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

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.