Robotics - Singapore

Singapore

Revenue in the Robotics market is projected to reach US$404.00m in 2024.
Service robotics dominates the market with a projected market volume of US$211.10m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.09%, resulting in a market volume of US$493.70m 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.

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Analyst Opinion

The Robotics Market in Singapore has been facing a negligible decline in growth rate, influenced by factors such as slower adoption of digital technologies, limited health awareness among consumers, and high costs associated with online health services. However, the market is expected to rebound with the increasing demand for industrial and service robotics in the country.

Customer preferences: As Singapore continues to invest in advanced robotics technology, consumers are increasingly prioritizing convenience and efficiency in their daily lives. This has led to a rise in demand for automation solutions in various industries, such as manufacturing and healthcare. With a growing aging population, there is also a growing need for robotics to assist in elderly care and support. This trend is driven by cultural values of respect for the elderly and a desire for enhanced quality of life. Additionally, the COVID-19 pandemic has accelerated the adoption of robotics for contactless delivery and disinfection.

Trends in the market: In Singapore, the Robotics Market is experiencing a surge in demand for autonomous and collaborative robots, driven by the need for increased efficiency and productivity in various industries. This trend is expected to continue, with a focus on developing advanced technologies such as artificial intelligence and machine learning to further enhance the capabilities of these robots. This trend has significant implications for industry stakeholders, as it presents opportunities for innovation and growth, but also challenges in terms of upskilling the workforce and addressing potential job displacement.

Local special circumstances: In Singapore, the Robotics Market is thriving due to the government's focus on technological advancements and the country's highly skilled workforce in the fields of engineering and computer science. Additionally, the small size of the country allows for efficient testing and implementation of new robotics technologies. The cultural emphasis on efficiency and innovation also contributes to the growth of the market. Furthermore, Singapore's strict regulatory framework ensures the safety and ethical use of robotics, giving consumers confidence in the market.

Underlying macroeconomic factors: The growth of the Robotics Market in Singapore is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong government support and favorable investment policies are experiencing faster market growth compared to regions with limited support and funding. Additionally, the increasing demand for automation and efficiency in industries, along with the rising adoption of robotics in various sectors, is driving the growth of the Robotics Market in Singapore.

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.