Hardware
Global Smart Robot Market Size, Share, Growth Analysis, By Component(Hardware (Sensor, Actuator), By Type(Personal/Domestic Robots, Professional Robots), By Mobility(Mobile, Fixed/Stationary), By Application(Inspection, Maintenance), By Operating Environment(Ground, Underwater), By End-User(Manufacturing, Healthcare) - Industry Forecast 2024-2031
Report ID:
SQMIG45I2129 |
Region:
Global |
Published Date: February, 2024
Pages:
234
|
Tables:
186 |
Figures:
79
Global Smart Robot Market Insights
Smart Robot Market size was valued at USD 6.29 billion in 2019 and is poised to grow from USD 9.41 billion in 2023 to USD 46.03 billion by 2031, growing at a CAGR of 21.94% in the forecast period (2024-2031).
Smart robots are extensively used in field applications, metal production, packing, and palletizing, among other things. These robots can function alone as well as with people in a variety of production and maintenance duties. Smart robots are commonly used to improve productivity and minimise labour costs in sectors such as automotive and manufacturing. Furthermore, advantages such as decrease in accidents and collision, and improved precision are propelling market expansion. Factors such as the rising use of autonomous robots for iterative tasks, better technical advancements in robotics, and increased expenditures in industrial automation have accelerated the use of smart robots in a variety of end-use segments.
The smart robot market is projected to be volatile due to mergers and acquisitions, intense rivalry, and the involvement of both new and existing players. The introduction of smart collaborative robots and AI-enabled systems with enhanced reliability and accuracy is likely to drive growth in the global smart robot market in the forecast period. They can connect to a cloud platform digitally to boost operational efficiency and business process agility. As a result, they are commonly used to automate manufacturing processes and warehouse management systems in industrial settings.
US Smart Robot Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Largest Segment
Fastest Growth
Hardware
Global Smart Robot Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Smart Robot Market By Component ($ Bn)
Global Smart Robot Market By Component (%)
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Global Smart Robot Market Segmental Analysis
Smart Robot Market is segmented based on the component, type, mobility, application, operating environment, end-user, and region. Based on component, the market is segmented into hardware (sensor, actuator, power source, control system), software, and services. Based on type, the market is segmented into personal/domestic robots and professional robots. Based on mobility, the market is categorized into mobile and fixed/stationary. Based on application, the market is segmented into inspection and maintenance, material handling and sorting, security and surveillance, education and entertainment, sanitation and disinfection, and others.
Based on operating environment, the market is segmented into ground and underwater. Based on end-user, the market segmentation comprises manufacturing, healthcare, agriculture, military and defense, logistics and warehouse, education and entertainment, and others. By region, the global market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Smart Robot Market Analysis by Mobility
The mobile robot has the biggest market share due to the rising need for versatile and autonomous robots. The internet of things (IoT) mobility trend has risen over time as smartphone adoption has increased. Mobrobots are getting increasingly popular in the company as mobile devices become more widely available.
Stationary robots are set in one location and are in high demand to help with industrial tasks such as material handling, picking, or sorting. With the rising demand in industrial and automotive industries, stationary robots are expected to increase significantly in the future years. These robots are ideal for manufacturing areas where stationary assistive robotic systems are employed with great demand. Stationary assistive robots include surgical robots, dynamic arm supports, metal supports, and robotic manipulators. The need for surgical robots in the medical and home fields is increasing which is projected to boost the market for fixed robots throughout the forecast period.
Smart Robot Market Analysis by Type
Professional robots have a high market share among them due to the increasing automation of commercial processes. These contemporary robots are completely or mostly autonomous. Agriculture, construction, defence, logistics, medical, and other industries have a strong need for professional robots. The development of sophisticated technologies such as artificial intelligence, machine learning, and adaptive vision systems has increased the popularity of intelligent robots. The emergence of the Robotic-as-a-Service (RaaS) model is anticipated to encourage the use of professional robots.
With increased consumer acceptance and demand, personal or domestic robots are anticipated to see substantial expansion. Domestic robots are becoming more useable and practical as a result of technological advancements. Increasing labour expenses and an ageing population are other important factors boosting demand for domestic robots. Smart infrastructure advancements have increased the need for personal or domestic use robots. The COVID-19 pandemic has also increased demand for household robots in public and business environments.
Global Smart Robot Market By Component, 2031 (%)
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Global Smart Robot Market Regional Insights
In terms of revenue, Asia Pacific was leading the global market in 2022. China and South Korea are the world's leaders in robot adoption and production. The enormous development of robotic technology in China and South Korea is a major driver driving significant market growth in the Asia-Pacific.
The demand for smart robots in North America end-use sectors such as automotive, manufacturing, healthcare, food and beverages, consumer products, and others is much higher. Rising demand for robotics in the region is being driven by technological advancements, trade policy, and wage pressures. The automation movement in North American countries provides a way for local and worldwide robotics strategy development. Venture capital companies in the United States are increasingly investing in robotics technology businesses to support the market's growth.
