The study on the smart robot market 2020 by Market Research Future has been conducted with an in-depth view of the current proceeding within the semiconductor industry. The report also takes into account the influence of the novel COVID-19 pandemic on the smart robot market. It provides a transparent assessment of the projected market fluctuations during the forecast period (2016-2023) at a pace of 23% CAGR while anticipating a valuation surpassing USD 4.5 billion that was gained in 2017. The expected valuation might to USD 15 billion by 2023.
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Key players in the Report are:
The foremost players in the market are iRobot Corporation (US), Honda Motor (Japan), GreyOrange Ltd (Singapore), Seiko Epson Corporation (Japan), KUKA AG (Germany), Yaskawa Electric Corporation (Japan), Rethink Robotics (US), SoftBank Robotics (Japan), F&P Personal Robotics (Switzerland), and FANUC (Japan) among others.
Top Impacting Factors
The development of the smart robot market is determined by ascend in industrial automation, the development of robotics for a connected and digital world, and substantial government funding for automation solutions. The global smart robots market is liable to grow owing to the surging rate of adoption for personal applications such as elderly assistance, pool cleaning, robotic pets, and vacuum cleaning and more. These robots are currently being designed to carry on autonomous tasks and for working along with human beings.
Smart robots have also been deployed in the healthcare sector for staying with elderly patients and for assisting them in fast recovery. Smart robots possess the ability to identify an issue and make a decision by themselves to solve any issues, which will further provide impetus to the development of the overall market. Even, smart robots are known for being more competent and faster, which deploy them an advantage in functioning within manufacturing industries for improved production of goods. These robots have sensors which make them appraise the environment and act accordingly. This fuels its demand in the sector of manufacturing, which, in turn, has given a boost to the global smart robot market.
On the contrary, the skyrocketing prices of smart robots may impede the trending demand in the coming years that would impact the growth of the market. Besides, these robots tend to malfunction in case a wrong algorithm is used in them. This may pessimistically impact the development of this market. With this, the augmented utilization of these robots in the sector of manufacturing has also resulted in the loss of jobs. Furthermore, the making of smart robots includes massive expenditure on research and development. All these factors might work against the development of the global smart robots market for the forecast period.
The segments of vertical and component have segmented the global smart robot market.
In terms of component segment, the market has included sensors, actuators, power source, and control systems. Actuators segment has included pneumatic, electrical, piezoelectric, hydraulic, and ultrasonic. At the same time, the sensor segment included a microphone, gyroscope, tilt sensor, accelerometer, position sensor, force/torque sensor, and vision/image sensor.
In terms of vertical segment, the market has included manufacturing, automotive, food & beverage, electrical & electronics, residential, chemical, and entertainment.
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Smart Robots Market: Region-wise Outlook
In terms of geography, North America and Europe, smart robots markets were the first smart robots markets that collected high shares in the past, and now these regions lead the overall market.
The Asia Pacific is poised to experience the most exponential development in the market owing to the infiltration of nations such as India and China in the smart robots market. Besides, this region also comprises numerous smart robot vendors such as Yaskawa Electric Corporation and Honda Motors Ltd, which will further boost the expansion of the market in the Asia Pacific. China, Japan, and South Korea might lead the global smart robot market in the Asia-Pacific region. The rising number of robot applications and the expansion in the semiconductor industries are motivating the smart robot market in Asia-Pacific during the assessment period.
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