Robotics - Hong Kong

Hong Kong

Revenue in the Robotics market is projected to reach US$174.80m in 2024.
Service robotics dominates the market with a projected market volume of US$133.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.59%, resulting in a market volume of US$229.40m 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.

Market

Region

Region comparison

Currency

Analyst Opinion

The Robotics Market in Hong Kong is experiencing slow growth due to factors such as limited adoption of advanced technologies, low awareness among consumers, and lack of convenience in accessing robotic services. This is seen in both the industrial and service sub-markets.

Customer preferences: As Hong Kong's population ages, there is a growing demand for robotics in the healthcare sector. This is driven by the need for advanced and efficient healthcare solutions, as well as the desire for personalized and convenient care. Consumers are increasingly open to using robots for tasks such as medication management and physical rehabilitation. Additionally, the integration of artificial intelligence and machine learning in robotics is expected to improve the overall quality of care and further drive the market growth.

Trends in the market: In Hong Kong, the Robotics Market is experiencing a surge in demand for Artificial Intelligence (AI) and Internet of Things (IoT) technologies. This is driven by the city's push for digital transformation and the increasing adoption of automation in various industries such as manufacturing, healthcare, and logistics. As a result, there is a growing trend of integrating AI and IoT solutions to create smarter and more efficient robots. This trend is expected to continue as companies strive to improve productivity, reduce costs, and enhance customer experiences. Industry stakeholders should closely monitor these developments and invest in the necessary technologies to stay competitive in the market.

Local special circumstances: In Hong Kong, the Robotics market is thriving due to the city's advanced technological infrastructure and government initiatives promoting innovation. The densely populated urban landscape and high labor costs have also fueled the demand for automation and robotics solutions. Additionally, the cultural emphasis on efficiency and productivity has led to the adoption of robotics in various industries, such as manufacturing and logistics. Furthermore, the city's strict regulations and safety standards have ensured the development of high-quality and reliable robotics products, making Hong Kong a leading market in the field.

Underlying macroeconomic factors: The Robotics Market in Hong Kong is heavily influenced by macroeconomic factors, such as technological advancements, government support, and investments in infrastructure. Hong Kong's strong economy and favorable regulatory environment have allowed for rapid growth in the robotics industry. Additionally, the increasing demand for automation and efficiency in various industries, coupled with the aging population, has led to a higher demand for robotics solutions in Hong Kong. This trend is expected to continue as the country continues to invest in innovative technologies and improve its business climate.

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.