Robotics - Lithuania

Lithuania

Revenue in the Robotics market is projected to reach US$39.32m in 2024.
Service robotics dominates the market with a projected market volume of US$32.01m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -2.47%, resulting in a market volume of US$34.69m 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 Lithuania is experiencing minimal decline in its growth rate, influenced by factors such as increasing adoption of automation, growing demand for efficient and cost-effective solutions, and advancements in technology. These developments are driving the overall market growth, including its sub-markets of Industrial and Service robotics. Additionally, the rising awareness of the benefits of robotics and the convenience it offers in various industries are contributing to the market's expansion in Lithuania.

Customer preferences: As the use of robots continues to grow in Lithuania, there has been a noticeable shift towards more advanced and sophisticated technology. Consumers are increasingly looking for robots with advanced features and capabilities, such as artificial intelligence and machine learning, to improve efficiency and productivity. This trend is driven by the growing demand for automation and the need for businesses to stay competitive in the global market. Additionally, there is a growing interest in robots for personal use, such as household chores and entertainment, as consumers look for ways to simplify their daily tasks and enhance their leisure activities. This shift towards advanced and versatile robots is also influenced by the country's tech-savvy population and its strong focus on innovation and technology.

Trends in the market: In Lithuania, the Robotics Market is experiencing a surge in demand for collaborative robots, also known as cobots. These robots are designed to work alongside humans, increasing efficiency and safety in manufacturing processes. This trend is expected to continue as companies seek to improve productivity and reduce costs. Additionally, there is a growing interest in artificial intelligence and machine learning in the robotics industry, with advancements in these technologies enabling robots to perform more complex tasks. This presents opportunities for industry stakeholders to invest in research and development and collaborate with technology companies to stay competitive in the market. However, this trend also raises concerns about potential job displacement and the need for retraining and upskilling of workers in the field of robotics. As such, it is crucial for stakeholders to carefully consider the social and ethical implications of these advancements.

Local special circumstances: In Lithuania, the Robotics Market is witnessing significant growth due to the country's highly skilled workforce and its focus on technology and innovation. With a strong presence of multinational companies and a favorable business environment, Lithuania has emerged as a hub for robotics and automation. Additionally, the government's initiatives to promote the adoption of advanced technologies, such as Industry 4.0, have further fueled the market growth. Furthermore, the country's strategic location and its membership in the European Union provide easy access to the region's market, making it an attractive destination for robotics companies.

Underlying macroeconomic factors: The Robotics Market in Lithuania is heavily impacted by macroeconomic factors such as technological advancements, government support, and investment in research and development. With a strong focus on innovation and a growing economy, Lithuania offers a favorable environment for the growth of the robotics industry. Additionally, the country's skilled labor force and supportive business climate contribute to the market's success. Furthermore, the increasing demand for automation and the need for efficient and cost-effective solutions across various industries drive the demand for robotics in Lithuania.

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.