Smart Robot Market: Size, Dynamics, Regional Insights and Market Segment Analysis

Smart Robot Market was valued at USD 9.75 Billion in 2022, and it is expected to reach USD 42.69 Billion by 2029, exhibiting a CAGR of 23.48 % during the forecast period (2023-2029)
Overview:
Technology has brought a dynamic and tremendous change in robotics and automation field. The smart robotics industry has gained a lot of significance due to development in mechanical, sensor and vision technology. The prevalence of lower-cost components, open-source code, accessible options for contract manufacturing, an influx of interest in investment capital, and a growing social acceptance of robots are some of the prominent factors that are encouraging many engineers to design innovative robotics for a variety of collaborative tasks. Smart robot is the application of technology for the design, construction, operation and use of robots. It has a wide range of applications from manufacturing sector to health care to defense. The robotics industry is growing rapidly as more and more businesses adopt robotics technology. It presents opportunities for investors’ and key players operating sector.

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In response to current trends such as IoT, Industrie 4.0, and artificial intelligence (AI), prominent key players operating in the market is promoting Mechatronics as a solution concept for realizing a new industrial automation revolution. Many industrial robots are now used in a wide range of industries, including electric and electronic equipment, semiconductor manufacturing, biomedical, food, medical products, logistics. Key companies are offering robotics solution by collecting, accumulating, and analyzing the state of the servomotors that make up the body and the results of operations. It helps to contribute to improving productivity and quality through the stable operation of facilities and lines at customers’ production sites across manufacturing industries.
Market Dynamics
Smart Robots Enter in Consumer Market

Smart robot has potential to reshape the supply chain industry. The main differences between traditional robots and smart robots are the activity related to the utility and human interaction. The smart robots are also known as household robots, which are increasingly being encountered in daily lives across developed countries. Many consumers are familiar with the Roomba, a household robot. It helps to keeps the floor clean without users having to lift a finger. The demand for smart robots that can assist with household chores is on the rise in the recent years and same has been captured in the Smart Robot Market report by end use and region.

According to the analysis, the Roomba alone was found in 14.9 million homes in the United States in 2022. The trending theme close to household robots revolves around utility. In a smart home environment, developers and consumers are consistently looking for way that technology can streamline daily life tasks. Robotics and the increasing use of automation denote some of the most exciting invest opportunities for key players operating in the market during the forecast period. (2023-2029).High Investment by Robotics Companies

Investors are funding to the latest robotics innovations in various industries like the medical, manufacturing, logistics, hospitality, and automotive sectors. In the current Smart Robot Market scenario, venture capital (VC), private equity (PE), and strategic investors are aiming to capitalize on and steer development of disruptive robotics technologies. Adoption of robotic technologies by businesses and consumers, advances in artificial intelligence (AI), machine learning (ML), the Internet of Things (IoT) and big data are driving the demand for robot into most aspects of end user industries.

The number of robotics and automation companies has increased intensely in recent decades as corporations seek to produce goods and services more efficiently. In recent years, the insistence to automate to cut labor costs has accelerated because of the global competition and other forces. The robotics industry is one of the largest markets in the technology space, which has high demand in applications across diverse sectors.

Venture capitalists investment to drive Smart Robot Market

The robot technology development needs a lot of initial investment. Different investment companies are now investing in the field at different stages. Many Tech companies are generating different types of robots and other robotics applications in recent times. The main source is sufficient robotics funding from the best venture capitalists across the world through different Series rounds. The investors are gaining popularity among aspiring tech companies to help them become successful high-tech companies in the nearby future. The Octopus Ventures, Playground Global, Foxconn Industrial Internet, Shunwei Capital, Asimov Ventures, Shasta Ventures, Micron Ventures and Felicis Ventures are some of the venture capitalists in robotics.

