Smart robots market size to grow at a CAGR of 19.5%: Driven by technological advances in smart robots - Technavio

NEW YORK, Feb. 15, 2023 /PRNewswire/ -- The smart robots market size is forecast to increase by USD 13,222.51 million from 2022 to 2027, at a CAGR of 19.5%, according to a recent market study by Technavio. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 5,253.99 million. The growth of the market will be driven by the increasing focus of companies on factory automation, technological advances in smart robots, and growing government funding for smart robots. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Technavio has extensively analyzed 15 major vendors, including 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.

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

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The market is segmented by product (professional service robots, personal service robots, and collaborative robots), solution (software, hardware, and service), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Segmentation by Product (Inclusion/Exclusion)

• The market growth will be significant in the professional service robots segment during the forecast period. The segment includes smart robots such as unmanned ground vehicles (UGVs), automated mobile robots (AMRs), delivery robots, fire-fighting robots, and educational robots. The increasing application of these robots in areas such as warehouses, airports, hotels, postal logistics centers, hospitals, and public buildings is driving the growth of the segment.

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What are the key data covered in this Smart Robots Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Smart Robots Market between 2023 and 2027
• Precise estimation of the size of the smart robots market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the smart robots market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of smart robots market vendors

Related Reports:

• The autonomous mobile robots market is estimated to grow at a CAGR of 21.94% between 2022 and 2027. The size of the market is forecast to increase by USD 5,116.37 million. The miniaturization of sensors is notably driving the market growth, although factors such as the need for technical expertise may impede the market growth.
• The smart machines market is estimated to grow at a CAGR of 18.7% between 2022 and 2027. The size of the market is forecast to increase by USD 25.41 billion. The miniaturization of sensors is notably driving the market growth, although factors such as the high cost of deployment the market growth.

Table of contents:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Solution
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global smart robots market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global smart robots market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 Solutions Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Solutions Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments 
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Professional service robots - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Professional service robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Professional service robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Professional service robots - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Professional service robots - Year-over-year growth 2022-2027 (%)

• 6.4 Personal service robots - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Personal service robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Personal service robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Personal service robots - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Personal service robots - Year-over-year growth 2022-2027 (%)

• 6.5 Collaborative robots - Market size and forecast 2022-2027
• Exhibit 42: Chart on Collaborative robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Collaborative robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Collaborative robots - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Collaborative robots - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Product 
• Exhibit 46: Market opportunity by Product ($ million)

7 Market Segmentation by Solution

• 7.1 Market segments 
• Exhibit 47: Chart on Solution - Market share 2022-2027 (%)
• Exhibit 48: Data Table on Solution - Market share 2022-2027 (%)

• 7.2 Comparison by Solution 
• Exhibit 49: Chart on Comparison by Solution
• Exhibit 50: Data Table on Comparison by Solution

• 7.3 Software - Market size and forecast 2022-2027
• Exhibit 51: Chart on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 7.4 Hardware - Market size and forecast 2022-2027
• Exhibit 55: Chart on Hardware - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Hardware - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Hardware - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Hardware - Year-over-year growth 2022-2027 (%)

• 7.5 Service - Market size and forecast 2022-2027
• Exhibit 59: Chart on Service - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Service - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Service - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Service - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Solution 
• Exhibit 63: Market opportunity by Solution ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027
• Exhibit 101: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 South Korea - Market size and forecast 2022-2027
• Exhibit 105: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape 
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 ABB Ltd. 
• Exhibit 116: ABB Ltd. - Overview
• Exhibit 117: ABB Ltd. - Business segments
• Exhibit 118: ABB Ltd. - Key offerings
• Exhibit 119: ABB Ltd. - Segment focus

• 12.4 Clearpath Robotics Inc. 
• Exhibit 120: Clearpath Robotics Inc. - Overview
• Exhibit 121: Clearpath Robotics Inc. - Product / Service
• Exhibit 122: Clearpath Robotics Inc. - Key offerings

• 12.5 Ecovacs Robotics Co. Ltd 
• Exhibit 123: Ecovacs Robotics Co. Ltd - Overview
• Exhibit 124: Ecovacs Robotics Co. Ltd - Product / Service
• Exhibit 125: Ecovacs Robotics Co. Ltd - Key offerings

