Robotics - Kuwait

Kuwait

Revenue in the Robotics market is projected to reach US$34.38m in 2024.
Service robotics dominates the market with a projected market volume of US$32.94m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 17.37%, resulting in a market volume of US$76.58m 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.

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Market

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Analyst Opinion

The Robotics market in Kuwait is experiencing rapid growth, driven by factors such as increasing adoption of automation technologies, growing demand for efficient and cost-effective solutions, and rising awareness of the benefits of robotics in various industries. The market's elevated growth rate can be attributed to the government's initiatives to promote the use of robotics in both industrial and service sectors, as well as the country's favorable economic conditions.

Customer preferences: With the rise of automation and technological advancements, consumers in Kuwait are showing a growing interest in robotics for home and business use. This trend is driven by the convenience and efficiency that robots offer in completing tasks and managing daily routines. Additionally, the aging population in Kuwait is fueling the demand for robotic assistive devices to aid in daily living activities. Furthermore, the integration of artificial intelligence and machine learning in robotics is expected to further enhance their capabilities and cater to the evolving needs of consumers.

Trends in the market: In Kuwait, the Robotics Market is experiencing a surge in demand for automation solutions in various industries, such as manufacturing, healthcare, and logistics. This trend is driven by the government's focus on diversifying the economy and reducing reliance on oil. The trajectory of this trend is expected to continue, with further investments in robotics and AI expected in the coming years. This has significant implications for industry stakeholders, as it offers opportunities for increased efficiency, cost savings, and improved productivity. However, it also raises concerns about potential job displacement and the need for upskilling the workforce to adapt to the changing landscape.

Local special circumstances: In Kuwait, the Robotics Market is seeing significant growth due to the country's strong focus on technology and innovation. The government's initiatives to promote a knowledge-based economy and investments in research and development have created a favorable environment for the robotics industry. Additionally, the country's strategic location and stable political climate make it an attractive market for international players. However, strict regulations and cultural norms may present challenges for certain types of robotics, such as those used in healthcare or industrial settings.

Underlying macroeconomic factors: The Robotics Market in Kuwait is affected by macroeconomic factors such as the country's strong investment in technology and infrastructure, as well as its stable economic health. With a growing focus on innovation and automation, Kuwait is poised for significant growth in the robotics market. Additionally, the rise of e-commerce and the need for efficient and cost-effective supply chain management are also driving the demand for robotics solutions. The government's initiatives to promote the adoption of advanced technologies further contribute to the market's growth. Moreover, the increasing demand for automation in various industries, including manufacturing, healthcare, and transportation, is expected to propel the robotics market in Kuwait in the coming years.

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.