Industrial Robotics - Cyprus | Statista Market Forecast

Revenue in the Industrial Robotics market is projected to reach US$806.50k in 2024.
Other industry robotics dominates the market with a projected market volume of US$613.40k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 21.83%, resulting in a market volume of US$2.17m by 2029.
In global comparison, most revenue will be generated China (US$1.62bn in 2024).

Definition:

The Industrial Robotics market covers use cases that focus on the design, manufacturing, and deployment of robotic systems for industrial applications. The market encompasses the use of robots and automation technologies in manufacturing processes, assembly lines, and other industrial settings. This is to improve productivity, efficiency, and precision.

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.

The top five industries that use robotics are the automotive, chemical, metal, electronic, and food industries; however, other industries are also implementing various robotics use cases, but not on the same scale as these top five.

Structure:

The Industrial Robotics market is further split into Automotive Industry Robotics, Chemical Industry Robotics, Electric/Electronic Industry Robotics, Food Industry Robotics, Metal Industry Robotics, and Other Industry Robotics.

Additional information:

The market comprises revenues, volume, and the average price per newly installed robot. It also includes the share of collaborative robots, 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. Software revenues are not included, as industrial robots are mostly used with specific software solutions that belong to the company that deploys them.

Key players in the market include ABB, Epson Robotics, Midea Group, and Yaskawa Electric Corporation.

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Automotive Industry Robotics
Chemical Industry Robotics
Electric/Electronic Industry Robotics
Food Industry Robotics
Metal Industry Robotics
Other Industry Robotics

robots used in non-industrial environments

The Industrial Robotics market in Cyprus is experiencing remarkable growth, driven by factors such as increasing adoption of automation technologies, rising demand for efficiency and productivity in various industries, and the convenience offered by robotic solutions. The market's extraordinary growth rate can be attributed to the high demand in sub-markets such as Automotive, Chemical, Electric/Electronic, Food, Metal, and Other industries.

Customer preferences: As the Industrial robotics Market continues to grow in Cyprus, there has been a noticeable trend towards automation and digitization in manufacturing processes. This is driven by the need for increased efficiency and productivity, as well as the adoption of advanced technologies such as Internet of Things (IoT) and artificial intelligence (AI). Additionally, there has been a shift towards more flexible and customizable production methods, catering to the diverse and evolving needs of consumers. This has also led to an increased focus on sustainability and environmental impact, with companies investing in eco-friendly and energy-efficient solutions.

Trends in the market: In Cyprus, there is a growing demand for collaborative robots in the industrial sector, as they offer increased flexibility and safety for workers. Additionally, there is a trend towards integrating artificial intelligence and machine learning into industrial robots, allowing for more advanced automation and predictive maintenance. These developments have significant implications for industry stakeholders, as they can increase productivity, reduce costs, and improve overall efficiency. However, there may also be concerns about job displacement and the need for upskilling workers to adapt to these advancements in technology.

Local special circumstances: In Cyprus, the Industrial robotics Market within the Robotics Market is influenced by the country's strategic location at the crossroads of Europe, Asia, and Africa. This has led to a high demand for automation in the manufacturing and logistics sectors. Additionally, the country's favorable tax and regulatory environment, along with its skilled workforce, have attracted significant investments in the robotics industry. These factors have contributed to the rapid growth of the Industrial robotics Market in Cyprus.

Underlying macroeconomic factors: The growth of the Industrial robotics market in Cyprus is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in industrial infrastructure. Countries with favorable economic conditions and strong government initiatives are experiencing faster market growth compared to regions with economic challenges and limited funding for industrial development. Additionally, the increasing demand for automation and efficiency in manufacturing processes, combined with the rising labor costs, is driving the adoption of industrial robotics in the country.

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.