According to the latest research report from Market Research Future (MRFR), the global Smart Robot Market is estimated to grow from USD 4.5 billion in 2017 to USD 15 billion by 2023, with a CAGR of 23% during the forecast period. Early and future assessments of the rapidly changing market scenarios and their impact are covered in the report. The report is an important dynamic of the market and gives an idea of the types, processes and value chains contained in the report. The report also examines the impact of the COVID-19 pandemic on the global smart robot market. This research report furthermore combines industry-wide statistically significant quantitative statistics and insightful qualitative analysis.
The Smart Robot market is expected to observe various growth opportunities during the forecast period. The increase in government initiatives and the development of smart homes and smart cities are expected to open up new growth paths for enterprises to strengthen their existing smart robot product portfolio. 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.
The outstanding 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.
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Segmentation:
The global smart robot market is segmented on the basis of component, vertical, and region.
By component-
- Actuators
- Sensors
- Power source
- Control systems
By vertical-
- Automotive
- Manufacturing
- Electrical & electronics
- Food & beverage
- Chemical
- Residential
- Entertainment
By region-
- North America
- Europe
- Asia-Pacific
- Rest of the world
Regional Analysis:
North America is expected to grow at faster rate during the forecast period. The presence of big players and early adoption of new technologies such as IoT and AI are also contributing to the regional market growth significantly. Asia-Pacific is expected to dominate 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.
Key Questions Answered In This Report:
- What will the market size and growth rate in the prediction period?
- What is the projected market value of the global smart robot market?
- What are the major key facts for driving the evolution of the market?
- What is the component segment of the global smart robot market expected to witness the highest growth?
- Who are the key players operative in the global market?
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