USD 6.29 billion
Report ID: SQSG45I2038 | Region: Global | Published Date: December, 2022 | Pages: 234 | Tables: 186 | Figures: 79
Smart Robot Market size was valued at USD 6.29 billion in 2021 and is poised to grow from USD 9.41 billion in 2022 to USD 46.03 billion by 2030, growing at a CAGR of 21.94% in the forecast period (2023-2030).
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.
Global Market Size
USD 6.29 billion
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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.
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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.
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Smart Robot Market Driver
Growing Adoption of Smart Robots Across Industry Verticals
Smart Robot Market Restraint
Rising Security Concerns to Hamper Market Growth
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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
Smart Robot Market Recent Developments
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.
|Market size value in 2021||USD 6.29 billion|
|Market size value in 2030||USD 9.41 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
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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.
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