Global Smart Robots Market by End Use (Residential, Commercial, Industrial), by Component (Hardware, Software, Service) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Industry Insights

In 2017, the global smart robots market was worth USD 3.44 billion. The market is expected to grow at a rate of 22.4% over the forecast period. Artificial Intelligence (AI),-enabled smart robots can be described as systems that are able to learn from their environment. They are able to learn from their environment, experiences, and surroundings. They can draw on the feedback data to improve their capabilities. These machines can develop intelligence that is almost human-like without having to be programmed. These machines are equipped with highly sensitive sensors that monitor the environment. Smart robots can also be used to learn and correct errors using machine learning technology.

The market's key growth drivers are increasing demand for AI applications and service robots. Internet of Things is also popular. The market's growth can be hampered by high implementation costs and poor accuracy. Automation in the manufacturing and consumer electronics sectors will provide promising growth opportunities. Smart robotics adoption is much higher in the end-use industries of manufacturing, healthcare, retail, and automotive because it offers efficiency and accuracy.

Due to their ability to function without human intervention, the smart robots market will experience significant growth. These robots offer many benefits, including a lower power consumption, greater efficiency, and high data and instruction transmission frequency. These benefits are expected to be favorable for the market in the near future. This market will offer attractive opportunities to implement advanced technologies.

Smart vacuum cleaner robots are driving demand in residential areas. This is due to the widespread adoption of vacuum cleaners. Manufacturers are creating smart vacuum robots that can sense the floor, filter, and battery levels. The demand for industrial automation is increasing in the packaging, manufacturing and material handling industries.

Market growth will be driven by innovation and the proliferation of technology. In the near future, smart robots will see their prices drop. The demand will be driven by factors like aging populations, mobile technology and other smart devices that incorporate robotics. The demand will be positively impacted by government grants and funding, enhancement of complementary technology, venture capital investments, and favorable government grants.

Component Insights

Due to the increasing use of Internet of Things (IoT), Artificial intelligence (AI), and software applications, the software segment will experience significant growth. The software also provides integrated tools that allow developers to integrate AI into the system, allowing it to solve problems like language interactions. The forecast shows that demand will continue to rise.

The hardware market was dominant in 2017 due to the rising demand for components like actuators, sensors and power modules. Smart robotics use precise sensors to detect the environment. Robotic sensors are developed by companies such as Honeywell and Digital Control Systems.

End-use Insights

The increasing use of smart robots in manufacturing automation made the industrial segment the dominant market segment in 2017. Over the forecasting period, the demand for industrial robots will grow exponentially. This can be attributed to benefits such as reduced costs, higher quality, and better safety at work.

Smart cleaning machines are responsible for the growth of the residential segment. These machines can be equipped with sensors and navigation control systems that allow them to perform certain tasks automatically. These machines are used for cleaning, mopping, and other household tasks. Smart cleaning robots are used in countries where domestic workers can be expensive.

Vertical Insights

The increasing complexity of manufacturing and the miniaturization semiconductor and electronic equipment has led to an increase in smart industrial robots that are AI-based. Demand from the manufacturing, automotive and healthcare industries will rise due to increased applications like field work, packaging, palletizing and other.

These smart machines are used in the manufacturing industry to plan and design the manufacturing processes. This creates a high potential for growth. Market growth is expected to increase with increasing investments in industrial automation.

Application Insights

Smart robots are being used in many industries due to their flexibility and productivity. With advancements in artificial intelligence, the introduction of sophisticated tools as well as self-programming robots is expected to accelerate over the forecast period.

Due to growing demand for mobility and health applications, the service robot segment was dominant in the market. Over the forecast period, lucrative growth opportunities are expected in the security and inspection services segment. In the coming years, there will be a rising demand for Nondestructive Testing applications.

Regional Insights

North America occupied the largest market share for 2017 This is due to greater IT investments and advances in sensor technology. Technological advancements have been encouraged by the growing demand for sensors that can integrate into handheld devices.

The European automotive industry has seen a rise in gas sensors due to increased government attention on energy efficiency and emission standards. This region is expected to see major growth due to the growth of end-use industries as well as increased opportunities for gas sensors.

Smart Robots Market Share insights

The market is dominated by AABB Ltd, Kuka AG, Fanuc Corporation, Yaskawa Electric Corporation, Panasonic Industry Europe GmbH, OTC Daihen Inc., Kawasaki Heavy Industries, Intuitive Surgical Inc., and Omron Adept Technologies, Inc.

With the goal of boosting technology, manufacturers focus on R&D investments. To gain a competitive advantage, key players have used innovative ideas and manufacturing techniques to improve their products and profitability. To meet the increasing demand from end-users, they have made product launch their main development strategy. They have also made acquisitions and expanded their product lines to increase their product offerings, boost production and expand sales in different regions.

The Report Covers Certain Segments

This report forecasts revenue growth at the global, regional and country level and analyses the most recent industry trends in each sub-segment from 2014 through 2025. Grand View Research has divided the global smart robots market report by component, application and end use.

• Component Outlook (Revenue USD Million; 2014-2025)

  • Hardware

  • Software

  • Service

• App Outlook (Revenue USD Million; 2014-2025)

  • Industrial

    • Field Applications

    • Metal Fabrication

    • Packaging and Palletizing

    • Other

  • Service

    • Mobility

    • Security & Inspection

    • Healthcare Applications

    • Other

• End-use Outlook (Revenue USD Million; 2014-2025)

  • Industrial

  • Commercial

  • Residential

• Vertical Outlook (Revenue USD Million; 2014-2025)

  • Automotive

  • Healthcare

  • Manufacturing

  • Food and Beverages

  • Retail

  • Energy & Utility

  • Other

• Regional Outlook (Revenue USD Million; 2014-2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The U.K.

    • Germany

  • Asia Pacific

    • China

    • South Korea

    • Japan

  • South America

    • Brazil

  • Middle East & Africa

Up Market Research published a new report titled “Smart Robots Market research report which is segmented by End Use (Residential, Commercial, Industrial), by Component (Hardware, Software, Service), By Players/Companies AABB Ltd; iRobot Corporation; Kuka AG; Fanuc Corporation; Yaskawa Electric Corporation; Panasonic Industry Europe GmbH; OTC Daihen Inc; Kawasaki Heavy Industries; Intuitive Surgical Inc; and Omron Adept Technologies, Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart Robots Market Report Segments:

The market is segmented by End Use (Residential, Commercial, Industrial), by Component (Hardware, Software, Service).

Smart Robots Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart Robots Market

Overview of the regional outlook of the Smart Robots Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart Robots Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart Robots Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Residential

                2. Commercial

                3. Industrial

                1. Hardware

                2. Software

                3. Service

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Robots Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Smart Robots Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.