Smart Robots Market Analysis Report By Component, By Application, By End Use, By Vertical, By Region And Segment Forecasts From 2018 To 2025

Industry Insights

The global smart robots market size was accounted for USD 3.44 billion in 2017. It is anticipated to grow at a CAGR of 22.4% from 2018 to 2025. Smart robots work on artificial intelligence-enabled systems. These robots learn from the environment, surroundings, and experiences. Feedback database management helps in enhancing robot capabilities. In addition, these robots are designed with sensors for monitoring environmental surroundings with the help of machine learning.

Increasing adoption of AI-based and IoT-enabled devices is expected to positively impact market growth. However, the installation cost may hinder the growth of smart robots. In the manufacturing and consumer electronics sector, increasing demand for automated appliances is projected to create ample growth opportunities for market growth. Several benefits like high efficiency, accuracy are driving the demand for smart robotic solutions.

Smart robots can work efficiently without human intervention. Some of its key advantages include high-frequency data transmission, optimal power consumption, and others. Thus, due to these factors, the market is expected to grow at a significant rate over the next few years.

In the residential sector, smart vacuum cleaner robots are gaining momentum in the market. Various manufacturers are introducing smart vacuum robots using battery sensing, floor sensing, and filter sensing technologies. Moreover, the rising demand for automated robots in manufacturing and other industries is also projected to surge the market growth.

Innovation in advanced technology is projected to support the growth of smart robots. Thus, smart robot prices are expected to fall in the next few years with the rising adoption of robots in industrial applications. High installation and licensing costs are expected to restrain the market growth. Moreover, the increasing trend of mobile technology is boosting the application of robotic automation. Additionally, supportive government initiatives through investments, funding for technology development are also proliferating smart robots market growth.

Component Insights

The software component segment is projected to expand at a significant rate during the forecasted period. This growth is contributed by the growing adoption of artificial intelligence and IoT-enabled devices. Software solutions enable machines to integrate with the help of AI to meet language interaction. All these key benefits are anticipated to bolster segmental growth.

The hardware type segment led the market with the highest share in terms of revenue, in 2017. Increasing demand for products like power modules, controllers, actuators, and sensors is primarily driving the market growth. Smart robots are embedded with sensors for detecting environmental & surrounding objects. Various companies such as Johnson Controls and Honeywell manufacture robotic sensors.

End-Use Insights

In 2017, the industrial end-use segment led the market with the highest revenue in the overall market. This growth is supported by the increasing demand for smart robots in manufacturing automation. Robotic automation offers different benefits like enhanced quality, security, and cost reduction which are anticipated to boost market growth.

In the residential sector, smart vacuum cleaners are highly used owing to their greater efficiency. Smart cleaning machines provide multi-functions including a navigation control system, sensors for faster operation. Smart robots adoption help to reduce labor costs, hence these robots are expected to gain momentum in the next few years.

Vertical Insights

Miniaturization of electronics equipment & semiconductor and complex manufacturing processes are increasing the need for machine learning & AI-based smart robots. Furthermore, rising palletizing & packaging and other fieldwork application automotive, healthcare and manufacturing sectors are fostering smart robot market growth.

Smart machines are highly required for planning and designing stages in the manufacturing process to deliver optimum productivity. Moreover, growing investments for industrial automation development are anticipated to open huge opportunities for this industry.

Application Insights

Smart robots are expected to foresee significant growth due to their numerous advantages such as increased flexibility and productivity. In addition, the launch of self-programming robots and sophisticated robotic tools are projected to support market growth owing to advancements in AI and machine learning applications.

Service robotic application segment is projected to hold the highest share in the market due to the rising demand for robots from the healthcare sector. The inspection & security service segment is anticipated to provide ample growth opportunities for the market. Moreover, the rising demand for non-destructive testing applications is expected to bolster the demand for smart robots in the coming few years.

Regional Insights

In 2017, North America led the market with the highest share in the market. This can be attributed to the growing number of IT investments and advancement in sensor technology. Increasing demand for sensors from handheld devices is expected to surge the need for sensor technology development.

In Europe, the automotive sector is expected to foresee to significant rate owing to supportive government on emission control. In addition, the rising demand for gas sensors is expected to create ample opportunities for market growth.

Impact of COVID-19

COVID-19 pandemic situation is projected to offer ample growth opportunities for the market. Amid the coronavirus crisis, several sectors including automotive, manufacturing, healthcare have been affected. The companies are emphasizing modifying their existing system into automated systems.

In the healthcare industry, doctors are using smart robots to interact with patients from safe distances. Additionally, these robots are used for disinfecting rooms and delivering medical prescriptions in hospitals. During pandemics, in China and India agricultural smart drones or robots are used for spraying disinfectants. Automobile companies are focusing on automation systems to remotely access manufacturing facilities by deploying smart robots amid this challenging situation. This is projected to bolster the market growth in forecasted years.

Smart Robot Market Share Insights

Leading players in the market include iRobot Corporation; ABB Ltd; Kuka AG; Fanuc Corporation; OTC Daihen Inc.; Panasonic Industry Europe GmbH; Yaskawa Electric Corporation; Kawasaki Heavy Industries; Omron Adept Technologies; and Intuitive Surgical Inc.

Major companies in the market invest in R&D activities to develop new technologies. Some of the key players focus on expansion and acquisitions to enhance their product portfolio and reach across the globe.

Report Scope

Segments Covered in the Report 

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2014 to 2025. For this study, Million Insights has segmented the global smart robots market report based on component, application, end-user, vertical, and region:

• Component Outlook (Revenue, USD Billion, 2014 - 2025)
    • Hardware
    • Software
    • Service

• Application Outlook (Revenue, USD Billion, 2014 - 2025)
    • Industrial
        • Field Applications
        • Metal Fabrication
        • Packaging & Palletizing
        • Others
    • Service
        • Mobility
        • Security & Inspection
        • Healthcare Applications
        • Others

• End-Use Outlook (Revenue, USD Billion, 2014 - 2025)
    • Industrial
    • Commercial
    • Residential

• Vertical Outlook (Revenue, USD Billion, 2014 - 2025)
    • Automotive
    • Healthcare
    • Manufacturing
    • Food & Beverages
    • Retail
    • Energy & Utility
    • Others

• Regional Outlook (Revenue, USD Billion, 2014 - 2025)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • U.K.
        • Germany
    • the Asia Pacific
        • China
        • South Korea
        • Japan
    • South America
        • Brazil
    • Middle East & Africa (MEA)