Smart Robot Market to Reach at a 19.86% CAGR during Forecast Period from 2024 to 2032

Pune, India, October 10, 2018/MRFR Press Release/— Market Research Future published a half-cooked research report on Global Smart Robot Market research report-forecast till 2023.

Smart Robot Market Highlights

The smart robots are made for doing autonomous tasks and for working along with human being. In other words, smart robots are the mechanical devices which help humans for developing accuracy, flexibility, and reducing manual labor in industrial processes. Growth of industrial automation along with the ability of robots to predict breakdowns in the industry are likely to drive the smart robot market during the forecast period. However, safety concerns due to complex high-level interfacing can limit the adoption of smart robots. High initial R&D expenditure can also contribute to the restrining factors of the smart robot market during the forecast period.

Key Players:

The prominent players in smart robot market are Honda Motor (Japan), iRobot Corporation (US), Seiko Epson Corporation (Japan), GreyOrange pte Ltd (Singapore), Rethink Robotics (US), KUKA AG (Germany), F&P Personal Robotics (Switzerland), SoftBank Robotics (Japan), Yaskawa Electric Corporation (Japan), and FANUC (Japan) among others.

Regional Analysis

The global market for smart robot is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart robot market is studied for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to grow at rapid pace during the forecast period due to countries like the US, Canada, and Mexico that are considered as the early adopters of robots in various verticals such as medical, consumer electronics, entertainment robots and the largest markets which contribute to the overall regional growth.

Asia-Pacific is expected to domainate the global smart robot market during the forecast period. Asia-Pacific is on a verge of leading the global market economically and technologically owing to continuous advancements in countries such as China, Japan, and South Korea which are expected to dominate the global smart robot market in Asia-Pacific. Due to high purchasing power of consumers, the adoption of smart robots for non-industrial applications such as entertainment is expected to contribute to the market growth.  

Europe is expected to grow at slow rate as compared to other regions during the forecast period. Countries such as the UK, Germany, and France are expected to dominate the smart robot market in Europe. Food & beverage vertical is expected to dominate the European market due to increasing demand for robots for packaging food with preservatives.