The smart robots global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Robots Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The smart robots market size has grown exponentially in recent years. It will grow from $13.79 billion in 2023 to $17.46 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The growth in the historic period can be attributed to growth in demand for automation and labor cost reduction, expansion of industries requiring robotic automation (manufacturing, healthcare, logistics, etc.), increased adoption of collaborative robots (cobots) for human-robot interaction, focus on safety and efficiency in manufacturing and industrial processes, advances in sensing and perception technologies for robotics, need for precision and accuracy in complex tasks.
The smart robots market size is expected to see exponential growth in the next few years. It will grow to $39.49 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The growth in the forecast period can be attributed to adoption of robots in healthcare for surgical and rehabilitation applications, expansion of smart manufacturing and industry 4.0 initiatives, research and development in swarm robotics and multi-robot systems, need for robots in hazardous environments (nuclear, oil & gas, etc.), emphasis on smart agriculture and autonomous farming practices, growing demand for last-mile delivery robots in e-commerce. Major trends in the forecast period include ai-powered adaptive learning, natural language processing (nlp) and voice recognition, robotic process automation (rpa) in business processes, edge computing for real-time decision-making, emotional ai and social robotics, augmented reality (ar) and mixed reality (mr) integration.
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Scope Of Smart Robots Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Robots Market Overview
Market Drivers –
The increasing penetration of industrial robots is predicted to boost the growth of the smart robot market over the coming years. Industrial robots are programmable, automated machines designed to perform tasks in manufacturing, assembly, or other industrial processes. These smart robots can perform a wide range of tasks with higher precision and adaptability, making them invaluable in manufacturing, logistics, healthcare, and various other sectors. For instance, in September 2022, according to a report published by the International Federation of Robotics, a Germany-based non-profit organization, 517,385 new industrial robots were installed in companies worldwide in 2021, according to the most recent World Robotics Report. In 2021, Asia installed 74% of the world’s newly deployed robots. China, the largest adopter in the region, saw installations grow significantly by 51% with 268,195 units sold. Therefore, the increasing penetration of industrial robots drives the growth of the smart robots market.
Market Trends –
Major companies operating in the smart robot market are developing advanced products, such as the small industrial robots, to meet larger customer bases, more sales, and increase revenue. Small industrial robots are compact robotic systems designed for precise and specialized tasks in industrial applications. For instance, in October 2022, ABB, a Switzerland-based provider of automation technologies, launched the IRB 1010, the smallest industrial robot. The compact system is specifically engineered to assist electronics manufacturers in scaling up production for devices such as smartwatches, earphones, sensors, and health trackers, according to the company. Measuring with a reach of 370 mm (14.5 inches) and a footprint of 135 by 250 mm (5.3 by 9.8 inches), the IRB 1010 surpasses ABB’s current smallest robot, the IRB 120, by being 30% smaller. These dimensions open up the possibility of fitting more robotic cells into production spaces, allowing manufacturers to enhance output by optimizing factory layouts with higher density. Furthermore, the IRB 1010 boasts the highest payload capacity in its category, capable of lifting up to three times more weight compared to similar robot arms. Additionally, it features a larger-diameter air hose that enhances vacuum suction power, enabling the robot to handle multiple objects simultaneously and process a greater number of items per hour.
The smart robots market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Product: Professional Service Robots, Personal Service Robots, Collaborative Robots
3) By End-User: Industrial, Residential, Commercial
4) By Application: Manufacturing, Healthcare, Defense, Energy and Utility, Other Applications
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Regional Insights –
North America was the largest region in the smart robots market in 2023. Asia Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart robots market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the smart robots market include Puresight Systems Pvt. Ltd, SoftBank Robotics Group, ABB Group, KUKA AG, FANUC India Pvt Ltd, HaHanson Robotics Limited., Yaskawa Electric Corporation, Rethink Robotics, Blue Frog Robotics SAS, Universal Robots, DeLaval, Intuitive Surgical Inc., Vt Systems Inc., Samsung Electronics, Gecko Systems International Corporation, Honda Motor Company Ltd., Omron Adept Technologies Inc., GreyOrange pte Ltd, Kongsberg Maritime, ECA GROUP, Neato Robotics, Bluefin Robotics, AIBRAIN LLC., Brain Corporation, Cyberdyne Inc., Epson America Inc, Lely Industries N.V., OTC Daihen Inc., F&P Personal Robotics., Nvidia Corporation., Anduril Industries Inc., Boston Dynamics Inc., Diligent Robotics, Starship Technologies, Nuro Inc., Vecna Robotics Inc., Aethon Inc., Universal Robots A/S, DENSO Robotics
Table of Contents
1. Executive Summary
2. Smart Robots Market Report Structure
3. Smart Robots Market Trends And Strategies
4. Smart Robots Market – Macro Economic Scenario
5. Smart Robots Market Size And Growth
…..
27. Smart Robots Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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