Robotics - South Korea

South Korea

Revenue in the Robotics market is projected to reach US$0.97bn in 2024.
Service robotics dominates the market with a projected market volume of US$0.60bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.00%, resulting in a market volume of US$1.18bn 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

Region

Region comparison

Currency

Analyst Opinion

The Robotics market in South Korea has been steadily growing, driven by factors such as technological advancements, increasing demand for automation, and government initiatives. However, the growth rate remains negligible due to high initial costs and limited awareness about the benefits of robotics in both industrial and service sectors. This is expected to change as the market becomes more mature and the demand for efficient and cost-effective solutions increases.

Customer preferences: Consumer demand for advanced and efficient robotic solutions has been on the rise in South Korea, driven by the country's aging population and increasing labor costs. This has led to a growing trend of using robots for tasks such as caregiving, cleaning, and food delivery. Additionally, there is a growing interest in humanoid robots for entertainment and companionship purposes, reflecting the country's cultural emphasis on technology and innovation. As South Korea continues to embrace automation and robotics, it is expected to further drive growth in this market segment.

Trends in the market: In South Korea, the Robotics Market is experiencing a surge in the use of collaborative robots (cobots) in manufacturing and industrial settings. These cobots are designed to work alongside human workers, increasing efficiency and productivity. Additionally, there is a growing trend of using robots in the healthcare sector, especially in eldercare and rehabilitation. This trend is expected to continue as the country's aging population increases. The significance of these trends lies in the potential for South Korea to become a leader in the global robotics market. This could have significant implications for industry stakeholders, as it opens up opportunities for partnerships, investments, and advancements in technology. With government support and a highly skilled workforce, South Korea is well positioned to capitalize on these trends and solidify its position as a key player in the robotics industry.

Local special circumstances: In South Korea, the Robotics Market is thriving due to the country's advanced technology infrastructure and high demand for automation in industries such as manufacturing, healthcare, and defense. Additionally, the government's strong support for research and development in robotics has led to a surge in startups and collaborations with established companies. Furthermore, South Korea's culture of innovation and early adoption of new technologies has created a favorable environment for the growth of the Robotics Market. This unique combination of factors has propelled South Korea to become a global leader in the field of robotics.

Underlying macroeconomic factors: The Robotics Market in South Korea is heavily influenced by macroeconomic factors, such as technological advancements, government support, and investment in research and development. South Korea has a strong reputation for innovation and has been investing heavily in robotics technology, creating a favorable environment for market growth. Additionally, the country's strong economic health and stable fiscal policies contribute to a favorable business climate for robotics companies. With the increasing demand for automation in various industries, South Korea's robotics market is expected to continue its rapid 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.