Robotics - Latvia

Latvia

Revenue in the Robotics market is projected to reach US$22.50m in 2024.
Service robotics dominates the market with a projected market volume of US$18.42m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.51%, resulting in a market volume of US$38.79m 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.

For more information on the data displayed, use the info button right next to the box.

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Analyst Opinion

The Robotics Market in Latvia has been experiencing minimal growth, influenced by factors such as slow adoption of digital technologies, lack of awareness among consumers, and limited convenience offered by online services. This can be attributed to the underdeveloped sub-markets of Industrial and Service robotics in the country.

Customer preferences: The Robotics Market in Latvia has seen a notable increase in demand for automation solutions in various industries such as manufacturing, logistics, and healthcare. This can be attributed to the rising focus on efficiency and productivity, as well as the need for contactless operations in the wake of the COVID-19 pandemic. Additionally, there is a growing trend towards incorporating Artificial Intelligence and machine learning technologies in robotics, further driving the market growth.

Trends in the market: In Latvia, the Robotics Market is experiencing a shift towards collaborative robots, also known as cobots. These robots are designed to work alongside humans, increasing efficiency and safety in manufacturing processes. Additionally, there is a growing trend of using robots for logistics and warehousing, with companies adopting automated systems to handle inventory and order fulfillment. This trend is expected to continue as the demand for advanced robotics solutions rises. Industry stakeholders can capitalize on this trend by investing in cobot technology and developing innovative solutions for logistics and warehousing. However, this trend may also lead to job displacement and require retraining for workers, highlighting the need for collaboration between businesses and governments to ensure a smooth transition towards a more automated workforce.

Local special circumstances: In Latvia, the Robotics Market has been steadily growing due to the country's strong focus on innovation and technology. The government has implemented policies to support the development of robotics, leading to a favorable environment for startups and research institutions. Additionally, the country's small size and proximity to other European markets make it an ideal testing ground for new robotic products. This has also led to an increase in partnerships between local and international companies, further driving the growth of the market.

Underlying macroeconomic factors: The Robotics Market in Latvia is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with favorable regulatory environments and strong investment in robotics technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding for innovation. Additionally, the increasing demand for automation and cost-effective solutions in various industries, along with the growing trend of using robotics and AI in manufacturing processes, is driving the growth of the Robotics Market in Latvia.

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.