Robotics - Nigeria

Nigeria

Revenue in the Robotics market is projected to reach US$288.60m in 2024.
Service robotics dominates the market with a projected market volume of US$288.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 16.42%, resulting in a market volume of US$617.10m 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

Region

Region comparison

Currency

Analyst Opinion

The Robotics Market in Nigeria is experiencing mild decline, due to factors such as slow adoption of digital technologies, limited health awareness among consumers, and challenges in online service delivery. This has resulted in a slower growth rate compared to other regions globally. However, with the increasing focus on industrial and service robotics, the market is expected to see a gradual rise in the coming years.

Customer preferences: As technology continues to advance, consumers in Nigeria are increasingly looking for innovative solutions to enhance their daily lives. This has led to a growing interest in robotics for household chores and industrial applications. Additionally, with the rise of e-commerce and online shopping, there is a growing demand for automated delivery systems and drones. This trend is driven by the desire for convenience and efficiency, as well as the need for contactless delivery options during the pandemic.

Trends in the market: In Nigeria, the Robotics Market is experiencing a rise in automation and artificial intelligence, with businesses using robots for various tasks such as manufacturing, logistics, and customer service. This trend is expected to continue as companies seek to increase efficiency and reduce costs. Additionally, there is a growing interest in using drones for delivery and surveillance purposes. These trends have significant implications for industry stakeholders, as they may lead to job displacement and the need for upskilling workers to adapt to these new technologies. It also presents opportunities for businesses to innovate and stay competitive in the market.

Local special circumstances: In Nigeria, the Robotics Market is seeing significant growth due to the country's increasing focus on technological advancements and its growing economy. The Nigerian government has implemented policies to support the development of robotics in various industries, including healthcare, agriculture, and manufacturing. Additionally, the country's large population and their openness to new technologies make it a promising market for robotics companies. However, challenges such as limited infrastructure and skilled workforce, as well as cultural attitudes towards automation, may affect the adoption and growth of robotics in Nigeria.

Underlying macroeconomic factors: The Robotics Market in Nigeria is influenced by macroeconomic factors such as technological advancements, government support, and investment in industrial infrastructure. Countries with favorable economic policies and strong investment in robotics technology are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing adoption of automation in various industries and the need for efficiency and cost reduction are driving the demand for robotics solutions in the country.

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.