"Leading Next-Generation Robot Development... The Center of Global Robotics Innovation"
"Expected to Account for 30% of the Humanoid Robot Market by 2030"
Global investment bank Morgan Stanley has projected that, as China's robotics market grows rapidly, the country will lead innovation in the global robotics industry.
On June 17, the South China Morning Post (SCMP) reported that, according to a report released by Morgan Stanley the previous day, the size of China's robotics market is expected to grow at an average annual rate of 23%, from $47 billion (approximately 63.9 trillion won) in 2024 to $108 billion (approximately 147 trillion won) in 2028.
A robot holding a medicine box at the simulated pharmacy of the Beijing Humanoid Robot Innovation Center. Photo by EPA Yonhap News.
This report was written by two analysts from Morgan Stanley's Hong Kong branch. The report stated that China's share of the global robotics market was about 40% last year and predicted that China will continue its rapid growth and further solidify its dominant position.
The report went on to say, "China is not only the world's largest robotics market, but also the center of innovation in the global robotics industry, driving greater cost efficiency and the development of next-generation robots."
It also noted that as Chinese factories have increased their use of industrial robots, changes such as automation have taken place in manufacturing, and that as robots become more intelligent and affordable, they will have an even greater impact on society in the future.
SCMP, citing data released the previous day by China's National Bureau of Statistics, reported that in May, China's industrial robot production reached 69,056 units, a sharp increase of 35.5% compared to the same month last year, while service robot production reached 1.2 million units, up 13.8% year-on-year.
The robotics sector is a core element of the "Made in China 2025" strategy, which was announced ten years ago as part of China's plan to become a manufacturing powerhouse. Last year, more than half of the world's industrial robot installations took place in China.
Additionally, the Morgan Stanley report pointed out that among China's robotics sectors, drones will account for the largest share. The Chinese drone market is expected to grow from $19 billion (approximately 25.8 trillion won) last year to $40 billion in 2028. The humanoid robot market is also projected to grow at an average annual rate of 63%, surging from $300 million this year to $3.4 billion by 2030.
The report stated that by 2030, 252,000 humanoid robots will be deployed in China, and by 2050, this number will soar to 30.2 million, accounting for 30% of the global humanoid robot market. It further emphasized, "This year marks the beginning of mass production of humanoid robots and will be a pivotal moment in the history of humanoid robots." The report added, "Robotics technology is driving unprecedented productivity improvements and quality enhancements in Chinese manufacturing, laying the foundation for future industrial development."
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