Robotics - Lesotho

Lesotho

Revenue in the Robotics market is projected to reach US$376.90k in 2024.
Service robotics dominates the market with a projected market volume of US$376.90k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -1.52%, resulting in a market volume of US$349.10k 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.

Market

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Analyst Opinion

The Robotics Market in Lesotho is facing minimal decline in growth, influenced by factors such as limited technological infrastructure and lack of awareness among consumers. However, the Industrial and Service robotics sub-markets show potential for growth in the country, driven by the need for automation and efficient service delivery.

Customer preferences: In Lesotho's Robotics Market, there has been a noticeable increase in demand for automation and artificial intelligence solutions, as companies seek to improve efficiency and reduce labor costs. This trend is further fueled by the country's young and tech-savvy population, who are more open to incorporating new technologies into their daily lives. Additionally, the COVID-19 pandemic has accelerated the adoption of robotics in various industries, as companies look for ways to maintain operations while adhering to social distancing measures. This shift towards automation is also driven by the need for reduced human contact and increased safety in the workplace.

Trends in the market: In Lesotho, the Robotics Market is experiencing a surge in the use of automation and machine learning technologies across various industries. This trend is driven by the need for efficiency and cost-effectiveness in production processes. Additionally, there is a growing demand for robotics in the healthcare sector to assist with surgical procedures and patient care. These trends are significant as they are expected to increase productivity and improve the quality of services offered. However, it may also lead to job displacement in traditional labor-intensive industries. Industry stakeholders must prepare for potential disruptions and embrace these advancements to stay competitive in the market.

Local special circumstances: In Lesotho, the Robotics Market is still in its early stages due to the limited access to technology and lack of investment in the sector. However, with the government's efforts to promote STEM education and establish a technology hub, the market is expected to see growth in the coming years. Additionally, the country's unique geography, with its mountainous terrain, presents challenges and opportunities for the use of robotics in agriculture and infrastructure development. The regulatory environment is also relatively relaxed, making it easier for startups and small businesses to enter the market.

Underlying macroeconomic factors: The Robotics Market in Lesotho is heavily influenced by macroeconomic factors such as technological advancements and government policies. With the global trend towards automation and the rise of Industry 4.0, the demand for robotics solutions is on the rise. Additionally, the government's efforts to diversify the economy and attract foreign investments have created a conducive environment for the growth of the robotics market. Furthermore, Lesotho's stable economic health and favorable fiscal policies have also contributed to the market's growth by encouraging business growth and innovation. Overall, these factors are driving the adoption of robotics solutions in Lesotho, making it an attractive market for investment and growth.

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.