Smart Robots Market Analysis by Component (Hardware, and Software); by Application (Welding & Painting, Assembling & Disassembling, Mobility, and Inspection & Security); and by Industry Vertical (Automotive, Manufacturing, Electrical & Electronic, Food & Beverage, Chemical, and Residential) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4788 | Published Date: Apr 05, 2023
The global smart robots market size is estimated to reach ~USD 363.72 Billion by the end of 2035 by growing at a CAGR of ~33.50% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of smart robots was ~USD 11.35 Billion. The growth of the market can be attributed to growing adoption of cloud by organization all across the world. Over 5 out of 10 firms had migrated their work to the cloud as of 2022, and this trend is probably going to continue in the years to come. Hence, the adoption for smart robots is estimated to increase. These cloud robots make it easy for organization in order to collect information about the clients or customer. The information is then saved in a database system that is based in the cloud and accessible from a distance and used for operations, maintenance, and other purposes.
Moreover, the use of cloud technologies is what distinguishes cloud robotics from other forms of automation. The Robots-as-a-Service business model works well with cloud robotics. Robotics firms could rent out their technology to others over the cloud for a recurring fee, since the cloud-based infrastructure is made for remote access to robotic devices. Additionally, the investment on smart robots is also boosting which is further estimated to drive the market growth. François-Philippe Champagne, the federal minister of innovation, science, and industry, disclosed an about USD 29 million investment in Sanctuary Cognitive Systems Corporation in 2022, a robotics and AI-focused business in Vancouver. This funding, made through the Strategic Innovation Fund, was estimated to help an approximately USD 119 million initiative to create the first general-purpose robots with similar to human intelligence that actually work. The government wanted to put Canada at the forefront of the commercialization of artificial intelligence with this investment.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~33.50% |
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Base Year Market Size (2022) |
~ USD 11.35 Billion |
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Forecast Year Market Size (2035) |
~ USD 363.72 Billion |
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Regional Scope |
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Growth Drivers
Around 79 million automobiles were produced globally in 2021. Comparing this number to the prior year, a rise of about 2% may be calculated. Hence, robotics are used in automobile production processes to achieve extremely high levels of repeatability and precision, which optimizes the process and boosts efficiency. This is how manufacturers are able to meet the increasingly high industry standards they expect.
The healthcare sector is responsible for over 29% of the total volume of data worldwide. The healthcare data industry would experience an approximately 35% compound annual growth rate by 2025. Hence, the demand for smart robots is growing. Health management systems for patients, illness archives, and electronic medical records are just a few of the services offered by the medical smart robots. Moreover, to help surgeons perform real-time surgeries and deliver clinical services to patients, the healthcare robotic equipment, for instance, connects to the medical cloud infrastructure. Therefore, growing demand for surgeries is also estimated to boost the market growth.
From 2002 and 2021, the value of public residential construction investments increased significantly in the US. In residential development projects in 2021, the public sector made an estimated 10 billion USD in investments. Construction uses intelligent robotics to boost productivity, cut costs, and enhance safety. They could be employed for jobs such as building inspection and operating large machinery.
A daily average of roughly 54 million tons of goods worth more than USD 53 billion was transported via the U.S. transportation system in 2019 in US. Hence, the demand for smart robots is estimated to increase, as they could be employed for activities such as container loading and unloading goods.
Around five billion hectares, or 38% of the world's land surface, were used for agriculture in 2020. The use of robotics in agriculture increases productivity and lowers labor expenses. They may be employed in activities including planting, harvesting, and maintaining a check on agricultural development.
Challenges
The global smart robots market is segmented and analyzed for demand and supply by industry vertical into automotive, manufacturing, electrical & electronics, food & beverage, chemical, and residential. Out of which, the automotive segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growing use of robots in manufacturing automobiles. The highest number of robots are employed by the automobile industry, with operational stock reaching a new high of roughly 2 million units across the globe. Automobile manufacturers must keep up with both the overall advancement of technology and the rising demand of their existing market. Hence, for automakers to meet the needs of their present market, robots are essential. Robots could be made sophisticated enough to perform precise tasks including stamping metal plates, trimming plastics, and sewing with the help of camera arrays or light sensors for superior vision. Moreover, with the growing manufacturing of automobile the demand for paints is also growing. For automotive robotics, priming and painting the body is ideal. Robots won't eventually get incapacitated from inhaling paint's harmful vapors the way humans would. It may be configured to spray paint in a linear pattern, stop spraying at specific points, and define how many coats of paint it should apply after how many hours of drying, among other things, limiting paint waste.
