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The dynamics and expansion of the smart robot market are influenced by many market variables, which also shape the industry's trajectory across different industries. The growing need for automation in industries including manufacturing, healthcare, logistics, and consumer services is one important cause. The use of intelligent robots becomes strategically necessary as companies want to increase output, save expenses, and improve efficiency. Intelligent robots' capacity to work independently, manage repetitive activities, and function in many settings makes them an invaluable resource for enterprises trying to maintain their competitiveness in a business climate that is changing quickly.
The development of technology is another important market element propelling the rise of smart robots. The sophistication is increased by the ongoing advancements in sensing, machine learning, and artificial intelligence (AI). These robots are equipped with sophisticated AI algorithms that enable them to sense and adjust to their environment, increasing their capacity to perform intricate jobs precisely. The incorporation of state-of-the-art technology augments the overall performance of intelligent robots, rendering them more attractive to sectors seeking inventive approaches to meet their particular requirements.
Return on investment (ROI) and cost-effectiveness factors are other significant factors that influence the smart robot industry. Businesses are starting to realize that investing in smart robots may pay off in the long run by boosting productivity and reducing costs associated with maintenance. Smart robots are becoming more and more appealing due to their potential for reduced labor costs, increased accuracy, and greater operational efficiency. The ROI for smart robot adoption increases for a wider variety of businesses as the cost of robotic components declines and technology breakthroughs drive efficiency benefits.
The geopolitical and global economic landscapes are examples of external market dynamics influencing the smart robot industry. Growth and stability in the economy encourage more investments in automation technology, although geopolitical developments can impact supply chain dynamics and market dynamics. Standards and regulations can have a significant impact on how the market is shaped. Concerns about privacy, security, and the effects of automation on the workforce are being addressed by governments and international organizations as they create rules for the safe and moral application of smart robots.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 3.0 Billion |
| Market Size Value In 2023 | USD 3.69 Billion |
| Growth Rate | 23.00% (2023-2032) |
Smart Robot Market Highlights:
Global Smart Robot Market Overview:
Global Smart Robot Market Size was valued at USD 3.69 Billion in 2023. The smart robot market industry is projected to grow from USD 4.53 Billion in 2024 to USD 19.331 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.86% during the forecast period (2024 - 2032). The primary market driver of the market's rapid expansion is the widespread use of autonomous robots for professional services. The market for smart robots is also anticipated to grow as a result of recent advancements in robotics technology, a labor shortage brought on by the COVID-19-responsive ban on immigration, an increase in IoT integration in robots for cost-effective predictive maintenance, and significant investments in industrial automation.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Robot Market Trends
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Increased adoption of smart robots in industries is driving the market growth
In the upcoming years, the market for smart robots is expected to expand due to the growing use of these machines in many industries. Smart robots use smart sensor technologies (such as ultrasonic, light, and touch sensors) to connect with the physical environment around them. Smart robots are a combination of cutting-edge technology with effective hardware. Modern robots are used in industrial processes in Industry 4.0, frequently operating continuously without human supervision. According to the International Federation of Robotics' (IFR) most recent World Robotics 2020 study, around 2.7 million industrial robots are now employed globally, an increase of 12%. Additionally, the International Federation of Robotics (IFR), a nonprofit organization headquartered in Germany, said that in June 2021, robot installations in Europe increased by 15% and reached 78,000 units. Therefore, the market for smart robots is growing as a result of the rising use of these machines in many industries.
However, there is a labor shortage in a number of nations worldwide. In many industrialized economies, there is a negative growth in the labor force due to declining birth rates and an aging population. In contrast, the need for labor has increased in developing areas due to rapid expansion. Nevertheless, the demographic peak is likely to reach its ultimate stage in many emerging economies. Europe is expected to be badly impacted by a labor shortage, according to the databases of the UN Population Division and ILO LABORSTA. Due to its adaptability, cost, and efficiency, robotics is a well-liked form of automation. Robots have found use throughout the supply chain, from pick and pack to sorting and transportation. Robots also eliminate the need for insurance and benefits and can cut down on the price of seasonal and temporary staffing, overtime pay, and skill development. Additionally, robotic automation returns on investment are frequently reached in less than two years. Smart robots are increasingly being used in various industries because of the labor crisis in many areas and their financial benefits.
Furthermore, agriculture is currently one of many sectors where smart robots are employed, and this is a crucial trend that is growing in popularity in the market for smart robots. Businesses in the smart robots sector are concentrating on creating intelligent machines that may be utilized in agriculture. For instance, Farmwise, a robotics business based in the US, is developing autonomous agricultural robots in 2020 to give farmers more harvests, more revenue, and a healthier environment. The business starts with a high-tech weeding robot that can effectively collect weeds from farms, lowering or eliminating the need for chemical pesticides. The robots have successfully removed weeds from over 10 million plants, claims FarmWise. Thus, driving the smart robot market revenue.
Smart Robot Market Segment Insights:
Smart Robot Component Insights
The global smart robot market segmentation, based on component includes Actuators, Sensors, Power Source and Control Systems. The control systems segment dominated the market. Each robot has a certain role for which it was created or is intended to work. Control systems, therefore, approve of the robot's mobility and operation components. There are many different kinds of control systems, including closed-loop and open-loop systems. The key market drivers are the introduction of smart cities, the inclusion of AI applications across many industries, and the growth of end users.
