Robotics - Suriname

Suriname

Revenue in the Robotics market is projected to reach US$0.66m in 2024.
Service robotics dominates the market with a projected market volume of US$0.66m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.96%, resulting in a market volume of US$1.11m 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 Suriname is experiencing negligible growth due to factors such as slow adoption of digital technologies, limited awareness about robotics, and lack of convenience in accessing robotics services. This is especially evident in the sub-markets of Industrial and Service robotics, where the demand for automation is still developing. However, the potential for growth in these sub-markets remains high, as the country continues to invest in modernizing its industries and improving its healthcare services.

Customer preferences: In Suriname, the Robotics Market market is seeing a rise in demand for advanced robotic solutions in industries such as manufacturing, healthcare, and agriculture. This can be attributed to the growing awareness and adoption of automation technologies to increase efficiency and productivity. Additionally, the country's young and tech-savvy population is driving the demand for robotics, as their preferences shift towards innovative and high-tech solutions. Furthermore, the emergence of smart cities and the need for sustainable development are also contributing to the growth of the robotics market in Suriname.

Trends in the market: In Suriname, the Robotics Market is experiencing a surge in demand for automation and artificial intelligence. This trend is driven by the need for increased efficiency and cost-effectiveness in various industries, such as manufacturing, healthcare, and agriculture. The trajectory of this trend is expected to continue upwards as companies recognize the benefits of incorporating robotics into their operations. This includes improved productivity, reduced labor costs, and enhanced safety measures. For industry stakeholders, this trend presents both opportunities and challenges, as they navigate the changing landscape of the Robotics Market and its potential implications for their businesses.

Local special circumstances: In Suriname, the Robotics Market is gaining traction due to the country's small size and high population density, making it ideal for implementing automation and robotics solutions. Additionally, the government's push for modernization and technological advancement has created a favorable environment for the growth of the market. The local culture also values efficiency and productivity, further driving the demand for robotics solutions. Furthermore, Suriname's strategic location in the Caribbean region makes it a potential hub for robotics companies looking to expand into other Latin American markets.

Underlying macroeconomic factors: The Robotics Market in Suriname is also impacted by macroeconomic factors such as technological advancements, government policies, and investment in infrastructure. Countries with supportive regulatory environments and robust investments in robotics technology are witnessing higher market growth compared to regions with regulatory barriers and limited funding. Furthermore, the increasing demand for automation and efficiency in industries, coupled with the rising labor costs, is driving the adoption of robotics solutions in Suriname.

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.