Robotics - Hungary

Hungary

Revenue in the Robotics market is projected to reach US$88.41m in 2024.
Service robotics dominates the market with a projected market volume of US$50.04m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.53%, resulting in a market volume of US$121.30m 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.

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Analyst Opinion

The Robotics Market in Hungary has been facing a negligible decline in growth, influenced by factors such as slow adoption of digital technologies and lack of awareness among consumers. However, the market is expected to see growth in the coming years, driven by the increasing demand for industrial and service robotics in various industries. The convenience and efficiency offered by these technologies are also contributing to the market's growth.

Customer preferences: The Robotics Market in Hungary is experiencing a rise in demand for automated solutions in various industries such as manufacturing, healthcare, and agriculture. This trend is driven by the country's aging population and shortage of skilled labor, leading to a greater reliance on robotics and AI technologies. Additionally, the growing focus on sustainability and efficiency is also fueling the adoption of robots, as they can perform tasks with greater precision and consistency, resulting in reduced waste and increased productivity.

Trends in the market: In Hungary, the Robotics Market is experiencing a surge in the adoption of collaborative robots, as they offer increased flexibility and safety for workers. Robot-as-a-Service (RaaS) models are also gaining popularity, enabling businesses to adopt robotics technology without significant upfront costs. These trends are expected to continue, driven by the need for increased efficiency and productivity in manufacturing processes. This presents opportunities for industry stakeholders to invest in innovative robotics solutions and services, while also addressing potential concerns around job displacement and upskilling of the workforce.

Local special circumstances: In Hungary, the Robotics Market is driven by the country's strong manufacturing industry and government initiatives to promote automation and innovation. The market also benefits from Hungary's central location in Europe, making it a strategic hub for companies looking to expand their reach. Additionally, the country's favorable tax incentives for research and development in the robotics sector have attracted foreign investment. However, the market faces challenges such as a shortage of skilled labor and strict regulatory requirements, which can hinder growth.

Underlying macroeconomic factors: The Robotics Market in Hungary is heavily impacted by macroeconomic factors such as economic stability, government investments in technology, and global market trends. Countries with strong economic growth and supportive policies for the development of robotics are experiencing a surge in demand for advanced robotics solutions. Furthermore, the increasing demand for automation across various industries, coupled with the rising labor costs, is driving the growth of the robotics market in Hungary. Additionally, the country's growing focus on research and development in the field of robotics is expected to further drive market growth in the coming years.

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.