According to the latest report by IMARC Group, titled, “Smart Robot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global smart robot market size reached US$ 10.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.3 Billion by 2028, exhibiting a growth rate (CAGR) of 17.7% during 2023-2028.
Smart robots refer to machines that are designed to assist humans with laborious and complex tasks. They are integrated with advanced technologies, such as machine learning (ML), artificial intelligence (AI), deep learning (DL), etc. Smart robots consist of electric motors, controllers, sensors, effectors, actuators, etc. They are widely used for assembling, welding, painting, material handling, inspection, sorting, security applications, etc. As compared to traditionally used robots, smart robots collaborate with human beings, learn from their environment and experience, and refine or modify their actions accordingly. Consequently, they are extensively utilized in the chemical, automotive, electrical and electronics, and food and beverage (F&B) sectors.
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Smart Robot Market Trends and Drivers:
The expanding healthcare sector across the globe is primarily augmenting the smart robot market. Furthermore, the inflating need for modifying manufacturing facilities into connected factories is positively influencing the global market. Apart from this, the growing prevalence of cognitive, sensory, and motor impairments and the widespread adoption of smart robots as they can perform repetitive and less ergonomic tasks, which allows seamless sharing of information and increases product quality and productivity, are acting as significant growth-inducing factors. Moreover, they are utilized for distributing hand sanitizer and measuring temperatures to avoid human contact, owing to the sudden outbreak of the COVID-19 pandemic, which is also bolstering the market growth. Besides this, the introduction of smart robots equipped with advanced digital technologies, such as the Internet of Things (IoT), that aid in speeding up the production process, reducing human errors, improving accuracy, etc., is further catalyzing the global market. Additionally, the increasing consumer security concerns and extensive R&D activities are expected to fuel the smart robot market in the coming years.
Smart Robot Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- ABB Ltd.
- F&P Robotics AG
- Fanuc Corporation
- Hanson Robotics Limited
- Honda Motor Co. Ltd
- iRobot Corporation
- KUKA AG (Midea Group)
- Neato Robotics Inc. (Vorwerk)
- Rethink Robotics GmbH
- Samsung Electronics Co. Ltd.
- Seiko Epson Corporation
- SoftBank Robotics Corp
- Yaskawa Electric Corporation.
The report has segmented the market based on component, mobility, application and vertical.
Breakup by Component:
Breakup by Mobility:
Breakup by Application:
- Welding and Painting
- Assembling and Disassembling
- Material Handling and Sorting
- Inspection and Security
Breakup by Vertical:
- Electrical and Electronics
- Food and Beverages
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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