Robotics - North Macedonia

North Macedonia

Revenue in the Robotics market is projected to reach US$2.23m in 2024.
Service robotics dominates the market with a projected market volume of US$2.23m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.07%, resulting in a market volume of US$3.77m 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 North Macedonia is facing a negligible decline in growth rate, influenced by factors such as limited adoption of digital technologies, lack of awareness among consumers, and limited access to online services. The slow growth can also be attributed to the country's focus on traditional industries and underdeveloped infrastructure. However, with the increasing demand for automation in both industrial and service sectors, the market is expected to witness growth in the coming years.

Customer preferences: As the adoption of automation and artificial intelligence continues to grow in North Macedonia, the Robotics Market market is also experiencing a shift in consumer preferences. With advancements in technology, consumers are increasingly seeking more efficient and precise solutions for tasks that were previously done manually. This trend is driven by the need for increased productivity and cost-effectiveness in industries such as manufacturing, healthcare, and logistics. Additionally, as the country's population ages, there is a growing demand for robotics in elder care and assisted living facilities. This shift towards robotics is also influenced by the cultural value placed on innovation and progress in North Macedonia.

Trends in the market: In North Macedonia, the Robotics Market is experiencing a surge in demand for industrial robots, driven by the country's growing manufacturing sector. This trend is expected to continue, with automation becoming a key focus for businesses seeking to improve efficiency and reduce costs. Additionally, there is a rise in the adoption of collaborative robots, which work alongside humans and require minimal safety measures. This trend is significant as it allows smaller businesses to enter the market and compete with larger players. However, it also has implications for labor, as it could potentially lead to job displacement. To stay competitive, industry stakeholders must invest in advanced robotics technology and ensure proper training for employees to adapt to this changing landscape.

Local special circumstances: In North Macedonia, the Robotics Market is experiencing growth due to the country's strategic location and favorable trade agreements with neighboring countries. The market is also influenced by the country's growing manufacturing sector and investments in advanced technologies. Additionally, the government's initiatives to promote innovation and entrepreneurship are driving the development of the Robotics Market. These factors, combined with a skilled labor force and lower production costs, make North Macedonia a competitive market for robotics companies.

Underlying macroeconomic factors: The Robotics Market in North Macedonia is influenced by various macroeconomic factors, such as technological advancements, government support, and investment in infrastructure. Regions with favorable regulatory environments and strong investment in robotics technologies are experiencing faster market growth compared to those with regulatory challenges and limited funding. The increasing need for automation and efficiency in industries, along with the rising adoption of advanced technologies, is driving the demand for robotics in the country. Additionally, the growing demand for skilled labor and the need to reduce labor costs are further propelling the growth of the Robotics Market in North Macedonia.

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.