Smart Robots Market size to increase by USD 13.22 billion from 2022 to 2027, Technological advances in smart robots boost the market growth - Technavio

NEW YORK, Nov. 22, 2023 /PRNewswire/ -- The smart robots market size is expected to grow by USD 13.22 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 19.5% during the forecast period. The market is segmented by product (professional service robots, personal service robots, and collaborative robots) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The technological advances in smart robots drive market growth. Smart robots include decision-making capabilities that are related to operations and can solve issues that occur in the assembly and manufacturing processes. In addition, some of the smart robots can work in collaboration with human labor to perform different tasks such as order pick and place, packaging and palletizing, machine tending, and quality inspections. Hence, such factors drive the market growth. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the smart robots market: ABB Ltd., Clearpath Robotics Inc., Ecovacs Robotics Co. Ltd, FANUC Corp., HANSON ROBOTICS Ltd., Husqvarna AB, Kawasaki Heavy Industries Ltd., L3Harris Technologies Inc., MIDEA Group, OMRON Corp., QinetiQ Ltd., Rethink Robotics GmbH, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Yaskawa Electric Corp., Amazon.com Inc., Dyson Technology India Pvt. Ltd., Gaussian Robotics Pte Ltd., LG Electronics Inc., and Ubtech Robotics Inc
• Smart Robots Market is fragmented in nature.
• Market to observe 17.23% YOY growth in 2023.

Market Dynamics:

Trend

• The increase in the number of M&A activities is an emerging trend in the market. 
• In order to capitalize on the increasing implementation of smart robots, companies have increased their emphasis on the development and introduction of advanced smart robots.
• As a result, companies are entering into strategic alliances, including M&A, with market participants, such as technology providers, robot manufacturers, and component suppliers.
• Hence, such factors drive the market growth.

Challenges

• The high cost of smart robots is a significant challenge hindering market growth. 
• Several companies have increased their focus on automating their functions such as security, painting, material transfer, machine tending, and quality inspection due to rapid digitalization.
• In addition, smart robots comprise hardware such as sensors, actuators, power sources, controllers, and software that enables smart robots to perform the assigned tasks which is expensive.
• Hence, such high costs hinder the market growth.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

• The market share growth of the professional service robots segment is significant during the forecast period. Professional service robots are utilized to perform commercial tasks including cleaning public places, product delivery, and food delivery, excluding tasks performed in manufacturing facilities. Furthermore, in the last five years, the demand for professional service robots has grown rapidly, with end-users such as airports, retail shops, and hotels deploying these robots. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.

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Related Reports:

The Global Humanoid Robot Market size is estimated to grow at a CAGR of 53.45% between 2022 and 2027. The size of the market is forecast to increase by USD 16,055.32 million.

The steering robot market size is estimated to grow at a CAGR of 8.25% between 2022 and 2027. The market size is forecast to increase by USD 65.94 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio