Robotics Industry in South Korea
How do we define a market as a robotics market? The industry includes the development department, designing, and manufacturing, as well as finally deploying the robotic systems and technologies on the customer end.
The market is known for providing robotic services to different sectors such as manufacturing, healthcare, agriculture, logistics, defense, and entertainment.
In 2024, the revenue of the robotics market is projected to reach US$0.97 bn (stated in Statista). The service robotics are dominating the market with a projected market volume of US$0.60 bn in 2024.
Within the CAGR (2024-2028), revenue is expected to show an annual growth rate of 3.89%, resulting in a market volume of US$1.13 bn by 2028.
In 2022, the revenue recorded by the robot industry in South Korea was approximately 10.1 trillion South Korean won with a 5.5% growth as compared to the previous year. (Statista).
Service robotics are the important ones that dominate the market with a projected volume of 0.60 billion US dollars in 2024. The service robots are mainly designed for applications such as healthcare, logistics, and household assistance.
Japan is one of the powerhouses in robotics with an expectation of earning around 2.53 billion US dollars in robotics revenue in 2024.
Germany is known for its precision engineering and automation, with a revenue projected to be 3.12 billion US dollars from the robot industry.
As the world is synchronizing towards the robots, AI and ML. The environment for the robots is also improving with energy efficiency, enabling a reliable and secure robotic environment for the co-workers.
The robots a better and easy to use for the co-workers.
As per the coolest gadgets,
25% of the capital is planned to be spent on robots by the Industrial companies over the next five years.
Around 14% of the jobs are considered to be replaced by robots globally. In 2023, Asia got the highest number of robots, with 263.4 thousand units.
As per the chart below, the maximum revenue created by the manufacturing robot industry in South Korea in 2018, was around 3.42 trillion South Korean won.
The industrial leaders in the robot companies in 2019, Neuromeka, Doosan Robotics, Rainbow Robotics, and Hyundai Robotics.
The industrial leaders in the robot companies in 2019, were Neuromeka, Doosan Robotics, Rainbow Robotics, and Hyundai Robotics.
CEO opinions on robot companies in South Korea (Pre-COVID 19): –
- Eight CEOs believed that domestic robot companies should prioritize Medical and nursing robots.
- Ten CEOs identified the need for robotizing the logistics sectors and this is the most promising post-pandemic area.
- Nine CEOs expressed caution related to the potential of the Chinese robot industry.
The South Korean government also supported the development of Intelligent robots by unveiling a Fourth Basic Plan (2024-2028), emphasizing the robotics industry and adoption of robotic technologies.
Sources:- Statista, coolest gadgets, Industrial Automation, KOISRA, cognitive market research
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