Industrial Robotics - Canada

Canada

Revenue in the Industrial Robotics market is projected to reach US$179.20m in 2024.
Automotive industry robotics dominates the market with a projected market volume of US$63.99m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.69%, resulting in a market volume of US$225.30m by 2029.
In global comparison, most revenue will be generated in China (US$1,624,000.00k in 2024).

Key regions: France, Italy, United States, South Korea, United Kingdom

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Analyst Opinion

The current industrial revolution is driven by several new technologies, with industrial robotics as one of its key elements.

The connection between robotics, big data, cloud computing, cybersecurity, the Internet of Things, and further technology innovations will shape today’s economies. This enables Industry 4.0 to capitalize on the interconnected nature of machines, processes, and products to streamline and automate them. Therefore, the combination of Industry 4.0 trends is boosting the demand for industrial robotics.

In 2020, 2021, and 2022, however, the growth of the Industrial Robotics segment slowed down because of disrupted supply chains and the semiconductor shortage, caused by the COVID-19 pandemic and the Russia-Ukraine war. A recovery of the growth rates of all industry segments to a positive level is expected only by 2023.

In terms of the current revenue distribution within the Industrial Robotics segment, the two largest subsegments, Automotive Industry Robotics and Electric/Electronic Industry Robotics, account for more than 50% of the segment. However, Other Industry Robotics is expected to become the second-largest subsegment by 2026 and the largest subsegment by 2027. This demonstrates the enormous potential for new use cases of automation in industries that are not yet using robots.

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.