Smart Robot Market Overview:
Smart robot Market was estimated to be worth USD 7.75 Billion in 2021, accounting for a CAGR of 22.5 % during the forecast period (2022-2030), and the market is expected to be worth USD 48.14 Billion by 2030.
A smart robot is a machine that is designed to perform a vast variety of tasks and functions with a High degree of intelligence and autonomy. Generally using artificial intelligence (AI), machine learning (ML), deep learning (DL), and other advanced technologies. To be specific, smart robotics as a technology involving robots that can collaborate with human beings and also learn from their environment/experience and could consequently refine or modify their actions accordingly. These robots could be employed in multiple fields like manufacturing, healthcare, military & defense, and could thus also in domestic applications for functions like Cleaning (for example, Roomba). Moreover, an array of Hospitality Bots, Autonomous Drones, Medical Assistant Bots, and many more are also currently developed. These bots do not have human limitations like exhaustion and monotony from repetitive tasks. Consequently, businesses all over the world are integrating smart robots into manufacturing processes. Furthermore, businesses and governments have also amplified their investments in the research and development of these robots due to their workability in professional tasks.
For instance, Japan’s government have recently allotted 30 million us dollars for R&D purpose. With advancements in technology and robotics smart robots will go more mainstream which will positively impact their demand.
- Demand for modern smart robots with advancement in the direction of industry 4.0 :-
Industry 4.0 refers to the current industrial revolution. Which is led by the evolution of smart robotics, artificial intelligence, and internet of things (IOT). The smart robots are expected to be crucial building blocks in the development of new age industries.
- Health care industry is anticipated to drive the demand(surgical robots ,Germ-Zapping Robot) :-
Robots do not have human limitations. “They are tireless and there hand never shake unlike humans”. Smart robots can do wonders in the medical industry. Currently there are few surgical robots used alongside surgeons in medical industry. With technological advancements the involvement of smart robots is set to rise in coming years. These robots could also be used for emotional support with old age patients.
- Integration into defense applications(explosive diffusion, surveillance )
Human life is the most valuable asset any country could have and smarts robots could play a crucial role in saving them. Defense agencies all around the globe are investing heavily into the research and development of smart robots. Which could effectively understand the terrain and could perform assigned task with human intervention.
For instance, The Defense Department of the US military has been allocated about $7.5 billion in fiscal year 2021 for a variety of robotic platforms and related technologies. Such investments by major military superpowers are set to drive the demand for smart robots into defense sector.
- Demand from construction industry :-
Metal fabrication plays a crucial role in construction industry. These equipments are helpful in shaping the materials like reinforcing bars, metal sheets, screws, nuts, bolts, anchors, windows, doors, metal tubing. Which are crucial for strengthening the architecture and framework of high-rise buildings, hospitals, and residential structures. APEC countries like China and India alone account for 40% of the total construction activity globally. These construction activities are estimated to drive the growth of this market in coming few years.
- Aerospace Metal Fabrication applications:-
Aerospace industry indulges itself in aspects like designing, building, testing, maintaining aircraft, aircraft parts, missiles, rockets and spacecraft. This industry has very crucial application of smart robot s as high quality and standards are must in order to ensure passengers safety. The growth of aerospace industry is directly linked to the growth of smart robot Market.
- Involvement of high cost of research and development :-
High cost involvement in research and development is the main constraint faced by this the smart robot industry. The development of modern robotic technology is very complex process and takes years of research.
- Higher Risk of cybersecurity attacks :-
This is also one of the major concern which is obstructing the wide integration of smart robots in crucial industries like medical and defense. Robots could are much easier to manipulate then humans due to lack of emotions and morality.
This is a major Dilemma faced by militaries all over the world. Because cyberattacks on medical and defense robots will have dire consequences.
Covid pandemic is estimated to have positive impact on the smart robots market. These robots were extensively deployed in hospitals for functions like sample collection and food dispersal. China was one of the major countries which deployed large number of such robots into hospitals. Apart from China countries in European region like Italy and France were also severally impacted due to covid spread. Restaurants and hotels had to switch to these robots in order to reduce contact and consequently curb the virus spread. In retrospect the COVID pandemic is estimated to have a positive impact on the demand for smart robots.
Smart robot Market Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||48.14 Billion|
|CAGR (2022-2030)||22.5 %|
|By Component||Software And Hardware|
|By Application||Inspection & Security, material handling , Mobility, Assembling & Disassembling, Welding & Painting, Others|
|Industry Vertical||Residential, Automotive, industrial Manufacturing, Food & Beverage, Chemical, Electrical & Electronic, medical industry Others.|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa.|
|Key Players||Greyorange Pte Ltd., Rethink Robotics, F&P Personal Robotics, Softbank Robotics, Yaskawa Electric, Fanuc, Irobot Corporation, Kuka, Seiko Epson Corporation, Asea Brown Boveri Ltd. (Abb)|
The Component segment could bifurcated into software and hardware. The hardware segment had the largest market share by vale in the forecasted period. Hardware segment id further divided into Sensor, Actuator, Power source, Control System sub segments. The control system had the largest market share in the sub segments.
The software segment is also expected to observe significant market share in the forecasted period. The driving factors is surging spendings in research and development by major nations.
The application segment is categorized into Inspection & Security, Mobility, Assembling & Disassembling, Welding & Painting, Others. In this segment the largest market share was held by material handling applications. Major industries all over the world are integrated smart robots in material handing in warehouses and industries. For instance, walmart the biggest retailer in the world is deploying robots into their warehouses. According to Walmart, it had already began the process of integrating Symbotic’s technology (fully autonomous robots and A.I.) in their regional distribution centers within its network. The companies announced that the implementation of the platform in all 42 locations is projected to take more than eight years to complete. Moreover, the Inspection & Security is expected to gain significant market in the forecasted period.
By Industry Vertical
The industry vertical segment is divided into Residential, defense, Automotive, industrial Manufacturing, Food & Beverage, Chemical, Electrical & Electronic, medical industry others. The industrial manufacturing was estimated to hold largest market share in the forecasted period. Currently Smart robots are extensively employed in manufacturing processes across the industries. Automotive industry is also expected to post significant demand for smart robots. Currently major automobile manufactures like TESLA have already included robots into their assembly line.
The region segment is divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The Asia pacific region is estimated to be the largest market for smart robots. In this the China was at technological forefront and had largest demand for smart robots. Moreover, this region also has a large presence of technological advance countries like South Korea and japan. Key companies like HONDA and LG are propelling the market with innovation and new product development.
On the other hand, North American region is also anticipated to gain significant market share in the forecasted period. Military spendings for defense applications is estimated to be the major driver for the demand for smart robots in this region. Moving forward, the defense sector is also expected propel the demand for smart robots in coming years.
Smart robot Market Competitive Landscape:
The competitive landscape of the Smart robot Market has been carefully evaluated in this report. Along with in depth profiles of major market players functioning in this industry. Surge in R&D, product innovation, business strategies, product launches were found to be propelling the growth of this market. Furthermore, several business insights like revenue breakup, product picture, company’s strengths, and weakness are also studied in this report. Key players in this market are-
Seiko Epson Corporation
Asea Brown Boveri Ltd. (Abb)
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