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The smart robots market is estimated to grow at a CAGR of 19.5% between 2022 and 2027. The size of the market is forecast to increase by USD 13,222.51 million. The growth of the market depends on several factors, including the increasing focus of companies on factory automation, technological advances in smart robots, and growing government funding for smart robots.
This report extensively covers market segmentation by product (professional service robots, personal service robots, and collaborative robots), solution (software, hardware, and service), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The technological advances in smart robots are notably driving the market growth, although factors such as the high cost of smart robots may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Smart Robots Market Driver
The technological advances in smart robots are notably driving market growth. Smart robots comprise decision-making capabilities related to operations and can solve issues that occurred in the assembly and manufacturing processes. Some of the smart robots can work in collaboration with human labor to perform various tasks such as order pick and place, packaging and palletizing, machine tending, and quality inspections.
To completely automate their assembly and manufacturing processes, major vendors are working on developing advanced smart robots that can observe and learn from human behavior and past experiences. Hence, vendors are integrating advanced technologies such as AI and ML in smart robots and are focusing on the development of advanced smart robots (humanoid robots) that can recognize human faces, observe emotional expressions, and recognize various hand gestures. Thus, the integration of technological advances in smart robots can add advanced capabilities such as force sensing, speech recognition, and emotions in them which will drive the growth of the market during the forecast period.
Significant Smart Robots Market Trend
The rise in number of M&A activities is the primary trend in the market. The adoption of smart robots across various end-user industries, such as healthcare, automotive, and process and discrete manufacturing industries, is continuously increasing to achieve operational efficiency. To capitalize on the growing implementation of smart robots, vendors have increased their focus on the development and introduction of advanced smart robots.
To achieve this, vendors are entering into strategic alliances, such as M&A, with market participants, including technology providers, robot manufacturers, and component suppliers. This enables vendors to leverage the technological expertise of acquired companies and develop highly efficient and intelligent robots for multiple applications which will have a positive impact on the growth of the market during the forecast period.
Major Smart Robots Market Challenge
The high cost of smart robots is the major challenge impeding market growth. With rapid digitalization, many companies have increased their focus on automating their functions such as security, painting, material transfer, machine tending, and quality inspection. Several end-user industries, such as healthcare, automotive, industrial, and transportation, are investing heavily in advanced technologies such as AI, ML, and robotics. Companies are adopting smart robots, such as collaborative robots and professional service robots to automate processes. Smart robots include hardware such as sensors, actuators, power sources, controllers, and software that enables smart robots to perform the assigned tasks. To enhance the capabilities of smart robots, vendors are integrating multiple sensors and control systems. The cost of these components is high, which increases the overall cost of manufacturing smart robots.
Thus, the high cost of smart robots is hampering the growth of the market. Vendors that aim at excelling in the market need to focus on reducing the costs of smart robots to expand their market presence and gain a cost advantage over their competitors. Thus, such a high cost of smart robots will hamper the growth of the market during the forecast period.
Key Smart Robots Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Smart Robots Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Gaussian Robotics Pte Ltd. - The company offers smart robots called Scrubber 50 Pro with smart sensor fusion of 2D LiDar, 3D, and RGB cameras. Under this segment, the company offers scrubber50, scrubber75, autonomous scrubber, manual scrubber, vacuum 40, sweeper 111 and many more.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The reports categorize the global smart robots market as a part of the global industrial machinery market. The parent, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The market share growth of the professional service robots segment will be significant during the forecast period. Professional service robots are used to perform commercial tasks such as cleaning public places, product delivery, and food delivery, excluding tasks performed in manufacturing facilities. In the last five years, the demand for professional service robots increased rapidly, with end-users such as airports, retail shops, and hotels deploying these robots.
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The professional service robots segment was valued at USD 2,587.60 million in 2017 and continued to grow until 2021. One of the major reasons for the growing demand for professional service robots is the rise in the deployment of smart robots in warehouses. In warehouses and distribution centers, these robots work in collaboration with humans. Thus, the increasing deployment of robots in warehouses will drive the growth of the professional services robots segment during the forecast period.
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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC is the largest geographical segment of the global smart robots market and will continue to remain the largest segment during the forecast period. The market in APAC is witnessing a strong growth rate due to the rise in the focus of end-users on home automation and factory automation. Countries such as China, Australia, Japan, India, Singapore, and South Korea are likely to see a surge in demand for smart robots.
The increasing investments in communication network infrastructure are leading to the growth of the connected devices ecosystem. This facilitates the implementation of AMRs. These factors are expected to aid in the adoption of personal and professional service robots such as robotic vacuum cleaners, robotic lawnmowers, and robot mops in APAC. To capitalize on the market growth of smart robots, vendors are expanding their product portfolio. As the demand for personal service robots is increasing in APAC, major vendors have increased their focus on expanding their operations in the region.
The COVID-19 pandemic positively impacted the growth of the market in APAC in 2020. However, the increasing demand from end-user industries such as automobiles further revived the growth of the market. Moreover, the adoption of industry 4.0 and the launch of technologically advanced smart robots will boost the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Smart Robots Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19.5% |
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Market growth 2023-2027 |
USD 13,222.51 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
17.23 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 46% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Clearpath Robotics Inc., Ecovacs Robotics Co. Ltd, FANUC Corp., HANSON ROBOTICS Ltd., Husqvarna AB, Kawasaki Heavy Industries Ltd., L3Harris Technologies Inc., MIDEA Group, OMRON Corp., QinetiQ Ltd., Rethink Robotics GmbH, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Yaskawa Electric Corp., Amazon.com Inc., Dyson Technology India Pvt. Ltd., Gaussian Robotics Pte Ltd., LG Electronics Inc., and Ubtech Robotics Inc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Solution
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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