Market Overview

The growing need for industrial automation is likely to cause the expansion of the global smart robot market at 23% CAGR in the forecast period (2017 to 2023).

Smart Robot Market it is also noted that the escalation in the market value from USD 4.5 billion in 2017 to an expected amount of USD 15 billion by 2023, can be attributed to a surge in the deployment of smart robots to meet domestic labor-powered tasks. Alongside, modern technologies, such as AI, machine learning, and internet of things are observed to disrupt the global smart robot market. However, smart robots are also noted to serve research and development purposes.

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The upscaling demand for smart robots across different sectors due to their benefits is expected to drive their market progress. Robots increase the productivity of tasks in a short period. They curb manual errors, thereby reducing the chances of costly errors. They are can be deployed for 24/7 and make the execution of tedious tasks seamless. Robots deployed in dangerous environment eliminates risks of occupation hazards.

Key Players

MRFR listed some players that are operating in the smart robot market. They are; iRobot Corporation (US), Honda Motor (Japan), GreyOrange pte Ltd (Singapore), Seiko Epson Corporation (Japan), KUKA AG (Germany), Rethink Robotics (US), SoftBank Robotics (Japan), F&P Personal Robotics (Switzerland), FANUC (Japan), Yaskawa Electric Corporation (Japan), and others.

Industry Update

December 2019

CloudMinds, a provider of cloud-based robotics solution, launched its Intelligent Smart Robot Rental Program. The cloud service robots have advanced natural language processing ability that can entertain and delight guest at business meets or trade shows.

Smart Robot Trends

Space robotics are designed for extraterrestrial exploration. The intriguing nature of humans to define the universe and its elements are inspiring the development of space robots. The need to understand evolution, current climate changes, and future threats are expected to creating a requirement for smart space robots.

Underwater robots are in high demand due to increase in water-borne transportation and exploration of the aqua life. In this, state-of-the-art material technologies, such as visual servoing, are deployed. Hence, technological advancements and the urge to learn about the underwater life can contribute to the smart robot market progress.

Another on-going smart robotics trend is agricultural robots. As the food requirement across the globe is surging, the need to meet large grain requirement in narrowed span of time, requires elimination of manual labor. The benefit of smart agriculture robots lies herein. Agricultural robots also deliver maximum output for the resource available. This can cause expansion of the global smart robot market.

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Segmental Outline

The segmental analysis of global smart robot market is based on component and vertical.

By component, the market segments are; power source, sensors, actuators, and control systems. The actuators segment comprises pneumatic, electrical, piezoelectric, hydraulic, and ultrasonic. The sensor segment comprises microphone, gyroscope, tilt sensor, accelerometer, position sensor, force or torque sensor, and vision or image sensor. The vertical-based segments of the market are manufacturing, automotive, food & beverage, electrical & electronics, residential, chemical, and entertainment.

Regional Outlook

In Asia Pacific, the growing application of smart robots are likely to cause the regional market to lead in the forecast period. In powerful economies, such as China, and Japan among other APAC countries, are investing in research and development of smart robots, which is creating numerous growth scopes for the market to earn substantial revenue in the evaluation period. Disruptive forces of technologies are expected to influence smart robot market in North America and Europe. Increase the comfort threshold of people is likely to promote smart robot market in these regions.

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