According to a recent report published by Allied Market Research, titled, Global Smart Robot Market by Component, Application, and Industry Verticals: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global smart robot market is expected to value at $4,057 million in 2017, and is projected to reach $17,561 million by 2025, registering a CAGR of 19.6% from 2018 to 2025.
At present, North America dominates the market, followed by Europe. In 2017, the U.S. is expected to remain dominant in the North America market, while Germany is projected to lead the overall market in Europe.
Smart robot is a reprogrammable, multifunctional manipulator designed to move material, parts, tools, or specialized devices through various programmed motions for the performance of a variety of tasks. Autonomous robot uses coding algorithm to perform a specified operation and changes its working in accordance with the changes made in the programming. By use of advanced technology, a smart robot can help people overcome daily obstacles or to teach children, and are majorly used in the industry vertical applications. Some smart robots can replace jobs where human interaction is difficult such as industrial welding, investigation of volcanoes, underwater exploration, and deep space exploration. For specific movements in the operation such as assembling and spot welding, many robots use the pneumatic or air pressure pistons in particular directions.
The increase in field of automation, the rise in demand for robotic advancement for connected world and capability of robots to identify the breakdowns in the industry fuel the growth of the market. In addition, strong government initiative for the factory automation also contribute to the market growth. However, higher manufacturing cost and insecurities regarding the robots hamper this stated growth.
Based on component, the hardware segment generated the highest revenue in the smart robot market in 2017, and is expected to remain dominant during the forecast period. In addition, based on application, the assembling & disassembling segment generated the highest revenue followed by welding & painting and mobility.
Based on industry vertical, the automotive industry accounted for the majority market share of the smart robot market followed by the manufacturing industry.
Key Findings of the Smart Robot Market:
- The hardware segment is estimated to generate the highest revenue in the global smart robot market in 2018.
- In 2018, the automotive industry is projected to be the highest revenue contributor in the industry vertical segment.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
- In 2018, North America contributes the highest market share, followed by, Europe, Asia Pacific and LAMEA.
The key players profiled in the report are ABB, iRobot Corporation, Grey orange Pte Ltd., Epson America, Inc., Rethink Robotics, KuKa, F&P Personal Robotics, SoftBank Robotics, Yaskawa Electric, and Fanuc.