Industrial Robotics - Hong Kong | Statista Market Forecast

Revenue in the Industrial Robotics market is projected to reach US$41.17m in 2024.
Electric/electronic industry robotics dominates the market with a projected market volume of US$34.91m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.94%, resulting in a market volume of US$63.16m 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 Hong Kong is experiencing remarkable growth, driven by factors such as increasing adoption of automation, rising demand for efficient production processes, and the convenience offered by robotic solutions in various industries. The market's extraordinary growth rate can be attributed to the strong presence of sub-markets such as Automotive, Chemical, Electric/Electronic, Food, Metal, and Other industries, which are constantly seeking advanced robotic technologies to improve their operations.

Customer preferences: As automation continues to play a crucial role in manufacturing processes, there has been a growing demand for collaborative robots or "cobots" that can work alongside human workers. This trend is driven by the need for increased efficiency and safety in the workplace, as well as the rising costs of labor in Hong Kong. Additionally, there is a growing emphasis on incorporating advanced technologies such as artificial intelligence and machine learning into industrial robotics, to further improve productivity and decision-making capabilities.

Trends in the market: In Hong Kong, the Industrial robotics Market is experiencing a surge in demand for collaborative robots, or cobots, which are designed to work alongside humans in factory settings. This trend is driven by the need for increased efficiency and productivity, as well as the rising cost of labor. Additionally, there is a growing interest in using artificial intelligence and machine learning in industrial robotics, which could lead to advancements in autonomous operation and predictive maintenance. These trends have significant implications for manufacturers, as they can improve production processes and reduce costs, but may also raise concerns about job displacement and the need for upskilling workers.

Local special circumstances: In Hong Kong, the Industrial robotics Market within the Robotics Market is influenced by the city's high population density and limited land resources. This has led to a focus on compact and efficient industrial robots, as well as the development of advanced automation technologies to increase productivity. Additionally, the government's initiatives to promote innovation and technology have resulted in a supportive regulatory environment for the growth of the Industrial robotics Market.

Underlying macroeconomic factors: The Industrial robotics market in Hong Kong is impacted by various macroeconomic factors, including global economic trends, national economic health, fiscal policies, and other financial indicators. The market is heavily reliant on the overall economic condition of the country, as it can affect investments, consumer spending, and business operations. In addition, favorable government policies and investments in infrastructure and technology can drive market growth. On the other hand, economic challenges such as trade tensions and political instability can hinder market growth. Furthermore, the increasing demand for automation in industries and the need for efficient and cost-effective production processes are major factors driving the growth of the Industrial robotics market in Hong Kong.

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.