to the adoption of robotics solutions in various industries. Moreover, the rising demand for automation in manufacturing and logistics, as well as the need for cost-effective solutions, are driving the growth of the robotics market in the country.

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.