The global smart robots market size is expected to attain USD 16.46 billion by the end of 2025 and is estimated to register CAGR of 22.4% during the forecast period from 2018 to 2025, according to a new report by Million Insights.The growing trend of robotic automation and technological development for industrial applications is projected to increase the demand for smart robots in the next few years.
Smart robotic solutions are highly used in applications such as palletizing, packaging and metal fabrication. These robots can perform various tasks in maintenance & manufacturing operations. Smart robots play a key role in reducing labor costs and improving productivity in industrial operations. Additionally, several benefits like greater accuracy and minimum accidents are expected to positively impact on market growth.
The adoption of new technologies with the integration of artificial intelligence tools and IoT-based devices is helping to improve the efficiency of smart robots. Several companies such as ABB Ltd, Fanuc Corporation invest in developing robotic technologies. All these key factors are anticipated to surge the market growth over the forecasted years.
In the industrial sector, growing demand for process automation is boosting the need for industrial robots. Furthermore, rising investment of firms in using smart robots for material handling, packaging applications is boosting the market growth. Moreover, growing adoption of artificial intelligence based andIoT enabled devices are expected to proliferate the demand for smart robots.
Smart robot market is moderately volatile in nature due to stiff competition among key players, and factors like strategic acquisitions & mergers. In 2016, Panasonic Corporation has acquired Open Synergy GmbH, which deals with software development in automotive sector. Key manufacturers in the market are Robot Corporation,ABB Ltd,Fanuc Corporation; Kuka AG, and Panasonic Corporation.
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Further key findings from the report suggest:
• Smart robots are growing in demand due to its various benefits in automation including cost reductions, safety & reliability applications.
• Government authorities across the world are also focusing on enhancing productivity in industrial automation.
• Asia Pacific isestimated to expand at a significant rate of CAGR from 2018 to 2025.
• Market is anticipated to grow at substantial rate owing to rising adoption of robotic technologies.
Million Insights has segmented the global smart robots market based on component, application, end use, vertical and region:
Smart Robots Component Outlook (Revenue, USD Billion, 2014 - 2025)
Smart Robots Application Outlook (Revenue, USD Billion, 2014 - 2025)
• Industrial Robots
• Field Applications
• Metal Fabrication
• Packaging and Palletizing
• Service Robots
• Security & Inspection
• Healthcare Applications
Smart Robots End Use Outlook (Revenue, USD Billion, 2014 - 2025)
Smart Robots Vertical Outlook (Revenue, USD Billion, 2014 - 2025)
• Food & Beverages
• Energy & Utility
Smart Robots Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East & Africa