Smart Robot Market Latest Study Reveals the Huge Growth in Key Regions | Irobot Corporation, Honda Motors Ltd, Adept Technology, Inc., Lely Group, Google, Inc., Amazon.com, Inc., Bluefin Robotics Corporation, ABB Ltd.

Global Smart Robot Market Analysis

According to Verified Market Research, the Global Smart Robot Market was valued at USD 4.83 Billion in 2018 and is projected to reach USD 26.25 Billion by 2026, growing at a CAGR of 23.6% from 2019 to 2026.

Smart robots are defined as the robots that have been enhanced with advanced technologies such as artificial intelligence (AI) and IoT. These robots are capable of learning from its environment and further building its capabilities based on that knowledge. Smart robots act like a man’s substitution in executing the tasks that are either dangerous or repetitive, where man is incapable of performing due to body limitations, or tasks that occur in extreme environments. Moreover, these smart robots are designed to carry out specific tasks for personal, professional, and industrial applications such as elderly assistance, pool cleaning, and robotic pets among others.

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Global Smart Robots Market Overview

With the rising need for automation system in the different workplaces in order to enhance the quality by eliminating errors and reducing the variability has fuelled the demand for smart robots in different sectors. Industrial robots are mostly used in the automotive sector in order to handle the production line operations such as welding, painting, and assembly and have further contributed to improving operational accuracy and prediction of breakdowns. This factor contributes majorly in driving the growth of smart robots market.

Smart robots are also employed in other industries such as electronics, metal & machinery, rubber & plastics, and food & beverage as well. For example, in the electronics industry growing demand for electronic products and new products, the need to automate production and the increasing need for batteries, chips, and displays boosted the sales of smart robots. Thus, it also accounts for the growth of the global smart robot market. Apart from this, the growth of smart robot market is also driven by growing demand for AI applications, emerging technological advancements in the robotics field along with rising investments towards industrial automation.

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Despite the growing demand for smart robots in numerous industries, the skyrocketing prices of these robots might hinder the growth of the market in the coming years. Furthermore, these robots have a tendency to malfunction in case a wrong algorithm is utilized in them. This factor may negatively impact the growth of this market. Furthermore, the manufacturing of smart robots includes huge expenditure on research and development. All these factors might hamper the growth of the global smart robots market.

Global Smart Robots Market: Segmentation

The smart robots market is segmented on the basis of the component, industrial application, service application, and geography. On the basis of industrial application, it is bifurcated into automotive, electronics, food & beverages and others. In the automotive industry, the demand for industrial robots has accelerated considerably due to the ongoing trend toward automation and continued innovative technical improvements in industrial robots. The investments in new production capacities in the emerging markets along with investments in production modernization in major car producing countries have caused the rise in the number of robot installations. Thus, the automotive segment will contribute to the large share of the growth of this market throughout the forecast period.

Based on geography scope, the global smart robots is segregated into North America, Europe, Asia Pacific, Latin America and Rest of the World. The APAC region is expected to witness fastest growth rate due to the high adoption rate of smart robots for all the major industrial and service applications for automation purposes. This region is experiencing the inclination in development due to the penetration of emerging economies such as China and India. Moreover, the growing automotive sector in the APAC region is predicted to drive the market for smart robots.

North America and Europe are expected to be the major revenue contributors to the smart robots market throughout the forecast period. The early adoption of new technologies such as IoT and AI are contributing to the regional market growth significantly. Moreover, the presence of several established companies is contributing to the growth of the market. The major players in the market are Irobot Corporation, Honda Motors Ltd, Adept Technology, Inc., Lely Group, Google, Inc., Amazon.com, Inc., Northrop Grumman Corporation, Bluefin Robotics Corporation, ABB Ltd. and Yaskawa Electric Corporation, among others.

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Analyst view:

The growing demands for robotics in the automotive and industrial sectors have significantly contributed to the growth of the smart robot market. Smart robots are majorly employed in industrial sectors in order to enhance the automation process along with the prediction of breakdowns. APAC is predicted to be the fastest growing region owing to the rising automation levels along with lean operations phenomenon kicking in. The emerging technological advancements within the robotics field coupled with rising investments towards industrial automation will ultimately boost the overall market for smart robots globally.

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This release was published on openPR.