Robotics - Ghana | Statista Market Forecast

Revenue in the Robotics market is projected to reach US$11.37m in 2024.
Service robotics dominates the market with a projected market volume of US$9.75m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 21.91%, resulting in a market volume of US$30.61m 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 Ghana is experiencing moderate growth, with various factors such as increasing industrialization, government initiatives, and advancements in technology driving the market. However, the market growth rate is slightly declining due to challenges such as high initial investment costs and lack of skilled labor. Nonetheless, the market is expected to continue growing as the demand for automation and efficiency in various industries increases.

Customer preferences: Consumers in Ghana are increasingly recognizing the potential of robotics technology to improve efficiency and productivity in various industries. This is driven by the country's growing economy and the need for automation to keep up with global competition. Additionally, cultural values that prioritize education and innovation are spurring interest in robotics education and training. As a result, there has been a rise in demand for robotics-related products and services, such as educational kits and industrial robots, in Ghana.

Trends in the market: In Ghana, the Robotics Market is experiencing a surge in demand for automation solutions, driven by the need for increased productivity and efficiency in various industries such as manufacturing, healthcare, and agriculture. This trend is expected to continue as the government continues to invest in infrastructure development and encourages the adoption of advanced technologies. As such, industry stakeholders such as businesses and investors are increasingly focusing on developing and implementing robotics solutions to stay competitive in the market. Additionally, this trend has the potential to create job opportunities and boost economic growth in the country. However, there may also be challenges in terms of the cost of implementing and maintaining these technologies, as well as potential job displacement for low-skilled workers. It is crucial for stakeholders to carefully consider the implications of these trends and strategize accordingly to ensure sustainable growth in the Robotics Market in Ghana.

Local special circumstances: In Ghana, the Robotics Market is still in its nascent stage, with the country's technology infrastructure and workforce slowly catching up to global standards. However, the government's focus on promoting STEM education and investment in research and development is expected to drive growth in the market. Additionally, the country's strong agricultural sector and increasing interest in industrial automation are key factors that will shape the demand for robotics in Ghana. Furthermore, Ghana's unique regulatory environment, with a focus on promoting local content and supporting local businesses, may present both challenges and opportunities for international companies looking to enter the market.

Underlying macroeconomic factors: The Robotics Market in Ghana is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries that have favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for automation, particularly in industries such as manufacturing and healthcare, is driving the growth of the Robotics Market in Ghana. Furthermore, the country's stable economic health and growing GDP are creating a conducive environment for businesses to invest in robotics solutions, further boosting 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.