Europe is predicted to see a significant growth in the global market due to the region's focus on the development of industrial automation. The automation trend, coupled with the acceptance of new technologies boosts the demand for robotics technology. The European Government's smart infrastructure development roadmaps will drive the adoption of intelligent robots in the next years. The presence of international players across Europe additionally adds more to the market potential.
As Mexico has a strong industrial and automation base, the market is South America is widely anticipated to witness a massive development in the robotics industry. The Association for Advancing Automation (A3) in Mexico formed a trade association to embrace the wide-ranging potential and expansion of the robotics business. As a result of its strong industrial base, South America is anticipated to have faster market expansion.
Global Smart Robot Market By Region, 2024-2031
- Largest
- Fastest
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Global Smart Robot Market Dynamics
Smart Robot Market Driver
Growing Adoption of Smart Robots Across Industry Verticals
- Non-industrial robots have the potential to be market catalysts when developers and engineers adapt robotics technology to new application areas. Healthcare is expected to be the fastest expanding industry, with robots already playing an important part in less invasive surgery.
Robots are now used in the healthcare industry for minor operations such as urology and gynaecology, but may be used for more difficult medical procedures in the near future. Agriculture is another emerging field for robotics use, owing to a manpower scarcity and rising expenses. - Crop harvesting robots are performing admirably. Picking vegetables and fruits without hurting them has become standard practise for robots. Intelligent robotic harvesters can be outfitted with cutting-edge graphic processing units (GPUs) to determine the ripeness of the fruit. As developers begin to construct application-centric robots, robotic technologies are quickly extending their application field. Thus, the rapid spread of automated technology use cases outside of industrial applications justifies the market's large growth.
Smart Robot Market Restraint
Rising Security Concerns to Hamper Market Growth
- Ethical concerns around data ownership, particularly with the rise of software services for robots may limit industry expansion. Individuals' private data became available on the cloud as domestic robots were more widely used for education, entertainment, and household tasks.
- Unauthorized users or outside parties such as marketing firms may acquire this data. Confidential data acquired by robots can sometimes be violated and abused. Data breaches have serious ramifications in the military, defence, and healthcare industries. As a result, data security is becoming a primary concern when using robots, and it may become a major impediment to industry expansion.
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Global Smart Robot Market Competitive Landscape
Key players are developing application-oriented and industry-specific robots to help the industry. The manufacturers in the global market are always working on producing purpose-built robots that can solve a certain problem or have a specific market application. Industry-specific application-oriented robot development assists important firms in maintaining market dominance. Successful businesses are forming strategic alliances and relationships with vendors that have already built the essential technology solutions. Several significant players are developing their robotics business network throughout developed economies. Businesses are introducing feature- and application-specific goods in order to diversify their product portfolio and increase their competitiveness.
Smart Robot Market Top Player's Company Profiles
- ABB Ltd.
- Amazon Robotics
- Blue River Technology
- Boston Dynamics
- Fanuc Corporation
- Hanson Robotics
- Honda Motor Co. Ltd.
- iRobot Corporation
- Kuka AG
- LG Electronics Inc.
- Nachi-Fujikoshi Corporation
- Omron Corporation
- Rethink Robotics
- Samsung Electronics Co. Ltd.
- SoftBank Robotics Group Corp.
- Sony Corporation
- Universal Robots A/S
- Yaskawa Electric Corporation
- Yamaha Corporation
- ZMP Inc.
Smart Robot Market Recent Developments
- In October 2022, Neato Robotics, a consumer robotics business located in Silicon Valley, today announced its "Customize Your Clean" effort, which includes the global introduction of Neato Fragrance Pods and filters for the Neato D-Series intelligent robot vacuums. The new accessories complement an already remarkable portfolio of customizable features and accessories, such as the new Neato Pet Brush, Neato Fragrance Pods, and software upgrades that allow users to create a personalised cleaning experience tailored to their unique homes and lives.
Global Smart Robot Key Market Trends
- Service-Enabled Robotics to Gain Traction: One of the key reasons for the need for smart robots is that they can do repetitive and less ergonomic tasks, allowing for easy information sharing and enhancing product quality and efficiency.
- Use of robotics in the retail sector: Furthermore, many retail organisations are implementing in-store robots to detect real-time behaviours, assist operators, and eliminate human errors.
- Healthcare robots in huge demand: Service-enabled robotics are gaining popularity in the healthcare business to help with difficult procedures, aged care, assistive technology, and home patient care. The rising cases of chronic illnesses is increasing the demand for intelligent robots to assist people with cognitive, sensory, and motor impairments.
Global Smart Robot Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the Global Smart Robot Market analysis report, the popularity of smart robots has grown over the years due to benefits such as automation, safety, cost savings, and dependability. Governments all across the world are supporting industrial automation to boost productivity. The Asia Pacific is expected to develop rapidly during the projection period as smart robots become more widely used in the industrial and automotive industries. The market is predicted to increase at an exponential rate as new applications emerge and new types of specialised goods, such as application-specific robots, are commercialised.
| Report Metric | Details |
|---|---|
| Market size value in 2031 | |
| Forecast period | 2024-2031 |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Smart Robot Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Smart Robot Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Smart Robot Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Robot Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Robot Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Smart Robot Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Smart Robot Market Report Snapshots
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