Robotics - Norway

Norway

Revenue in the Robotics market is projected to reach US$184.00m in 2024.
Service robotics dominates the market with a projected market volume of US$156.30m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.68%, resulting in a market volume of US$254.20m 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 Norway is experiencing a slow growth rate due to factors such as limited industrial demand and high costs of service robotics. However, the increasing adoption of digital technologies and rising health awareness among consumers could potentially drive growth in the future. The convenience offered by online health services may also play a role in boosting the market.

Customer preferences: As the adoption of automation and artificial intelligence continues to grow in the Norwegian market, there is a notable trend towards more personalized and user-friendly robotics solutions. This is driven by a growing demand for efficiency and precision in industries such as manufacturing and healthcare. Additionally, there is an increasing focus on sustainability and environmental responsibility, leading to the development of eco-friendly robots and autonomous vehicles. This shift towards smarter and greener technology is also reflected in the rising popularity of smart home and personal assistant robots, catering to the evolving lifestyle preferences of Norwegian consumers.

Trends in the market: In Norway, the Robotics market is experiencing a surge in the adoption of collaborative robots (cobots) in various industries, such as manufacturing and healthcare. This trend is driven by the need for increased efficiency, improved safety, and cost-effectiveness. Additionally, the advancements in artificial intelligence and machine learning have enabled robots to perform more complex tasks, further fueling their demand. This trajectory is significant as it is expected to revolutionize the way businesses operate and open up new opportunities for innovation. However, it also raises concerns about the displacement of human workers and the need for reskilling. As a result, industry stakeholders are closely monitoring these trends and investing in research and development to stay competitive in the evolving market.

Local special circumstances: In Norway, the Robotics Market is thriving due to the country's strong focus on technology and innovation. The government has invested heavily in promoting the use of robotics in various industries, such as manufacturing and healthcare. Additionally, the country's small population and high labor costs have made automation a necessity, driving the demand for robotics. Moreover, the Norwegian culture values efficiency and sustainability, making robotics a natural fit in the market. The country's strict regulations on workplace safety and environmental impact have also encouraged the adoption of robotics in industries.

Underlying macroeconomic factors: The Robotics Market in Norway is influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Norway's strong economic health and stable fiscal policies have created a favorable environment for the growth of the robotics market. Additionally, the country's focus on sustainability and its highly skilled workforce have attracted significant investments in the robotics industry. The rising demand for automation and the need for efficient and cost-effective solutions in various sectors, such as manufacturing and healthcare, are also driving the growth of the robotics market in Norway.

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.