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

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.