Robotics - Mongolia

Mongolia

Revenue in the Robotics market is projected to reach US$2,910.00k in 2024.
Service robotics dominates the market with a projected market volume of US$2,863.00k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.39%, resulting in a market volume of US$2,853.00k 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 Mongolia is experiencing subdued decline in growth rate, impacted by factors such as limited adoption of digital technologies and low awareness among consumers. The Industrial and Service robotics sub-markets are also affected by the convenience offered by online services.

Customer preferences: Consumers in Mongolia are becoming more interested in robotics as a means to streamline and automate various tasks, from household chores to industrial processes. This trend is driven by the country's growing economy and technological advancements, as well as the desire for increased efficiency and convenience. Additionally, there is a growing demand for robotics in healthcare, as the aging population requires more advanced and personalized care. This shift towards robotics is also influenced by the need for contactless solutions in the wake of the COVID-19 pandemic.

Trends in the market: In Mongolia, the Robotics Market is experiencing a surge in demand for automation solutions in industries such as mining and agriculture. As the country aims to modernize and increase efficiency in these sectors, the use of robots and AI is expected to grow. This trend is significant for industry stakeholders as it presents opportunities for growth and innovation. However, it also raises concerns about potential job displacement and the need for upskilling the workforce. As the trajectory of this trend continues, it will be crucial for stakeholders to collaborate and address these implications to ensure sustainable and inclusive growth in the Robotics Market in Mongolia.

Local special circumstances: In Mongolia, the Robotics Market is gaining traction due to the country's vast, sparsely populated landscape and its heavy reliance on agriculture and mining. This has created a demand for robots and automation in these industries, as well as in construction and infrastructure development. Additionally, Mongolia's close ties with China have resulted in a growing interest in robotics and AI technology, as the country looks to modernize and diversify its economy. However, the market is also influenced by the country's nomadic culture and traditional way of life, which may present unique challenges for robotics adoption and integration.

Underlying macroeconomic factors: The Robotics Market in Mongolia is heavily influenced 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 and efficiency in industries such as manufacturing, healthcare, and logistics is driving the growth of the robotics market in Mongolia. Moreover, the country's stable economic growth and favorable business climate are attracting foreign investments, which further contribute to the development of the robotics market in Mongolia.

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.