The SNS Insider report estimates that the Smart Robot Market Size was valued at USD 13.56 Billion in 2023 and is expected to reach USD 113 Billion by 2031, growing at a staggering CAGR of 30.3% over the forecast period 2024-2031. Driven By increasing demand for automation across industries, is expected to significantly drive the growth of the smart robot market.
Growing Demand for Smart Robots Across Industries
The Smart Robot Market is growing with significant growth due to, the Advancements in engineering, automation, AI, and machine learning are revolutionizing the robotics industry. This result to creation of smarter, more efficient robots capable of performing complex tasks. The growing shortage of labour, particularly in developed Nations, is driving companies to adopt robots to fill Empty positions and maintain productivity. The Increasing focus on local production and consumption is driving the demand for intelligent robots in manufacturing facilities. Rapid industrialization in developing economies, is Drive the adoption of industrial robots for automation.
There are some challenges faced by Market, The Increasing use of software services for robots increase ethical concerns regarding data ownership and security. Data breaches can have significant effect specially in sensitive industries such as healthcare and defence. The initial investment costs associated with smart robots can be a barrier for adoption, particularly for small and medium-sized enterprises.
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Top Companies Featured in Smart Robot Market Report:
- Hanson Robotics Ltd.
- KUKA AG
- Amazon Inc.
- SoftBank Corporation
- ABB
- Honda Motor Company Ltd.
- OMRON Adept Technology Inc.
- YASKAWA Electric Corporation
- Blue Frog Robotics
- DeLaval
- Intuitive Surgical
- Samsung Electronics Co. Ltd.
Smart Robot Industry Segmentation as Follows:
By Component
- Hardware
- Sensor
- Power Sources
- Actuator
- Control Systems
- Others
- Software
- Service
By Mobility
- Mobile
- Fixed/Stationary
By Mobility, the Mobile robots hold the largest market share due to their growing demand for flexibility and autonomy. This trend is driven by the increasing penetration of smartphones and the Internet of Things (IoT).
By Operating Environment
- Ground
- Underwater
By Vertical
- Healthcare
- Automotive
- Food and Beverages
- Manufacturing
- Energy & Utility
- Retail
- Others
By Application
- Professional
- Industrial
- Healthcare Assistance
- Military & Defense
- Field/Agricultural
- Logistics Management
- Packaging & palletizing
- Construction
- Others
- Personal & Domestic
- Education
- Entertainment
- Companionship
- Home Security
- Early Assistance
- Others
By Application, the Professional applications, encompassing robots used in logistics, agriculture, disinfection, and healthcare, are expected to dominate the market due to the vast scope of their applications and the growing demand for automation in these sectors.
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The smart robot market presents exciting opportunities for growth:
The growing trend of human-robot collaboration is Drive the development of cobots, robots designed to work safely alongside humans in shared workspaces. Smart robots are finding applications in various sectors beyond manufacturing, including healthcare, logistics, agriculture, and education.
For Example. Hanson Robotics, Smart Robot Sophia embodies the intersection of science, engineering, and artistry. She’s not just a machine; she’s a captivating character that personifies the dreams for the future of AI and robotics. Sophia’s human-like features spark our imagination, offering a glimpse into what the future of AI might look like. Sophia is more than just a pretty face. She’s a powerful research tool that allows scientists to explore human-robot interaction and its potential applications in service and entertainment sectors. Her participation in projects Such as the Loving AI initiative, which focuses on robot adaptation to user needs, demonstrates her valuable contribution to the field.
Recent Developments in the Smart Robot Market
- February 2023: Xiaomi announced plans to launch the CyberOne and CyberDog robots, showcasing advancements in bipedal and quadrupedal robot technology.
- February 2023: AAEON, a leader in IoT solutions, collaborated with PlayRobot to develop an educational robot development kit, fostering robotics exploration in the academic community.
Impact of Global Events
The ongoing Russia-Ukraine war and the potential for a global economic slowdown are likely to impact the smart robot market in several ways, The war has disrupted raw material supply of critical components used in robot manufacturing, Results to production delays. Governments and businesses may prioritize defence spending and essential goods production over investments in automation technologies during an economic slowdown. Economic downturns can lead to increased unemployment, potentially reducing the urgency for businesses to adopt robots to replace human labour. the long-term impact of these events remains uncertain. The labour shortage and the need for automation may continue to drive market growth despite these challenges.
Key Regional Developments
Asia Pacific region Dominant the market because of the China and South Korea are the global leaders in robot adoption and manufacturing. China’s massive industrial base and significant investments in robotics technology are driving substantial market growth. China recorded shipments of a staggering 115,000 industrial robots. South Korea, Japan, Singapore, and China are leading the way in both production and usage of industrial robots. Ongoing industrialization across developing Asian countries such as India and Vietnam are expected to further Drive the dominance of this region in the smart robot market.
North America Region contributes the significant Market Share, the demand for smart robots is high across various North American end-use industries, including automotive, manufacturing, healthcare, and logistics. Factors Such as technical advancements, supportive trade policies, and Increasing wage pressures are driving the adoption of robotics in the region. The United States are actively investing in robotics startups, further accelerating market growth across the region.
Key Takeaways for the Smart Robot Market Study
- This report provides valuable insights into the smart robot market,
- The key drivers and challenges influencing market growth.
- Recent developments and innovations shaping the market landscape.
- A detailed analysis of market segments by mobility, application, and region.
Major Key Points from Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Robot Market Segmentation, By Component
9. Smart Robot Market Segmentation, By Operating Environment
10. Smart Robot Market Segmentation, By Mobility
11. Smart Robot Market Segmentation, By Vertical
12. Smart Robot Market Segmentation, By Application
13. Regional Analysis
14. Company Profile
15. Competitive Landscape
16. USE Cases and Best Practices
17. Conclusion
Continued….
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