Robotics - LATAM

LATAM

Revenue in the Robotics market is projected to reach US$1.60bn in 2024.
Service robotics dominates the market with a projected market volume of US$1.11bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 8.90%, resulting in a market volume of US$2.45bn 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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Region comparison

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Analyst Opinion

The Robotics market in LATAM is seeing slow growth due to factors such as limited adoption of digital technologies, lower health awareness among consumers, and challenges in providing online services. However, the sub-markets of Industrial and Service robotics show potential for growth with increasing automation needs in various industries and demand for advanced technology in healthcare and education.

Customer preferences: The adoption of automation and robotics in industries such as manufacturing, agriculture, and healthcare has been on the rise in LATAM. This trend is driven by a growing demand for efficiency and cost savings, as well as a shortage of skilled labor in certain sectors. Additionally, the increasing focus on sustainability and reducing carbon footprint has also led to the incorporation of robotics in various processes. As a result, companies are investing in advanced robotics technologies to not only improve productivity but also reduce their environmental impact.

Trends in the market: In the LATAM region, the Robotics Market is seeing a surge in the adoption of collaborative robots, or cobots, in manufacturing and industrial settings. This trend is driven by the need for increased efficiency and safety in production processes. Additionally, the rise of Industry 4.0 and the Internet of Things has opened up opportunities for advanced robotic systems in the region. These developments have significant implications for businesses, as they can improve productivity and reduce costs. However, there may also be concerns about job displacement and the need for upskilling in the workforce to effectively utilize these technologies.

Local special circumstances: In LATAM, the Robotics Market is heavily influenced by the region's growing manufacturing sector and the increasing adoption of automation solutions in industries such as automotive and electronics. Additionally, the market is driven by the region's strong focus on cost efficiency and productivity, leading to a high demand for industrial robots. However, the lack of skilled labor and the slow pace of regulatory reforms in some countries can hinder the growth of the market.

Underlying macroeconomic factors: The Robotics Market in LATAM is impacted by macroeconomic factors such as technological advancements, government support, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for automation in various industries and the need for cost-effective solutions are driving the adoption of robotics in LATAM. Economic stability, government initiatives, and availability of skilled labor are also key factors influencing the growth of the Robotics Market in the region.

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.