Robotics - Serbia

Serbia

Revenue in the Robotics market is projected to reach US$22.87m in 2024.
Service robotics dominates the market with a projected market volume of US$11.44m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.97%, resulting in a market volume of US$33.56m 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 Serbia is experiencing negligible growth, influenced by factors such as limited industrial and service robotics sub-markets, lack of government support, and low investment in research and development. This is hindering the overall market's potential for growth.

Customer preferences: As Serbian society becomes more technologically advanced, there is a growing demand for robotics solutions in various industries. This trend is driven by the need for automation and efficiency in production processes, as well as the desire to reduce labor costs and increase precision and accuracy. Additionally, there is a growing interest in incorporating artificial intelligence and machine learning in robotics, to further enhance their capabilities and adaptability in various tasks and environments. This shift towards advanced robotics solutions is also influenced by the increasing adoption of smart technologies and the growing awareness of the potential benefits they can bring to businesses and society as a whole.

Trends in the market: In Serbia, there is a growing trend towards the use of robotics in various industries such as manufacturing, healthcare, and agriculture. This trend is driven by the government's efforts to attract foreign investment and improve the country's competitiveness. Additionally, there is an increasing demand for automation and efficiency in industries, leading to the adoption of robotics solutions. This trend is expected to continue in the coming years, with the robotics market projected to see significant growth. This has significant implications for industry stakeholders, as they will need to adapt to the changing landscape and invest in robotics technology to remain competitive.

Local special circumstances: In Serbia, the Robotics Market is experiencing growth due to the country's strategic location at the crossroads of Europe and Asia. Its strong industrial base and skilled workforce make it an attractive market for robotics companies looking to expand. However, the market is also affected by the country's history of political instability and economic challenges, which can impact investment and consumer confidence. Additionally, regulations and government policies play a significant role in shaping the market, with efforts to promote innovation and attract foreign investment through tax incentives and subsidies.

Underlying macroeconomic factors: The Robotics Market in Serbia is also 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 demand for robotics solutions is driven by the need for increased efficiency and productivity in manufacturing and other industries, as well as the increasing adoption of automation to address labor shortages. The overall economic health of the country, including factors such as GDP and unemployment rates, also plays a significant role in shaping the growth of the Robotics Market in Serbia.

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.