Robotics - Guatemala

Guatemala

Revenue in the Robotics market is projected to reach US$21.74m in 2024.
Service robotics dominates the market with a projected market volume of US$20.25m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 17.02%, resulting in a market volume of US$40.76m by 2028.
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.

For more information on the data displayed, use the info button right next to the box.

Market

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Analyst Opinion

The Robotics Market in Guatemala has seen a steady growth rate due to factors such as increasing adoption of technology, growing awareness of its benefits, and the convenience of online services. The sub-markets of Industrial and Service robotics have contributed to this growth, with potential for further expansion in the future. However, challenges such as limited resources and high initial costs may impact the market's overall growth rate in the short term.

Customer preferences: As the demand for automation continues to rise in Guatemala, there has been a noticeable shift towards the adoption of robotic solutions in various industries. This trend is attributed to the country's growing economy and the need for increased efficiency and productivity. Additionally, the younger generation is increasingly embracing technology, creating a favorable environment for the growth of the robotics market. Furthermore, the use of robots for tasks deemed dangerous or labor-intensive is gaining traction, reflecting a cultural shift towards prioritizing safety and convenience.

Trends in the market: In Guatemala, the Robotics Market is seeing a surge in the adoption of automation and artificial intelligence technologies across various industries. With the government's focus on promoting technological advancements, there is a rising trend of incorporating robotics in manufacturing, agriculture, and healthcare. This not only improves efficiency and productivity but also minimizes human error and reduces costs. The trajectory of these trends suggests a growing demand for robotics solutions in the country, creating significant opportunities for industry stakeholders. However, it also raises concerns about potential job displacement and the need for reskilling and upskilling programs to adapt to the changing landscape.

Local special circumstances: In Guatemala, the Robotics Market is still in its early stages but is poised for significant growth due to the country's rapidly developing economy and government efforts to promote technological advancement. With a relatively small population and a large rural sector, the market is heavily focused on agricultural and industrial robotics. The country's unique geography and climate also play a crucial role in shaping the market, as robotics must be designed to withstand extreme weather conditions and rugged terrain. Additionally, the culture of innovation and entrepreneurship in Guatemala has led to a growing number of startups and small businesses in the robotics industry, further driving market growth.

Underlying macroeconomic factors: The Robotics Market in Guatemala is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in the country's infrastructure. With the rise of automation and artificial intelligence globally, companies are increasingly looking to invest in robotics technologies to increase efficiency and reduce costs. Furthermore, favorable regulatory policies and increased funding for research and development in the field of robotics have also contributed to the growth of the market in Guatemala. Additionally, the country's growing population and increasing demand for innovative solutions in various industries, such as manufacturing and healthcare, are driving the demand for robotics technologies.

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.