Global Smart Robots Market

Smart Robots Market Insights

The smart robot market is reported to progress in a positive direction during the forecast period (2020-2026). A robot is a machine that is programmed with technologies to accomplish specific functions. But smart robots operate on the technology that collaborates with human beings, study from their environment/experience, and alter their actions. Smart robots not only converge on manual tasks but also on cognitive tasks. The benefits of smart robots are high productivity, lower maintenance expenses, and enhanced quality assurance. Whereas, few of the restraints can be determined as potential job extinction and initial capital investments. The application of smart robots can be seen in multiple verticals such as building & construction, automotive, healthcare, and military & defense. During the global pandemic, the usage of smart robots drastically reduced but in the healthcare specialty, nations such as China deployed robots for better medical assistance for the COVID-19 crisis. The food & beverage industry had also adopted the procedure of contactless delivery via smart robot by food delivery apps to maintain social distancing and limit human contact. After witnessing these subsequent developments, it is imminent to assume that smart robots will thrive and dominate in the forecast period. The rise in the adoption of modern technologies, increasing projects in urban development, and rising government investments in robotics technology are some of the few factors heightening the growth of the global smart robots’ market.

Smart Robots Market: By Type of Components

The components of smart robots are based on hardware and software where sensors, actuators, power sources, control systems, and others (body materials and electronics, electrical, & mechanical components) are distinct categories of hardware respectively. The control systems are predicted to hold a substantial share in the calculation period. Every robot is intended or designed to function for a particular purpose. Hence, control systems authorize the mobility and function of the robot's components. The multiple types of control systems are close loop and open-loop systems. Inclusion of AI applications in the multiple divisions, reflation in end-users, and Introduction of smart cities are drivers contributing supreme impulse to the market.

Smart Robots Market: By Type of Mobility

The market sectioning based on mobility is stationary and mobile. The mobile-based smart robots will dominate the market stimulating the rise of the CAGR during the forecast period. Mobile-based smart robots tend to propel and not be inhabited in a particular location. Some of the mobile robots can be autonomous by purpose where they don't need the assistance of external electromagnetic or physical guidance systems. Sweden, Germany, and Singapore are the world's leading nations for robotics. The popularity of IoT, an increase in venture capital investments, and lesser manpower obligations are some of the features altering the global market.

Smart Robots Market: By Type of Operating Environment

Based on operating environments in smart robots, the segregation of the market can be seen as air, surface, and water. Surface smart robots can be commonly be seen in verticals like healthcare, automotive, and personal care applications while on the contrary, water and air operating robots can be seen in military & Defence, government, and agriculture sectors. The surface smart robots are speculated to expand in the forecast period. The resources inspiring the growth of the market are government regulations to encourage the market, revamped education systems focusing on modern technologies, and higher efficiency & lower maintenance costs.

Smart Robots Market: By Type of Vertical

Based on the type of verticals domestic assistance and others (elderly aid and home-security) comer under the personal applications whereas military & defense, law & justice, logistics management, education, agriculture, industrial, healthcare, and others are categories under professional applications. The professional application is seen to advance to a stupendous length in the forecast period. The factors inducing the expansion of the market are Increase in digitization in multiple verticals, excellent power consumption, and cost-effective maintenance by IoT integrated robots.

Smart Robots Market: By Region

based on the geographical analysis, North America has prevailed as the dominant region until recently APAC is determined to designate a distinguished ascension of the market. Increment in population, growth of SME in developing countries, and higher employment of smart robots for high productivity in multiple verticals like manufacturing, automotive, & healthcare behave as propellors expediting the ascent of the market.

Smart Robots Market Share and Competitor Analysis

iROBOT, Softbank Robotics Group Corp., ABB, KUKA Robotics AG, FANUC, Hanson Robotics Ltd., Amazon Inc., The Yaskawa Electric Corp., Blue Frog Robotics, Kongsberg Maritime, Universal Robots, ECA Group, DeLaval, Intuitive Surgical Inc., Neato Robotics, Bluefin Robotics, Rethink Robotics, Aethon, Samsung Electronics Co, Ltd., and GeckoSystems Intl. Corp. and other industries are the prominent players operating in the smart robot market.

Please note: This is not an exhaustive list of companies profiled in the report.

In February 2020, ABB and Covariant collaborated to handle warehouse robotics for e-commerce channels such as Alibaba Group Holding Ltd., and Amazon, Inc.

In January 2019, iRobot launched its unique product Terra Mow, a mower. This design eradicates the necessity for expensive and labor-intensive boundary wires.

Check the Press Release on Global Smart Robots Market Report