The global smart robots market is also segmented and analyzed for demand and supply by application into welding & painting, assembling & disassembling, mobility, and inspection & security. Amongst which, inspection & security segment is anticipated to have the significant growth over the forecast period. Smart security robots could navigate across complicated settings while spotting and reporting environmental problems. Even, when travelling across difficult terrain, they are able to maintain their equilibrium owing to their sensors and cameras. Also, robots could now navigate increasingly bigger and trickier spaces owing to advancements in 5G networks. Moreover, smart robots are extensively used in area such as defense ministries, organizations dedicated to rescue or emergency operations, civil protection, law enforcement, and the sectors working for citizen security generally. Hence, owing to this segment growth, the market is estimated to boost.
Our in-depth analysis of the global smart robots market includes the following segments:
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By Component |
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By Application |
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By Industry Vertical |
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The market share of smart robots in North America, amongst the market in all the other regions, is projected to have the highest growth, backed by growing e-commerce business, along with boost in number of warehouses. In the US, about 217 million people would buy online in 2023, paying USD 5,380 on average. In the upcoming years, there would therefore be a rise in the proportion of online shoppers. Moreover, warehousing companies have made considerable investments in adding network-linked devices to their warehouses to make them more connected. These modifications make smart robot adoption more feasible since they depend on a fast network and digital data. Additionally, by taking steps to encourage the development of cutting-edge technology in the robotics sector, the regional government is also promoting the use of robotics.
The Asia Pacific smart robots market is estimated to be the second largest, to have highest growth over the forecast period. The need for smart robots has increased in a number of industries as a result of the growing requirement for automation systems in various workplaces to improve quality by lowering errors and enhancing variety in this region. Industrial robots are largely used in the automotive sector to manage welding, painting, and assembly processes on manufacturing lines. They have also improved operational precision and contributed to breakdown prediction. This is the primary driver of the market for smart robots in Asia Pacific. Moreover, several industries, including electronics, metal & machinery, rubber & plastics, and food & beverage, use smart robots in this region. Hence, the sales of smart robots are anticipated to be fueled by the enormous need for electronic items and new products in the electronics industry, the need to automate manufacturing, and the expanding demand for processors, batteries, and displays.
Additionally, the market in Europe is also estimated to have the significant growth over the forecast period. For field robots, logistics, and construction, Europe is a market leader. Robotics are employed in a variety of ways in this business, including in commercial cleaning. Europe's economy is expanding quickly, which has resulted in a serious labor shortage across all sectors. Robots that disinfect and clean the floors have been introduced in supermarkets, hospitals, and other settings. Given the new emphasis on sanitation and social distance, some businesses discovered that smart robotic processes gave a marketing advantage. Also, there has been growing innovation and the smart robots price has also been reduced which is further boosting the demand for smart robots in this region.
May 14, 2018: Techman Robot Inc., the world leader in collaborative arm robots that work alongside humans, and OMRON Corporation announced that they have formed a strategic cooperation in the field of collaborative robots. Starting in the second half of FY2018, OMRON was estimated to use this agreement to sell and market Techman's TM series collaborative robots on a global scale through OMRON's global distribution network using a co-branded logo.
September 30, 2022: The da Vinci SP surgical system was approved for use in general surgeries, thoracic surgeries (with the exception of cardiac procedures and intercostal approaches), urologic surgeries, gynaecological surgeries, and trans-oral head and neck surgeries, according to Intuitive Surgical, Inc., a global technology leader in minimally invasive care and the inventor of robotic-assisted surgery. The SP product launch was estimated to soon start at Intuitive Japan.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving the growth of the market are growing production of automobiles, rising use of smart robots in hospitals, surge in construction activities, and others
Ans: The market size of smart robots is anticipated to attain a CAGR of ~33.50% over the forecast period, i.e., 2023 – 2035.
Ans: Concern regarding data privacy, high cost of robots, and stringent government regulations are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are iRobot Corporation, Omron Corporation, Intuitive Surgical, Inc., ST Engineering Aethon, Inc., and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by component, application, industry vertical and by region.
Ans: The automotive segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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