Doosan Robotics plans to boost its robot arm sales by 22% this year after recording strong growth in North America, even as the company grapples with mounting losses and delayed global recovery.
The South Korean robotics manufacturer reported an operating loss of 41.2 billion won ($30.8 million) for 2023, with revenue declining 11.7% to 46.8 billion won. The company cited deferred sales of 8.7 billion won due to sluggish global market conditions.
North America emerged as a bright spot, with sales surging 42% year-over-year. The region now accounts for 39% of total revenue, up from 24% in 2022. The fourth quarter showed signs of recovery with revenue increasing 14.5% from the previous quarter, despite falling 31.9% year-over-year to 11.5 billion won.
The company is betting on significant expansion in its solutions business, targeting 64% growth in palletizing operations and a 251% jump in service solutions. Doosan Robotics plans to leverage its strategic partnership with Bobcat to strengthen its presence in the North American market.
The robotics firm’s focus on enhancing its robotic arm technology comes as manufacturers worldwide increasingly automate their operations to address labor shortages and boost efficiency. However, the company faces stiff competition from established players in the industrial robotics sector as it works to turn around its financial performance.
