The new report by Expert Market Research titled, ‘Global Smart Robot Market Price, Report and Forecast 2022-2027’, gives an in-depth analysis of the global smart robot market, assessing the market based on its segments like components, applications, end-uses, verticals, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Smart Robot Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
• Historical Market Size (2021): USD 5.9 Billion
• Forecast CAGR (2022-2027): 26.95%
• Forecast Market Size (2027): USD 25.1 Billion
|Market Size in 2021||USD 5.9 Billion|
|Revenue Forecast in 2027||USD 25.1 Billion|
|Growth Rate CAGR||26.95%|
|Major Players||ABB Ltd., iRobot Corporation, Fanuc Corporation, Yaskawa Electric Corporation, and Kuka AG, among others.|
The increasing adoption of smart robots in the automotive industry is driving the market. This can be attributed to the rising cost of labour, increased production, and improved accuracy provided by the robots. Meanwhile, the increasing investment towards the industrial automation is further propelling the market growth.
Over the forecast period, the anticipated increase in the demand for electric cars is likely to generate significant demand for smart robots in order to save time and bolster the efficiency of production.
In terms of region, the Asia Pacific region accounts for a significant share of the market owing to the increasing penetration of artificial intelligence in Japan and China. Moreover, the strong foothold of smart robot manufacturers in the region will provide further impetus to the market growth in the forecast period.
Smart Robot Industry Definition and Major Segments
Smart robot is defined as a machine which is equipped with an artificial intelligence (AI) system that has the ability of learning from its environment and adding to its capabilities based on that knowledge. Intelligence is the key component of the smart robot as it can collaborate with humans to amalgamate into the human world. Moreover, smart robots have dexterity and can exhibit variety of motor skills.
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On the basis of component, the market can be segmented into:
The market can be broadly classified based on application into:
• Industrial Robots
• Service Robots
On the basis of end-use, the market can be divided into:
By vertical, the market can be segmented into:
• Food and Beverages
• Energy and Utility
The regional markets for smart robot include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Smart Robot Market Trends
The key trends in the smart robot market include the technological advancements in the healthcare industry. Smart robots can streamline routine tasks in hospitals and healthcare units, are immune to hospital acquired contaminations, and can cater to the needs of the patients without getting tired. Therefore, healthcare authorities are emphasising on encouraging the use of smart robots across healthcare facilities.
Meanwhile, the rising investments on artificial intelligence and robotics in the military and defence industry, aimed towards reducing the casualties and bolstering the productivity amidst geopolitical tensions, are likely to augment the market growth in the forecast period. Hence, these developments are anticipated to bolster the growth of smart robot market.
Key Market Players
The major players in the market are:
- ABB Ltd
- iRobot Corporation
- Fanuc Corporation
- Yaskawa Electric Corporation
- Kuka AG
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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