The Smart Robot Market Size was estimated at USD 5.98 billion in 2019 and is anticipated to grow to USD 31.11 billion by 2027, at a CAGR of 23.1%.
The global supply chain industry could change as a result of intelligent robots. The adoption of intelligent robots is crucial for improving the manufacturing process because they reduce the need for human labor and help with production scalability. Robotic technology is advancing quickly, and it offers novel features and great potential for enhancing productivity and reducing human effort. Intelligent robots are probably going to experience growth never before seen due to the rising demand for local production and consumption. Fast industrialization is the main factor driving the expansion of the world market. The adoption of robotics is now being accelerated by the trend toward industrial automation. Because they are available and affordable, automated robots are now the best option for both large and small manufacturers. In 2017, there were 85 industrial robots for every 10,000 workers worldwide, up from 66 in 2015, according to the International Federation of Robotics (IFR).
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Which company dominates the Global Smart Robot Market?
- SoftBank Corp (Tokyo, Japan)
- GeckoSystems Intl. Corp. (Georgia, United States)
- Aethon, Inc. (Pittsburgh, Pennsylvania, United States)
- Neato Robotics, Inc. (San Jose, California, United States)
- Samsung Electronics Co., Ltd (Suwon, Korea)
- ABB Ltd (Zürich, Switzerland)
- KUKA Aktiengesellschaft (Augsburg, Germany)
- FANUC CORPORATION (Oshino, Yamanashi, Japan)
- Hanson Robotics Limited (Hong Kong)
What are the factors driving the growth of the Smart Robot Market?
As developers and engineers incorporate robotics technology into new application fields, non-industrial robots may prove to be market catalysts. Robots have already been instrumental in minimally invasive surgery, making healthcare the sector with the fastest growth. Robots are currently used in the healthcare industry for simple procedures like gynecology and urology, but complex medical procedures will soon be performed by them as well.
Agriculture, which is being fueled by a labor shortage and rising costs, is another expanding area for robotics applications. Crop harvesting is greatly facilitated by robots. The robots have developed a routine for picking fruits or vegetables without causing any damage. Innovative graphic processing units (GPUs) can be added to smart robotic harvesters to help them determine when a crop is ripe. In addition, robotic applications that scan or keep an eye on a plant's health include autonomous tractors and drones.
What are the geographical insights of the Smart Robot Market?
Geographically, the market is examined across five major continents: North America, South America, Europe, the Middle East and Africa, and Asia Pacific.
With 2.41 billion in revenue generated in 2019, Asia Pacific is the world's most profitable region. The world's two leading nations for robot adoption and production are China and South Korea. Asia-Pacific market growth will be significantly fueled by the significant development of robotic technologies in China and South Korea. In 2017, 115,000 industrial robots were shipped out of China, according to the PWC report "Robot-ready: adopting a new generation of industrial robots," which was released in June 2018. Leading nations in industrial robot production and use include South Korea, Japan, Singapore, and China. The dominance is likely to continue during the forecast period due to the ongoing industrialization of the developing Asian nations.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2030, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2030.
Analysts have segmented the "Smart Robot Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Smart Robot Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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