Robotics - Guinea

Guinea

Revenue in the Robotics market is projected to reach US$2.74m in 2024.
Service robotics dominates the market with a projected market volume of US$2.74m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.15%, resulting in a market volume of US$3.87m 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.

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

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Analyst Opinion

The Robotics market in Guinea is experiencing subdued growth, impacted by factors such as limited adoption of digital technologies and low health awareness among consumers. However, the convenience offered by online services could potentially drive growth in the future.

Customer preferences: With the rise of automation and technological advancements in the Robotics Market, consumers are becoming more interested in smart home devices and voice-activated assistants. This trend is driven by the desire for convenience and efficiency in daily tasks, as well as the increasing adoption of connected homes. Additionally, the growing aging population is fueling demand for robotic assistance in healthcare, as it offers a solution for individuals with limited mobility or chronic conditions.

Trends in the market: In Guinea, the Robotics Market is experiencing a rise in demand for industrial robots, particularly in the manufacturing sector. This trend is driven by the need for increased efficiency and productivity in the production process. Additionally, there is a growing trend of using robotics in healthcare, with the development of robotic surgical systems and assistive robots for the elderly and disabled. These trends indicate a shift towards automation and advanced technology in the country. For industry stakeholders, this presents opportunities for growth and innovation, but also raises questions about job displacement and the need for upskilling and reskilling of the workforce. As the adoption of robotics continues to increase in Guinea, it will be important for stakeholders to stay informed and adapt to the changing landscape.

Local special circumstances: In Guinea, the Robotics Market is still in its infancy, but holds immense potential for growth. The country's economy is heavily dependent on agriculture and mining, and there is a growing need for automation and advanced technology in these industries. Furthermore, the government has announced plans to diversify the economy and attract foreign investment, which could also drive the demand for robotics solutions. However, the lack of infrastructure, skilled labor, and technological awareness could pose challenges to the market's growth. Additionally, the cultural preference for traditional labor and the limited adoption of new technology could also hinder the market's progress.

Underlying macroeconomic factors: The growth of the Robotics Market market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in industrial infrastructure. Countries with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding for industrial development. Additionally, the increasing demand for automation and efficiency in manufacturing processes, coupled with a growing need for labor-saving solutions, is driving the adoption of robotics in various industries globally.

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.