Press release
Smart Robot Market Valued at USD 9.75 Billion in 2022, Estimated to Reach USD 42.69 Billion by 2029, with a CAGR of 23.48%
Smart Robot Market
The Smart Robot Market Report provides an in-depth analysis of the rapidly evolving smart robotics landscape, driven by advancements in mechanical, sensor, and vision technology. It employs a robust research methodology to offer reliable insights through data collection, analysis, and validation, catering to industry leaders, investors, and decision-makers.
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Market Value :
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)
Smart Robot Market Segment Analysis :
The report delves into critical segments, highlighting the role of robots in manufacturing and their transformative potential in service robotics. With the manufacturing sector seeking high production efficiency and quality enhancement, smart manufacturing, driven by robotics, gains traction. Meanwhile, service robots are set to revolutionize industries by providing semi-autonomous solutions that improve human well-being and equipment performance.
Robotics' place in manufacturing:
In several industries, including the automotive industry, industrial robots are utilised to automate welding, painting, assembly, and transportation. The need for robots in general industrial domains like food, medicine, pharmaceuticals, and 3C (computers, consumer electronics, and communications equipment) has risen recently against the backdrop of labour shortages and the containment of infectious illnesses. Future manufacturing facilities should experience an increase in the demand for smart manufacturing, which includes high production efficiency, bettering quality, and preserving traceability.
The market is anticipated to grow when high-mix, variable-volume production becomes a reality. By enhancing the decision-making and labour capabilities of robots, major market players are tackling the problem of realising an industrial automation revolution. Additionally, it is assisting in the automation and optimisation of current industrial facilities and offering fresh automation solutions in settings where robots have historically been challenging to implement. Manufacturers of industrial robots including Asimov Robots Pvt Ltd, Milagrow HumanTech, Invento Robotics, and Persapien Innovations are developing innovative robotics solutions for uses like patient screening, remote treatment, food and medication delivery, and disinfection and sanitization.
A semi- or completely autonomous robot called a "service robot" is used to automate commercial tasks other than manufacturing processes. The technology behind service robots is evolving. One of the key reasons propelling the market's expansion is the rapid proliferation of robot capabilities brought on by advancements in machine learning, artificial intelligence, adaptive computing, and vision systems. A robot that performs semi-autonomous or fully autonomous tasks for the benefit of people and equipment is referred to as a service robot.
The market is anticipated to develop as a result of an increase in the usage of robots in new applications that offer high returns on investment and rising funding for robotics research. Service robots are now used more frequently in professional settings.
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Market Drivers and Restraints
The convergence of cutting-edge technologies, including IoT, Industrie 4.0, and artificial intelligence, has sparked a transformational wave in the robotics and automation domain. This dynamic shift has elevated the significance of smart robotics, propelled by accessible components, open-source code, venture capital influx, and growing social acceptance. The report highlights how these factors motivate engineers to design innovative robots for diverse collaborative applications across manufacturing, healthcare, defense, and more.
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Regional Insights:
As technology continues to reshape industries, robotics is at the forefront of driving flexibility and competitiveness. Industries ranging from automotive to healthcare are adopting robotics at varying scales, resulting in accelerated implementation rates and disruptive innovations. While challenges persist, such as the COVID-19 pandemic, the report underscores how smart robotics have displayed their resilience by bolstering supply chains and addressing urgent needs.
The Asia-Pacific region, particularly India, is poised for transformative change in the smart robot sector. Rapid automation in manufacturing industries and increased robot installations signify the country's emergence as a game-changer. As Indian industries gravitate toward automation to enhance productivity and safety, the automotive sector remains a significant customer industry, accounting for a substantial share of installations.
Smart Robot Market Key Companies :
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)
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