Robotics - Iceland

Iceland

Revenue in the Robotics market is projected to reach US$6.63m in 2024.
Service robotics dominates the market with a projected market volume of US$5.64m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.45%, resulting in a market volume of US$11.40m 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.

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Analyst Opinion

The Robotics Market in Iceland is experiencing a steady growth rate, driven by factors such as increasing adoption of automation technologies, growing demand for efficient and precise production processes, and the convenience offered by service robots. However, the average decline in the market's growth rate could be attributed to the high initial investment costs and the limited availability of skilled labor in the country.

Customer preferences: The Robotics Market market is experiencing a shift towards automation and advanced technology, driven by the demand for increased efficiency and cost-effectiveness. This trend is influenced by the country's small population and harsh weather conditions, which make manual labor challenging. Additionally, the aging population in Iceland has led to a growing need for robotic solutions in healthcare, eldercare, and other industries to assist with tasks and improve overall quality of life. This has resulted in a rising demand for innovative robotic products and services in the market.

Trends in the market: In Iceland, the Robotics Market is experiencing a surge in the use of collaborative robots (cobots) in various industries such as manufacturing, healthcare, and agriculture. These cobots are designed to work alongside humans, increasing efficiency and safety in the workplace. Additionally, there is a growing trend towards the development of autonomous robots for tasks such as delivery and warehouse management. This trajectory towards increased automation and collaboration has significant implications for industry stakeholders, as it can lead to cost savings, improved productivity, and new job opportunities in the field of robotics and automation.

Local special circumstances: In Iceland, the Robotics Market has been greatly influenced by the country's strong focus on renewable energy and environmental sustainability. This has led to the development of innovative robotic solutions for clean energy production and waste management. Additionally, Iceland's small population and remote location have also driven the adoption of robotics in industries such as fisheries and agriculture, where labor shortages are a common challenge. Furthermore, the country's progressive regulatory environment and government support for research and development have contributed to the growth of the Robotics Market in Iceland.

Underlying macroeconomic factors: The growth of the Robotics Market market in Iceland is influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Iceland's strong focus on innovation and advanced technology has created a favorable environment for the development and adoption of robotics solutions. Additionally, the country's stable economy and supportive government policies have attracted significant investments in the robotics sector, further driving market growth. The increasing demand for automation across industries, coupled with Iceland's skilled workforce and favorable business climate, positions the country as a key player in the global robotics market.

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.