Smart Robots Market Expected to Achieve 21% CAGR by 2029: Growth Forecast Insights

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How Large Will the Smart Robots Market Size By 2025?
There's been a significant expansion in the size of the smart robots market in recent years. The market, valued at $17.35 billion in 2024, is projected to grow to $21.92 billion in 2025, with a compound annual growth rate (CAGR) of 26.3%. This growth during the historic period can be credited to the rising demand for automation and reducing labor costs, broadening of sectors needing robotic automation such as manufacturing, healthcare, logistics, and others. Furthermore, there's a growing acceptance of collaborative robots (cobots) for interaction between humans and robots, emphasis on safety and efficiency in manufacturing and industrial operations, progress in robotics sensing and perception technologies, and the requirement for precision and accuracy in challenging tasks.

How Big Is the Smart Robots Market Size Expected to Grow by 2029?
In the coming years, the market size for smart robots is projected to witness remarkable growth, escalating to $47.02 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 21.0%. This expansion during the forecast period is primarily due to the increased integration of robots in healthcare applications, such as surgery and rehabilitation. Other contributory factors include the growth of intelligent manufacturing and industry 4.0 initiatives, advancements in swarm robotics and multi-robot systems, the necessity for robots in dangerous environments like nuclear facilities and oil & gas sectors. Furthermore, the focus on intelligent agriculture and self-reliant farming practices, and the rise in demand for last-mile delivery robots in e-commerce significantly influence this growth. Key trends predicted in the forecast interval comprise AI-enabled adaptive learning, natural language processing (NLP) and voice recognition, robotic process automation (RPA) in commercial processes, the usage of edge computing for immediate decision-making, emotional AI and social robotics, and the integration of augmented reality (AR) and mixed reality (MR).

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Which Key Market Drivers Powering Smart Robots Market Expansion and Growth?
The growth of the smart robot market is projected to be propelled by the escalating prevalence of industrial robots in the upcoming years. These robots, which are programmable, automated machines built to carry out tasks in manufacturing, assembly, or other industrial settings, can perform an array of functions with enhanced precision and adaptability. This makes them indispensable in areas such as manufacturing, logistics, healthcare, and more. For instance, data from the International Federation of Robotics, a non-profit organization based in Germany that aims to advance, bolster, and safeguard the global robotics industry, showed that there were 72,000 installations of industrial robots in Europe in June 2023, reflecting a 6% increase from 2021. Hence, the increasing use of industrial robots is fueling the expansion of the smart robots' market.

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Which Fast-Growing Trends Are Poised to Disrupt the Smart Robots Market?
Leading corporations in the smart robot industry are focusing on the production of innovative products like compact industrial robots, to broaden their consumer base and boost revenue. These compact industrial robots are excellent for intricate and specialized roles in the industrial sector. As a recent example, ABB, a Swiss automation technology firm, unveiled the IRB 1010, hailed as the tiniest industrial robot, in October 2022. It's designed to help electronics manufacturers expedite the production of smartwatches, earpieces, sensors, and fitness trackers, as per ABB's description. The IRB 1010, with a reach of 370 mm (14.5 inches) and a base of 135 by 250 mm (5.3 by 9.8 inches), is 30% smaller than ABB's previously smallest robot, the IRB 120, allowing for more robotic cells in the production area. This enables manufacturers to upgrade their output by densifying their factory organization. Moreover, IRB 1010 features the heaviest lifting capacity in its class, able to carry thrice as much weight as similar robotic arms. Additionally, it's equipped with an expanded air hose for improved vacuum suction, letting it deal with multiple items concurrently, hence improving the processing rate per hour.

What Are the Emerging Segments in the Smart Robots Market?
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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Smart Robots Industry?
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.

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