Press release
Smart Robots Market Poised for 21.030% % Growth, Set to Hit $162.72 Billion by 2029
Smart Robots Market
The forecasted rise in the usage of industrial robots is expected to spur the expansion of the smart robot market in the next few years. Manufactured to conduct multiple tasks in industrial settings, such as manufacturing and assembly processes, these automated machines can be programmed to suit specific tasks. These smart robots offer versatility with improved precision, making them indispensable in industries such as healthcare, logistics, and manufacturing, among others. As per data from the International Federation of Robotics, a Germany-based non-profit dedicated to advocating for and safeguarding the global robotics industry, there were 72,000 installations of industrial robots across Europe in 2022, representing a 6% increase compared to 2021. This growing use of industrial robots is a key driver for the development of the smart robot market.
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What growth opportunities are expected to drive the smart robots market's CAGR through 2034?
In recent years, the market size for smart robots has seen a remarkable growth. It is projected to escalate from $17.35 billion in 2024 to $21.92 billion in 2025, indicating a compound annual growth rate (CAGR) of 26.3%. Factors such as the rising demand for automation, reduction in labor costs, expansion of sectors like manufacturing, healthcare, logistics which necessitate robotic automation, increasing incorporation of collaborative robots or cobots for human-robot interface, an emphasis on safety and efficiency in manufacturing and industrial procedures, breakthroughs in sensing and perception technology for robotics, and the requirement for precision and exactitude in intricate tasks have all contributed to the growth in the past period.
The market for smart robots is anticipated to witness tremendous growth in the upcoming years. The estimated value of this market by 2029 is $47.02 billion, with a projected compound annual growth rate (CAGR) of 21.0%. Factors contributing to this substantial growth include adoption of robots for surgical and rehabilitation operations in healthcare, the rise of smart manufacturing and industry 4.0 initiatives, advances in swarm robotics and multi-robot systems research and development, the requirement of robots in high-risk environments such as nuclear facilities and oil & gas fields, the focus on autonomous farming and smart agriculture, and increase in demand for last-mile delivery robots in e-commerce. Key trends occurring within this growth period comprise of ai-powered adaptive learning, natural language processing (NLP) and voice recognition technologies, the use of robotic process automation (RPA) in business affairs, edge computing in instantaneous decision-making, emotional AI and social robotics, and the incorporation of augmented reality (AR) and mixed reality (MR).
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What are the emerging trends shaping the future of the smart robots market?
Big companies in the smart robot market, such as ABB, a Switzerland-based automation technology provider, are turning their focus to create innovative products like compact industrial robots to increase their customer base, sales, and subsequent revenue. These small industrial robots are precisely built for distinct tasks in industrial setups. ABB introduced the smallest industrial robot, IRB 1010, in October 2022. It was designed specifically to assist producer of electronics in ramping up the production of gadgets like smartwatches, earphones, sensors, and health trackers. The IRB 1010, with a reach of 370mm (14.5 inches) and a footprint of 135 by 250mm (5.3 by 9.8 inches), is 30% tinier than ABB's current smallest robot, the IRB 120. The small size of the robot allows more such cells to be installed in the production area, thereby increasing the output by allowing for a higher density layout. The IRB 1010 also has the highest payload in its class and can lift up to three times more weight than similar robot arms. It also has a wider air hose for improved vacuum suction ability, enabling it to handle several objects at once and process more items per hour.
Which growth-oriented segments of the smart robots market are leading the industry's development?
The smart robots market covered in this report is segmented -
1) By Component: Hardware, Software, Services
2) By Product: Professional Service Robots, Personal Service Robots, Collaborative Robots
3) By End-User: Industrial, Residential, Commercial
4) By Application: Manufacturing, Healthcare, Defense, Energy and Utility, Other Applications
Subsegments:
1) By Hardware: Sensors, Actuators, Chassis and Frames, Power Supply Units
2) By Software: Control Software, AI and Machine Learning Algorithms, Navigation and Mapping Software, User Interface and Monitoring Software
3) By Services: Installation and Integration Services, Maintenance and Repair Services, Training and Support Services, Customization and Development Services
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What regions are leading the charge in the smart robots market?
North America was the largest region in the smart robots market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart robot's market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What companies are at the forefront of innovation in the smart robots market?
Major companies operating in the smart robots market include Puresight Systems Pvt. Ltd, SoftBank Robotics Group, ABB Group, KUKA AG, FANUC India Pvt Ltd, HaHanson Robotics Limited., Yaskawa Electric Corporation, Rethink Robotics, Blue Frog Robotics SAS, Universal Robots, DeLaval, Intuitive Surgical Inc., Vt Systems Inc., Samsung Electronics, Gecko Systems International Corporation, Honda Motor Company Ltd., Omron Adept Technologies Inc., GreyOrange pte Ltd, Kongsberg Maritime, ECA GROUP, Neato Robotics, Bluefin Robotics, AIBRAIN LLC., Brain Corporation, Cyberdyne Inc., Epson America Inc, Lely Industries N.V., OTC Daihen Inc., F&P Personal Robotics., Nvidia Corporation., Anduril Industries Inc., Boston Dynamics Inc., Diligent Robotics, Starship Technologies, Nuro Inc., Vecna Robotics Inc., Aethon Inc., Universal Robots A/S, DENSO Robotics
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What Is Covered In The Smart Robots Global Market Report?
•Market Size Forecast: Examine the smart robots market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the smart robots market for a structured understanding.
•Key Players Overview: Analyze major players in the smart robots market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart robots market.
•Segment Contributions: Evaluate how different segments drive overall growth in the smart robots market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart robots market.
•Industry Challenges: Identify potential risks and obstacles affecting the smart robots market.
•Competitive Landscape: Review strategic developments in the smart robots market, including expansions, agreements, and new product launches.
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