Smart Robots Market size is estimated to surpass USD 363.72 billion by the end of 2035, growing at a CAGR of 33.50% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of smart robots was over 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 smart robots 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.
Growth Drivers
Challenges
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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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Industry Vertical (Automotive, Manufacturing, Electrical & Electronic, Food & Beverage, Chemical, Residential)
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 smart robots 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.
Application (Welding & Painting, Assembling & Disassembling, Mobility, Inspection & Security)
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 smart robots market t 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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North American Market Forecast
The smart robots market in North America 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.
APAC Market Statistics
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 smart robots 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.
Europe Market Forecast
Additionally, the smart robots 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 growth for smart robots market in this region.
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.
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.
Author Credits: Abhishek Verma, Hetal Singh
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