Robotics - Slovakia

Slovakia

Revenue in the Robotics market is projected to reach US$86.90m in 2024.
Industrial robotics dominates the market with a projected market volume of US$62.57m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.43%, resulting in a market volume of US$113.20m 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.

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Analyst Opinion

The Robotics market in Slovakia is experiencing steady growth, influenced by factors such as increasing demand for automation in industries and the rise of service robots. However, the market's growth rate is average decline due to limited adoption in certain sectors and the high cost of robotics technology.

Customer preferences: Consumers in Slovakia are increasingly incorporating robotics into their daily lives, driven by the need for convenience and efficiency. This trend is particularly evident in the healthcare industry, where robotic-assisted surgeries and telemedicine services are gaining popularity. Furthermore, the aging population in the country is also contributing to the rise in demand for robotic solutions, as they provide assistance with daily tasks and improve overall quality of life. This shift towards automation and technology is expected to continue as the country's economy and infrastructure continue to develop.

Trends in the market: In Slovakia, the Robotics Market is experiencing a surge in demand for collaborative robots, driven by the need for flexible and cost-effective automation solutions. This trend is expected to continue as the country's manufacturing industry shifts towards higher levels of automation. Additionally, there is a growing focus on integrating Artificial Intelligence (AI) and Internet of Things (IoT) technologies into robotics, enabling advanced capabilities such as predictive maintenance and autonomous decision-making. This presents significant opportunities for industry stakeholders to tap into the growing market for smart and connected robotics solutions.

Local special circumstances: In Slovakia, the Robotics Market is thriving due to the country's highly skilled workforce and its strategic location at the crossroads of Europe. The government's focus on developing the country's technology sector has also played a significant role in driving market growth. Additionally, Slovakia's close ties with neighboring countries, such as Germany and the Czech Republic, provide opportunities for collaboration and access to advanced technologies. Furthermore, the country's strong manufacturing sector and increasing adoption of automation in industries such as automotive and electronics have contributed to the demand for robotics solutions.

Underlying macroeconomic factors: The Robotics Market in Slovakia is heavily influenced by macroeconomic factors such as technological advancements, government support, and investment in research and development. Countries with strong technological capabilities and favorable government policies are experiencing significant growth in the robotics market. Additionally, the rising demand for automation and efficiency in industries, coupled with the increasing labor costs, is driving the adoption of robotics solutions. Moreover, the country's stable economic conditions and supportive fiscal policies are creating a conducive environment for market growth.

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.