The number of authorized patents in Shenzhen's robotics industry increased by a staggering 4.7 times compared to 2015, demonstrating remarkable innovation capabilities, according to a white paper recently released by the Shenzhen Robotics Association.

The overall value generated by the industry chain reached an impressive 179.7 billion yuan ($24.83 billion) in 2023. Its year-on-year growth rate of 8.7 percent outperformed the 3.3 percent growth rate in high-tech manufacturing in Shenzhen.

The report also shows that over 10,000 new robotics companies registered last year, an increase of approximately 20 percent compared with 2022. By the end of 2023, the total number of operators in the field of robotics reached 59,498.

Data from the white paper shows that industrial robotics enterprises accounted for about 45 percent of the overall industry in Shenzhen last year, while non-industrial robotics accounted for more than half

“The continuous expansion and improvement of the industry chain has significantly lowered the entry barriers for innovative enterprises,” said Bi Yalei, secretary-general of the association.

He identified the continuous expansion of applications for non-industrial robots as a new trend, and said the development of industrial robots is growing steadily. Plus, with the emergence of humanoid robots, he added, the robotics industry in Shenzhen presents a diverse and thriving development environment.

Data from the white paper shows that industrial robotics enterprises accounted for about 45 percent of the overall industry in Shenzhen last year, while non-industrial robotics accounted for more than half.

In terms of funding, Bi said Shenzhen's robotics industry maintained a leading position with 51 key investment and financing events, demonstrating vibrant investment activity nationwide.

As competition within the industry intensifies, however, the overall profit generated by the robotics industry has experienced a decline. Specifically, the average profit for core components of industrial robots in 2023 decreased by 5.33 percent from the previous year.

In contrast, the profit margin for commercial service robots saw remarkable growth, increasing by 3.58 percent from 2022, thanks to the market's recovery, strong demand from overseas markets and the relentless exploration of new applications.

grace@chinadailyhk.com