Venture capital firms are funding more robotics companies as industries seek more automation in the manufacturing sector. Venture capital firms are eager to allocate money into robotics firms as more automation became a focus during the global pandemic. Factory automation is a large aspect as new capabilities arise for robot demand in industrial and consumer sectors. The growth of AI being used in tech and products is leading the market. Investors are attracting to the robotics industry because the growth potential. Robotics, automation, and AI is a growing field which is gaining a lot of interest because of the digitization, labor shortages, and the pandemic.
Smart Robot Market Segment Analysis
Role of robots in manufacturing:

Industrial robots are used to automate welding, painting, assembly and transportation in various fields like the automotive market. In recent years, backdrop of labor shortages and the prevention of the spread of infectious diseases, demand for robot is increasing in general industrial fields such as the food, medical, pharmaceuticals, and 3C (computers, consumer electronics and communications equipment.) In the future, manufacturing sites are expected to see a growing requirement for smart manufacturing like high production efficiency, improving quality, and safeguarding traceability.

The realization of high-mix variable-volume production is expected to drive the market Growth. Key players operating in the market are taking on the challenge of realizing an industrial automation revolution by further increasing the judgment and work abilities of robots. It is also contributing to the automation and optimization at existing manufacturing sites, and providing new automation solutions in areas where robots have traditionally been difficult to apply. Industrial robot manufacturers including Asimov Robots Pvt Ltd, Milagrow HumanTech, Invento Robotics, and Persapien Innovations are coming up with unique robotics solutions for applications like disinfection and sanitization, patient screening, remote treatment, and delivery of food and medicines.Service Robotics: Next Future for developing economies

A Service Robot is a semi- or fully autonomous robot, which is used for automation of commercial tasks excluding manufacturing operations. Service robots are experiencing a technological revolution. A rapid proliferation in robot capabilities driven by innovations in machine learning, artificial learning, adaptive computing and vision system are some of the prominent factors that are driving the market growth. The Service Robotics is a robot that operates semi or entirely autonomous to perform services that are useful to the wellbeing of humans and equipment.

An increase in adoption of robots for the new applications are offering high returns on investment coupled with the increasing funding for research on robots are expected to drive the market growth. Now Service robots are increasingly adopted in professional applications including healthcare as surgical robots to assist in delicate surgeries, dense monitoring and surveillance devices, agriculture for spraying fertilizers, construction, logistic.
Smart Robot Market Regional Insights
Robotics is driving the flexibility and competitiveness in small- and large-scale manufacturing industries. The disruptive innovations have steeper adoption as implementation rates of technology accelerate. As the innovation in manufacturing is accelerating, advancing frontiers at the component and product levels in manufacturing operations. The research activities have continuously delivered new insight into robotics solution.

Today, manufacturers across a broad spectrum of industries including Automotive, Manufacturing and Healthcare are piloting and using robotics technologies. Automotive manufacturers have exploited the technology. Less time and development costs are expected to drive development in vehicle sector in speedy manner. Manufacturers of high-end, low-volume automobiles are even using AM as a preferred production process for some parts because it is the most cost-effective approach to use.

The remote working, social distancing, and supply chain disruption have driven the adoption of the smart robots. The manufacturing sector has experienced rebound in vulnerability of supply chains and the economic recovery. Despite the COVID-19 pandemic has continued to create business and economic uncertainty and volatility in the global markets and many countries are still experiencing further outbreaks of the pandemic, a recovery trend in the volume of economic activity had leads to significant demand for robotics solution. Key Players have begun to focus on weaknesses in their supply chain, and capabilities have been highlighted in convincing circumstances such as the requirement for ventilator parts.

Recently, the potential of smart robotics solution to play a significant role in the future of manufacturing has been underlined again within the context of the COVID-19 pandemic. The AM sector was able to rapidly pivot to bolster the supply systems at the time of entire world came to a standstill and unable to cope with the skyrocketing demand for critical items.

Smart Robot provides an important opportunity for advancing U.S. manufacturing while maintaining and advancing U.S. innovation. The U.S. is currently a major user of Smart Robot technology and the primary producer of Smart Robot systems. Smart Robot technology opens up new opportunities for the economy and society. The technology has the potential to increase the well-being of U.S. citizens and improve work efficiency in. With any new technology, new standards, knowledge, and infrastructure are required to facilitate its use. The rapid progress of Smart Robot has created a multitude of opportunities for the key players operating in the market.

