Smart Robot Market Size, Growth, Trends & Forecast 2022-2027

According to the latest report by IMARC Group, titled, “Smart Robot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global smart robot market reached a value of US$ 8.94 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.28 Billion by 2027, exhibiting at a CAGR of 17.9% during 2022-2027.

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Smart robots refer to machines that are designed to assist humans with laborious and complex tasks. They are integrated with advanced technologies, such as machine learning (ML), artificial intelligence (AI), deep learning (DL), etc. Smart robots consist of electric motors, controllers, sensors, effectors, actuators, etc. They are widely used for assembling, welding, painting, material handling, inspection, sorting, security applications, etc. As compared to traditionally used robots, smart robots collaborate with human beings, learn from their environment and experience, and refine or modify their actions accordingly. Consequently, they are extensively utilized in the chemical, automotive, electrical and electronics, and food and beverage (F&B) sectors.

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Smart Robot Market Trends and Drivers:

The expanding healthcare sector across the globe is primarily augmenting the smart robot market. Furthermore, the inflating need for modifying manufacturing facilities into connected factories is positively influencing the global market. Apart from this, the growing prevalence of cognitive, sensory, and motor impairments and the widespread adoption of smart robots as they can perform repetitive and less ergonomic tasks, which allows seamless sharing of information and increases product quality and productivity, are acting as significant growth-inducing factors. Moreover, they are utilized for distributing hand sanitizer and measuring temperatures to avoid human contact, owing to the sudden outbreak of the COVID-19 pandemic, which is also bolstering the market growth. Besides this, the introduction of smart robots equipped with advanced digital technologies, such as the Internet of Things (IoT), that aid in speeding up the production process, reducing human errors, improving accuracy, etc., is further catalyzing the global market. Additionally, the increasing consumer security concerns and extensive R&D activities are expected to fuel the smart robot market in the coming years.

Smart Robot Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• ABB Ltd.
• F&P Robotics AG
• Fanuc Corporation
• Hanson Robotics Limited
• Honda Motor Co. Ltd
• iRobot Corporation
• KUKA AG (Midea Group)
• Neato Robotics Inc. (Vorwerk)
• Rethink Robotics GmbH
• Samsung Electronics Co. Ltd.
• Seiko Epson Corporation
• SoftBank Robotics Corp
• Yaskawa Electric Corporation.

The report has segmented the market based on component, mobility, application and vertical.

Breakup by Component:

• Hardware
• Software
• Services

Breakup by Mobility:

• Stationary
• Mobile

Breakup by Application:

• Welding and Painting
• Assembling and Disassembling
• Material Handling and Sorting
• Inspection and Security
• Others

Breakup by Vertical:

• Automotive
• Manufacturing
• Electrical and Electronics
• Food and Beverages
• Chemical
• Residential
• Others

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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