Industrial Robotics - Singapore | Statista Market Forecast

Revenue in the Industrial Robotics market is projected to reach US$192.90m in 2024.
Electric/electronic industry robotics dominates the market with a projected market volume of US$130.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.54%, resulting in a market volume of US$240.80m 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 Singapore is experiencing subdued growth due to a combination of factors like slow adoption of digital technologies in sub-markets, limited awareness among consumers, and the convenience offered by traditional methods. However, with the potential for growth in various industries such as automotive, chemical, electric/electronic, food, and metal, the market is expected to pick up pace in the coming years.

Customer preferences: As Singapore continues to position itself as a leading hub for advanced manufacturing, the demand for industrial robotics is on the rise. This trend is fueled by a shift towards automation and digitalization in the manufacturing sector, driven by the need for greater efficiency and productivity. Additionally, there is a growing preference for collaborative robots, also known as cobots, due to their ability to work alongside humans and their flexibility in adapting to changing production needs. This indicates a shift towards more human-centric and adaptable solutions in the industrial robotics market. Furthermore, with the rise of smart factories and Industry 4.0, there is a growing demand for robots equipped with advanced technologies such as artificial intelligence and machine learning. This enables robots to perform more complex tasks and adapt to changing environments, making them more valuable assets in the manufacturing process. Overall, the industrial robotics market in Singapore is witnessing a shift towards advanced and flexible solutions, driven by the need for greater efficiency and adaptability in the manufacturing sector.

Trends in the market: In Singapore, the Industrial robotics market is experiencing a shift towards collaborative robots, or "cobots", which work alongside human workers to increase efficiency and productivity. This trend is driven by the country's aging workforce and the need for advanced automation solutions. Moreover, there is a growing demand for flexible and modular robotics solutions to cater to the diverse needs of different industries. This trend is expected to continue in the future, with the potential to revolutionize the manufacturing sector and drive economic growth. However, it also poses challenges for stakeholders, such as the need for upskilling and reskilling workers to adapt to the changing workforce landscape.

Local special circumstances: In Singapore, the Industrial robotics market is thriving due to the country's strategic location as a major trade hub and its highly skilled workforce. The government's strong support for innovation and technology is also a key factor in the market's growth. Additionally, Singapore's strict regulations on labor and safety standards have led to the development of advanced and safe industrial robots, catering to the high demand from industries such as electronics and automotive manufacturing. The country's emphasis on sustainable and efficient production processes has further boosted the adoption of industrial robotics, making Singapore a leader in the global market.

Underlying macroeconomic factors: The Industrial robotics Market within the Robotics Market is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in manufacturing infrastructure. In countries with favorable business environments and strong investment in industrial automation, the market is experiencing rapid growth compared to regions with limited government support and outdated manufacturing facilities. Furthermore, the increasing demand for efficient and cost-effective production processes due to global economic trends and the rising labor costs is driving the adoption of industrial robotics in various industries.

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.