Smart Robots Market Size, Trends & Industry Forecasts

 

Smart Robots Market

The Smart Robots Market size was valued at USD 4221 million in 2019 and is projected to grow at a CAGR of 30% over the forecast period (2020-2027).

The factors driving the growth of Smart Robots Market includes growing demand for Smart Robots in end-use industries such as healthcare, food & beverages, retail & automotive, rising penetration of Industrial automation and Governments initiatives for increasing the production of Robots across the world. As per the report published by Hindustan Times, The Indian Government is planning to include the Robotics and Drone under the Production Linked Incentive (PLI) Scheme, which is expected to increase the production of drones and robots around $2 billion per market player in India. Moreover, the integration of advanced technologies such as deep learning, Artificial Intelligence, Internet of Things and Machine Learning, are expected to boost the Smart Robots Market share in the coming years. In addition, the growing demand for building smart houses, rising concerns about safety at workplace along with increasing application of Smart Robots in the manufacturing of commercial products, are propelling the Smart Robots Market size.

However, the growth of Smart Robots Market is hindered due to high manufacturing and assembling cost and data ownership issues.

The prominent players operating in the market are Panasonic Industry Europe GmbH, OTC Daihen Inc., Fanuc Corporation, ABB Ltd., Yaskawa Electric Corporation, Kawasaki Heavy Industries, SoftBank Robotics, Omron Adept Technologies, Inc., iRobot Corporation and KUKA AG among others.

End-Use: Segment Analysis

As per the Smart Robots Market Analysis, the industrial segment is expected to lead the smart robots market over the forecast period. The increasing use of Smart Robots in manufacturing plants along with its ability to enhance the production process and minimize the labor cost, are some of the factors supplementing the growth of the segment.

Application: Segment Analysis

Based on the Application, the professional application segment is projected to grow at a significant CAGR during the forecast period due to growing application of Smart Robots in defense and security, law enforcement, logistics management, public relations etc. Moreover, the increasing demand for smart robots in marine border security and rising adoption of AI-enabled smart industrial robots, are pushing the growth of the segment.

Regional: Segment Analysis

Based on the region, the Asia-pacific region is anticipated to grow at a faster CAGR in the market during the forecast period. The increasing tech-savvy population, remarkable development in robotic technology by countries such as Japan and South Korea along with on-going industrialization and rising manufacturing of robots, are propelling the market growth in the region. As per the report published by PWC in 2018, China registered a shipment of 115,000 Industrial robots in 2017.

Market Segmentation

Global Smart Robots Market by Component             

  • Hardware
    • Sensor
    • Actuator
    • Power Source
    • Control System
    • Others
  • Software

Global Smart Robots Market by Mobility

  • Stationary
  • Mobile

Global Smart Robots Market by End-Use

  • Industrial
  • Commercial
  • Residential

Global Smart Robots Market by Application

  • Personal and Domestic
    • Companionship
    • Education and Entertainment
    • Domestic
    • Others
      • Elderly and Handicap Assistance
      • Home Security and Surveillance
    • Professional
      • Military & Defense
        • Spying
        • Search and Rescue Operations
        • Border Security
        • Combat Operations
      • Law Enforcement
        • Patrolling
        • Riot Control
      • Public Relations
        • Reception Management
        • Tour Guidance
        • Telepresence
      • Logistics Management
        • Pick and Place
        • Sorting
      • Industrial
        • Manufacturing
        • Material Handling
      • Inspection and Maintenance
      • Field/Agriculture
      • Healthcare Assistance
      • Others

Global Automated Guided Vehicle Market by Region

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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