Smart Robots Market By New Business Developments, Innovations, And Top Companies – Forecast To 2026: ABB Ltd; iRobot Corporation; Kuka AG; Fanuc Corporation; Yaskawa Electric Corporation; Panasonic Industry Europe GmbH

Smart Robots are Artificial Intelligence (AI)-enabled systems. They can learn from their surroundings, experience, and environment. They can build on capabilities based on feedback database. These machines gain nearly human-like intelligence without being explicitly programmed. They are equipped with high-sensitive sensors to monitor the surrounding environment. Moreover, Smart Robots offer features such as learning, and self-correction using machine learning technology.

Increase in demand for AI applications, service robots, and popularity of Internet of Things (IoT) are the key growth drivers for the market. However, high implementation costs and less accuracy can restrain the growth. The introduction of automated appliances in consumer electronics and manufacturing sectors is expected to provide lucrative growth opportunities. Adoption of smart robotics is significantly higher in end-use industries such as manufacturing, automotive, healthcare, and retail owing to features such as accuracy and efficiency.

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End Use Insights
In 2017, the industrial segment dominated the market owing to the increasing adoption of Smart Robots for manufacturing automation. The demand for industrial robotics is anticipated to grow exponentially over the forecasting period, which can be attributed to advantages such as cost reduction, improved quality, increased production, and improved health and safety at workplace.

Growth of the residential segment is attributed to smart cleaning machine. These machines are equipped with functions such as navigation control systems and sensors, which help them perform tasks automatically. They are utilized for carrying out tasks such as mopping and cleaning among other residential applications. In certain countries, employing domestic workers proves to be costly; hence, smart cleaning robots are employed.

Vertical Insights
With the growing complexity of manufacturing processes and miniaturization of semiconductor and electronics equipment, there is an increase in the use of AI-based smart industrial robots. Rise in applications such as field work, packaging and palletizing, and others is expected to propel demand from manufacturing, automotive, and healthcare among other industries.

Application Insights
Numerous industries are using Smart Robots owing to advantages such as increased productivity and flexibility. The introduction of sophisticated tools and development of self-programming robotics are anticipated to gain momentum with advancements in artificial intelligence over the forecast period.

Regional Insights
North America held the largest market share in 2017. This can be attributed to increased IT investments and advancements in sensor technologies. Growing demand for sensors that can be integrated into handheld devices has encouraged technological advancements.

Increased focus of government on energy efficiency and emission control standards has resulted in proliferation of gas sensors in the European automotive sector. The growth in end-use industries and increasing avenues for the use of gas sensors are also expected to be the major growth drivers in this region.

Smart Robots Market Share Insights
Prominent players dominating the market include ABB Ltd; iRobot Corporation; Kuka AG; Fanuc Corporation; Yaskawa Electric Corporation; Panasonic Industry Europe GmbH; OTC Daihen Inc.; Kawasaki Heavy Industries; Intuitive Surgical Inc. and Omron Adept Technologies, Inc.

Manufacturers focus on investing in R&D facilities with an aim to boost the technology.Key players have employed innovative concepts and ideas, improved manufacturing techniques, and enhanced their products and profitability to gain a competitive edge. They have adopted product launch as their key developmental strategy to cater to the escalating demand from end users. Furthermore, they have also undertaken acquisitions and expansions to improve their product offerings and to boost production process as well as to expand sales in different geographies.

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