Figure 1: Global Smart Robot Market, by Component, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Smart Robot Vertical Insights
The global smart robot market segmentation, based on vertical, includes Automotive, Manufacturing, Electrical and Electronics, Food and Beverages, Chemical, Residential and Entertainment. The automotive category generated the most income. The segment's expansion can be linked to the increasing use of robots in the auto industry. The industry that employs the most robots is the automotive sector, with operating stock globally reaching a record high of almost 2 million units. Both the general improvement of technology and the escalating demand in their current market must be kept up with by automakers. Robots are, therefore, necessary for automakers to satisfy the demands of their current market.
Smart Robot Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American smart robot market area will dominate this market, supported by expanding e-commerce and an increase in the number of warehouses. In the US, 217 million consumers will make online purchases in 2023, with an average price of USD 5,380. Thus, the percentage of online shoppers would increase in the years to come. To make their warehouses more connected, warehousing organizations have also made large investments in network-linked devices. Due to their reliance on a quick network and digital data, these changes increase the likelihood that smart robot adoption will occur.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL SMART ROBOT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe smart robot market accounts for the second-largest market share. Europe dominates the markets for field robotics, logistics, and construction. This industry uses robotics in several applications, including industrial cleaning. The rapid growth of the European economy has led to a severe labor shortage in all industries. In supermarkets, hospitals, and other places, robots have disinfected and cleaned the floors. Additionally, there has been an increase in innovation and a decrease in the price of smart robots, fueling this region's need for them even more. Further, the German smart robot market held the largest market share, and the UK smart robot market was the fastest growing market in the European region
The Asia-Pacific Smart robot Market is expected to grow at the fastest CAGR from 2023 to 2032. Due to the rising demand for automation systems in various workplaces to improve quality by reducing errors and increasing variety in this area, the need for intelligent robots has grown across several industries. Industrial robots are extensively utilized in the automotive industry to oversee welding, painting, and assembly procedures on production lines. Additionally, they've increased operational accuracy and helped predict breakdowns. Moreover, China’s smart robot market held the largest market share, and the Indian smart robot market was the fastest growing market in the Asia-Pacific region.
Smart Robot Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the smart robot market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, smart robot industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global smart robot industry to benefit clients and increase the market sector. In recent years, the smart robot industry has offered some of the most significant advantages to market. Major players in the smart robot market attempting to increase market demand by investing in research and development operations include 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).
Factory automation and industrial robots are two business specialties of Fanuc Corp. The company creates, manufactures, and markets computer numerical control (CNC) systems, lasers, robotics, and factory automation solutions. The business provides a wide selection of robot models with various payloads for aerospace, automotive, alternative energy, consumer goods, education, food, pharmaceuticals, medical devices, and other industries. Fanuc distributes its goods via a network of branch offices, central technical centers, and international group companies. In August 2020, a cooperation between FANUC and Deep Learning Robotics Ltd., a pioneer in autonomous robotic learning, was formed. The collaboration aimed to provide compatibility between the industrial robots made by FANUC and DLR's Smart Robot Learning Technology.
Manufacturing servos, motion controllers, switches, AC motor drives, and industrial robots are all products of the Japanese company Yaskawa Electric Corporation. Their Motoman robots are robust industrial machines for welding, packaging, assembly, painting, cutting, material handling, and general automation. The company's head office is in Kitakyushu, Fukuoka Prefecture, established in 1915. In September 2020, a contract was struck by Yaskawa and Phoenix Contact, a provider of industrial automation, connectivity, and interface solutions. According to this contract, Yaskawa will lead the development of the i3-Mechatronics solution, which will leverage PLCnext Technology from Phoenix Contact as the basis for the next-generation machine controller and PLC.
Key Companies in the smart robot market include
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Honda Motor (Japan)
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iRobot Corporation (US)
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Seiko Epson Corporation (Japan)
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GreyOrange Pte Ltd (Singapore)
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Rethink Robotics (US),
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KUKA AG (Germany)
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F&P Personal Robotics (Switzerland)
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SoftBank Robotics (Japan)
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Yaskawa Electric Corporation (Japan)
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FANUC (Japan)
Smart Robot Industry Developments
February 2023: Apart from the smartphone, Xiaomi intends to introduce the CyberOne and CyberDog robots during MWC 2023 (Mobile World Congress 2023). Robot CyberOne is bipedal, whereas CyberDog is quadrupedal.
February 2023: PlayRobot and AAEON, a pioneer in IoT technologies, created an educational robot development kit. After the researchers showed off the equipment at National Central University, academics are keen to include the kit in their curricula.
October 2022: Silicon Valley-based Neato Robots, a company that makes consumer robots, today unveiled its "Customize Your Clean" initiative, which includes the global launch of Neato Fragrance Pods and filters for the Neato D-Series intelligent robot vacuums.
April 2021: A Japanese multinational company, Hitachi Ltd., purchased 96% of Kyoto Robotics Corporation's shares for an unknown sum. With the acquisition of Kyoto Robotics, Hitachi provided quick robotic system integration for an entire automated line in logistics and manufacturing automation. Manufacturers of intelligent robotic systems, 3D vision systems, and control systems include Kyoto Robotics Corporation, in Japan.
Smart Robot Market Segmentation:
Smart Robot Component Outlook
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Actuators
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Sensors
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Power Source
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Control Systems
Smart Robot Vertical Outlook
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Automotive
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Manufacturing
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Electrical and Electronics
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Food and Beverages
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Chemical
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Residential
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Entertainment
Smart Robot Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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