The robotics industry in Australia is poised for significant growth in 2024, driven by advancements in both technology and market dynamics.
With an increasing focus on automation across various sectors, the Australian robotics market is projected to reach AU$1.012 billion in revenue in 2024.
Service robotics is expected to dominate this market, with a projected volume of AU$884.50 million.The overall market is forecasted to grow at a compound annual growth rate(CAGR) of 2.18% from 2024 to 2028, leading to a market volume of AU$1.103billion by 2028.
Notable players include FBR Limited (ASX: FBR), which specialises in robotic construction technology, and Advanced Navigation (ASX: ADV), known for its navigation androbotics solutions for autonomous vehicles.
Elsight Ltd (ASX:ELS) is a leading Australian technology company specialising in secure data transmission solutions.
Elsight has established itself as a critical player in the rapidly evolving field of drone technology, providing essential communication solutions that support the growing demand for UAVs in sectors such as agriculture, defence, emergency response, and environmental monitoring.
Recently, Elsight formed a strategic partnership with Lockheed Martin, one of the world's largest aerospace and defence companies. This collaboration focuses on integrating Elsight’s cutting-edge communication technology into Lockheed Martin's UAV platforms.
The partnership aims to enhance the capabilities of these platforms by ensuring uninterrupted,secure communication, which is crucial for both civilian and military applications.
These companies represent a growing segment of the market, leveraging cutting-edge technologies to enhance their offerings and expand their market presence.
The industrial robotics segment, while smaller than service robotics, is also seeing substantial investments. The integration of AI and machine learning in robotics is expected to drive further advancements and adoption.
This is evidenced by global trends indicating a significant shift towards more intelligent and autonomous robotic systems capable of handling complex tasks across various industries.
In terms of economic impact, the global robotics market is projected to grow from approximately $25 billion to between $160 billion and $260 billion by 2030.
This growth is driven by increasing demand for professional service robots, which are anticipated to generate sales that may more than double those of industrial and logistics robots
Future Trends in Robotics
The incorporation of AI and machine learning into robotics is expected to drive further advancements, enabling robots to perform more complex tasks autonomously. This trend is likely to lead to the development of more intelligent and adaptable robotic systems.
While the manufacturing and logistics sectors have traditionally dominated the robotics market, there is a growing interest in healthcare, agriculture, and environmental applications. These new sectors are expected to drive significant growth in the coming years.
The influx of capital into the robotics sector is set to continue, with both private and public investments driving innovation and development.
The Australian government’s supportive policies are also expected to play a crucial role in this growth.
The robotics industry in Australia is on the brink of a significant transformation, with projections indicating robust growth driven by technological advancements and increased market demand.
ASX-listed companies such as WiseTech Global, Elsight Ltd, FBR Limited, and Advanced Navigation are leading the charge, leveraging innovative technologies to expand their market presence and drive revenue growth.
As the industry continues to evolve, the future looks promising for the Australian robotics market, offering substantial opportunities for investment and development.
With a strategic focus on AI integration, expansion into new sectors, increased investment, and collaborative partnerships, the robotics sector is well-positioned to achieve sustained growth and innovation in the years to come.
For a deeper understanding on Robotics, read éthicacapital's "Robotics – Rise of Drones and Unmanned Aerial Vehicles"here; https://www.ethica.capital/research-insights
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