• 12.6 FANUC Corp. 
• Exhibit 126: FANUC Corp. - Overview
• Exhibit 127: FANUC Corp. - Product / Service
• Exhibit 128: FANUC Corp. - Key offerings

• 12.7 HANSON ROBOTICS Ltd. 
• Exhibit 129: HANSON ROBOTICS Ltd. - Overview
• Exhibit 130: HANSON ROBOTICS Ltd. - Product / Service
• Exhibit 131: HANSON ROBOTICS Ltd. - Key offerings

• 12.8 Husqvarna AB 
• Exhibit 132: Husqvarna AB - Overview
• Exhibit 133: Husqvarna AB - Business segments
• Exhibit 134: Husqvarna AB - Key news
• Exhibit 135: Husqvarna AB - Key offerings
• Exhibit 136: Husqvarna AB - Segment focus

• 12.9 Kawasaki Heavy Industries Ltd. 
• Exhibit 137: Kawasaki Heavy Industries Ltd. - Overview
• Exhibit 138: Kawasaki Heavy Industries Ltd. - Business segments
• Exhibit 139: Kawasaki Heavy Industries Ltd. - Key news
• Exhibit 140: Kawasaki Heavy Industries Ltd. - Key offerings
• Exhibit 141: Kawasaki Heavy Industries Ltd. - Segment focus

• 12.10 L3Harris Technologies Inc. 
• Exhibit 142: L3Harris Technologies Inc. - Overview
• Exhibit 143: L3Harris Technologies Inc. - Business segments
• Exhibit 144: L3Harris Technologies Inc. - Key news
• Exhibit 145: L3Harris Technologies Inc. - Key offerings
• Exhibit 146: L3Harris Technologies Inc. - Segment focus

• 12.11 MIDEA Group 
• Exhibit 147: MIDEA Group - Overview
• Exhibit 148: MIDEA Group - Business segments
• Exhibit 149: MIDEA Group - Key offerings
• Exhibit 150: MIDEA Group - Segment focus

• 12.12 OMRON Corp. 
• Exhibit 151: OMRON Corp. - Overview
• Exhibit 152: OMRON Corp. - Business segments
• Exhibit 153: OMRON Corp. - Key news
• Exhibit 154: OMRON Corp. - Key offerings
• Exhibit 155: OMRON Corp. - Segment focus

• 12.13 QinetiQ Ltd. 
• Exhibit 156: QinetiQ Ltd. - Overview
• Exhibit 157: QinetiQ Ltd. - Business segments
• Exhibit 158: QinetiQ Ltd. - Key offerings
• Exhibit 159: QinetiQ Ltd. - Segment focus

• 12.14 Amazon.com Inc. 
• Exhibit 160: Amazon.com Inc. - Overview
• Exhibit 161: Amazon.com Inc. - Business segments
• Exhibit 162: Amazon.com Inc. - Key news
• Exhibit 163: Amazon.com Inc. - Key offerings
• Exhibit 164: Amazon.com Inc. - Segment focus

• 12.15 Dyson Technology India Pvt. Ltd. 
• Exhibit 165: Dyson Technology India Pvt. Ltd. - Overview
• Exhibit 166: Dyson Technology India Pvt. Ltd. - Product / Service
• Exhibit 167: Dyson Technology India Pvt. Ltd. - Key offerings

• 12.16 Gaussian Robotics Pte Ltd. 
• Exhibit 168: Gaussian Robotics Pte Ltd. - Overview
• Exhibit 169: Gaussian Robotics Pte Ltd. - Product / Service
• Exhibit 170: Gaussian Robotics Pte Ltd. - Key offerings

• 12.17 LG Electronics Inc. 
• Exhibit 171: LG Electronics Inc. - Overview
• Exhibit 172: LG Electronics Inc. - Business segments
• Exhibit 173: LG Electronics Inc. - Key news
• Exhibit 174: LG Electronics Inc. - Key offerings
• Exhibit 175: LG Electronics Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 176: Inclusions checklist
• Exhibit 177: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 178: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 179: Research methodology
• Exhibit 180: Validation techniques employed for market sizing
• Exhibit 181: Information sources

• 13.5 List of abbreviations 
• Exhibit 182: List of abbreviations

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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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