Growth Of Smart Robots Market 2015 – 2023

The rising automation in all the sectors across the globe is driving the global smart robot market. The smart robot market is witnessing a surge in the demand from medical and healthcare sectors, which is boosting the global market significantly. The rising uptake of smart robots in the e-commerce industry is another factor driving the market for smart robots.

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On the other hand, the market faces severe challenges from the slow pace of commercialization and the high cost associated with the R&D activities carried out in this global industry. However, the increase in the usage of smart robot in the education sector is anticipated to present an opportunity to capitalize on for the participants in this market.Smart robots are basically made up of hardware and software. Sensors, power source, actuators, and control systems are the essential hardware installed in a smart robot.

Industrial Robots Leading Global Market

On the basis of application, there are two types of robots available in the market, industrial robots and service robots. Robots functional in industries such as automotive, electronics, and food and beverages are known as industrial robot. Likewise, service robots can be classified into two segments, namely, personal service robots and professional service robots.

Further, personal service robots are broadly categorized into household robots and entertainment and leisure robots, while professional service robots are applicable in defense and security, fire and bomb fighting, medical, logistics, demining, inspection and maintenance, and various other services.

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The market for industrial robots is comparatively larger than that of service robots. Increasing automation in the global industrial sector is expected to fuel the industrial robots market in the coming years. In the service robots market, the market for professional service robots boasts of a larger market share in comparison to the personal service robot market.

Asia Pacific – Future Leader of Global Smart Robots Market

North America and Europe are the largest markets for smart robots. The early adoption of technology in these regions has prompted the smart robot market to grow here extensively. However, analysts anticipates the smart robot market in Asia Pacific to emerge as the global market leader in the near future, registering highest growth owing to significant technological developments in South Korea and Japan.

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The rapid industrialization and the growth of the manufacturing industry in North America is projected to fuel the service robotics market in future. Additionally, the market in the U.S. is likely to occupy the biggest share of the North American smart robots market and develop at a faster rate than the global average during the next few years.

The current boom in the automotive industry is predicted to drive the smart robots markets in North America and Asia Pacific. Further, the demand for service robots is likely to increase in some of the Asian countries such as China and India due to the development in the manufacturing industry in the Asia Pacific region.

Global Smart Robots Market: Key Market Players

Aethon Inc., Irobot Corp., Lely Group, Northrop Grumman Corp., Google Inc., Honda Motor Co. Ltd., Delaval Group, Kuka AG, Intuitive Surgical Inc., ABB Ltd., Fanuc Corp., ECA Group, Yaskawa Electric Corp., Geckosystems Intl. Corp., Adept Technology Inc., Amazon.Com, and Bluefin Robotics Corp. are the major organizations operating in the global smart robot market.

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