Robotics - South Korea

South Korea

The Robotics market in South Korea is expected to witness significant growth in the coming years.
According to projections, the revenue in this market is projected to reach US$1.64bn South_Korean Won by 2024.
Within the Robotics market, the Service robotics segment is expected to dominate, with a projected market volume of US$0.73bn South_Korean Won by 2024.
This indicates the growing demand for robotic services in various industries.
Furthermore, the revenue in the Robotics market is expected to showcase an annual growth rate of 7.37% from 2024 to 2028.
This steady growth is anticipated to result in a market volume of US$2.18bn South_Korean Won by 2028.
In a global comparison, in the United States is projected to generate the highest revenue in the Robotics market, with an estimated value of US$7,846.00m US Dollars by 2024.
This highlights the significant market potential in the United States.
Overall, the Robotics market in South Korea is poised for substantial growth, driven by the increasing adoption of robotics in various sectors.
With its advancements in technology and strong market players, in South Korea is well-positioned to capitalize on the opportunities presented by the Robotics market.
South Korea is at the forefront of robotics innovation, with its government investing heavily in research and development to drive technological advancements in this market.

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 is shaped by various trends, e.g., the Industrial Internet of Things, mobile autonomous robots, collaborative robots, and/or open-source software. In addition, trending topics such as 5G, edge computing, and smart mobility influence the market.

Especially artificial intelligence (AI) is boosting further innovation in the field of automation. AI in robotics is becoming more sophisticated, and the use of self-learning robots are becoming more popular. In addition to that, the possibility to collect and analyze data from intelligently automated processes allows manufacturers and service providers to make data-driven decisions.

Furthermore, the COVID-19 pandemic has left some sectors struggling to fill job vacancies. Robot solutions can also partially compensate for these deficits or assist the remaining employees, for example, in retail or hospitality, that have been faced with challenges due to staff shortages.

The trend of simplification is another driver of the Robotics market. With decreasing implementation efforts, robotics is also gaining importance in industries that have not used robots in the past. Robot manufacturers try to make their products easier to use by providing holistic offerings, i.e., bundling hardware packages with software solutions, which facilitates easier implementation of autonomous setups.

With all these trends driving the Robotics market, it is expected to continue growing in the future, resulting in positive revenue growth rates in the forecast period.

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.