Smart Robots - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Smart Robots market is accounted for $4.74 billion in 2019 and is expected to reach $35.48 billion by 2027 growing at a CAGR of 28.6% during the forecast period. Some of the key factors propelling the market growth include increasing funding for research on robots, rising integration of IoT in robots for cost-efficient predictive maintenance, growing adoption of robots for new applications, growth of industrial automation, and advancement in robotics for connected and digital world. However, data privacy concerns and stringent regulations are anticipated to hinder the growth of the market.
A smart robot is nothing but an AI (artificial intelligence) system that is capable of gaining knowledge of from its experience and it’s surrounding and building on its abilities on the basis of that knowledge. Smart robots can work in partnership with humans, learning from their behavior and working alongside them. Smart robots have more advantages. Smart robots help in improving people’s lives and keep operations of the company running smoothly. There are various advantages of smart robots such as safety, speed, consistency, perfection, job creation, happier employees, productivity. The smart robots are not only employed in industries, but it finds a vast number of applications in the personal environment such as elderly assistance, pool cleaning, vacuum cleaning, robotic pets, among others.
By application, professional segment is expected to grow at the significant rate during the forecast period, due to increasing demand from logistics management applications. The scope of using robots for professional applications is vast. Professional robots are widely used in field/agricultural applications. The boom in the e-commerce industry has translated into increased demand for robots in warehouses and for delivery. Professional robots have also gained popularity due to COVID-19 as they are increasingly being used for the disinfection of buildings.
On the basis of geography, Asia Pacific region is expected to have considerable market growth during the forecast years, owing to the rising number of robot applications, and the expansion in the semiconductor industries. Asia-Pacific is economically and technologically developed region and countries such as China, Japan, and South Korea are expected to dominate the global smart robots market in the Asia-Pacific region. Also, rise in disposable income and rapid industrialization in developing countries such as India and the Philippines are expected to propel the demand for smart robots. Furthermore, the oil & gas industry in APAC has witnessed significant growth in the past 2–3 years, which is leading to a high demand for autonomous underwater vehicles (AUVs).
Some of the key players in Smart Robots market include iRobot Corporation, Fanuc Corporation, LG Electronics Inc., Delaval Group, Samsung Electronics Co., Ltd., Google Inc., Amazon, Lockheed Martin Corporation, Honda Motors Ltd, The Boeing Company, Yaskawa Electric Corporation, ABB Group, Northrop Grumman Corporation, KUKA Aktiengesellschaft, Universal Robots, and Kawasaki Heavy Industries.
Operating Environments Covered:
• Ground (Surface)
• Industrial Robots
• Service Robots
• Smart Mobile Robots
• Education Robots
• Entertainment Robots
• Collaborative Robots
End Users Covered:
• Energy & Utilities
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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