The Asia-Pacific Smart Robot Market is expected to grow at 8.03% CAGR, thanks to adoption of the robots in developing economies during the forecast period. Growing awareness about innovative manufacturing techniques, economic growth, and increasing interest of foreign investors are factors driving the Smart Robot market in the Asia Pacific. The developing economies have must adopt additive manufacturing technologies in all manufacturing segments including defence and public sectors to position itself as a pioneer in restructuring its supply chain.

The companies need a high level of know-how to develop suitable applications and implement additive manufacturing in their businesses. The current cost-competitive parts need to exploit the AM compensations. Technology suppliers and researchers are encouraged to push more in the direction of end users, who are placing focus on costs and the specific requirements. Funding and investments by collaborating partners along the process chain must be strengthened to increase the production of the robotics solution.

Indian Smart Robot Market to become game changer

As automation increases across manufacturing industries, the number of robot machine installations are also increasing at a rapid rate in India. Indian industries are rapidly moving towards automation for growing production volume, accuracy, and safety. The demand for robotics is gaining momentum in areas where automation is required like disinfection and sanitization, patient screening, discharge of nuclear medicines, and rehabilitation. According to the latest World Robotics Report, India has moved up one position to feature among the top 10 countries with the most annual installations of robots in industries. The automotive industry remains the largest customer industry in India, with a share of 44% of total installations.

Key players are focusing on the requirement of the customer and continuously innovate across product technologies to deliver next-generation manufacturing solutions. The key players operating in the market are implementing strategies like expansion, mergers & acquisitions, technological advancements, and partnerships & collaborations to increase the smart robot market share.
Scope of the Smart Robot Market report
The global smart robot market report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. The market dynamics factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Smart Robot Market dynamic, structure by analyzing the market segments and projecting the Smart Robot Market size. Clear representation of competitive analysis of key players by segment type and regional presence in the Smart Robot Market make the report investor’s guide. The objective of the report is to present a comprehensive analysis of the global Smart Robot Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
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Smart Robot Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US 9.75 Bn.


Forecast Period 2023 to 2029 CAGR:
23.48 %
Market Size in 2029:
US 42.69 Bn.


 Segments Covered:
by Components
1. Hardware
2. Software


by Industry
1. Automotive
2. Healthcare
3. Manufacturing
4. Food and Beverages
5. Retail
6. Energy & Utility
7. Others


by Application
1. Industrial
2. Service


by Mobility
1. Stationary
2. Mobile



Smart Robot Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Smart Robot Market, Key Players  are:
1. iRobot Corporation (US)
2. Omron Adept Technology, Inc. (US)
3. Intuitive Surgical, Inc. (US)
4. ST Engineering Aethon, Inc. (US)
5. Gecko Systems International Corporation (US)
6. Delaval, Inc (US)
7. Brain Corporation (US)
8. Neato Robotics (US)
9. Greyorange (US)
10. SoftBank Group (Japan)
11. Honda Motor Co., Ltd. (Japan)
12. Yaskawa Electric Corporation (Japan)
13. FANUC (Japan)
14. Cyberdyne (Japan)
15. Hanson Robotics Limited (Hong Kong)
16. Samsung Electronics Co., Ltd. (South Korea)
17. KUKA AG (Germany)
18. Rethink Robotics (Germany)
19. Eca Robotics (France)
20. Blue Frog Robotics (France)
21. Ganymed Robotics (France)
22. Smart Robots S.r.l. (Italy)
23. ABB Ltd. (Switzerland)
24. Lely Industries N.V. (Netherlands)
25. Kongsberg Maritime (Norway)
26. Universal Robots (Denmark)

Frequently Asked Questions:

1] What segments are covered in the Global Smart Robot Market report?
Ans. The segments covered in the Smart Robot Market report are based on Satellite Type, Component, Application, Mobility and Industry.

2] Which region is expected to hold the highest share in the Global Smart Robot Market?
Ans. The North America region is expected to hold the highest share in the Smart Robot Market.

3] What is the market size of the Global Smart Robot Market by 2029?
Ans. The market size of the Smart Robot Market by 2029 is expected to reach USD 42.69 Bn.

4] What is the forecast period for the Global Smart Robot Market?
Ans. The forecast period for the Smart Robot Market is 2023-2029.

5] What was the market size of the Global Smart Robot Market in 2022?
Ans. The market size of the Smart Robot Market in 2022 was valued at USD 9.75 Bn.