Smart Robots Market Size

Smart Robots Market Size, Share, Trends & Growth 2020-2026

Global Smart Robots Market By Component (Hardware and Software), By Mobility (Mobile and Stationary), By Operating Environment (Ground and Underwater), By End User (Military & Defense, Logistics Management, Inspection & Maintenance, Field/Agricultural, Healthcare, Industrial, Domestic and Others), By Region, Industry Analysis and Forecast, 2020 - 2026

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Published Date : February-2021 | Number of Pages : 311 | Format : PDF

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Market Report Description

The Global Smart Robots Market size is expected to reach $25 billion by 2026, rising at a market growth of 27.2% CAGR during the forecast period. Smart robots are considered as artificial intelligence system that provides optimum management of an environment with the combined work of human operators and robots. Smart robots are capable of learning from their environment and experience and develop their abilities on the basis of their knowledge. Also, Smart robots are capable to carry out both manual and cognitive tasks and are extensively used across many industries, like food & beverages, retail, automotive, healthcare, and manufacturing for several applications.

The major factors that push the market growth are the prominence of the Internet of Things (IoT), massive demand for AI applications and service robots. Though, high initial installation costs and low accuracy act as major restraints for the market growth. The market is anticipated to witness better growth prospects with the launch of automated equipment in the consumer electronics and manufacturing sectors. Installation of smart robots is primarily larger in end-use industries like automotive, manufacturing, healthcare, and retail due to features like efficiency and accuracy.

Due to the capability of these systems to work efficiently without the help of humans, the smart robots market is anticipated to display a considerable growth rate. These machines offer multiple advantages like superior efficiency, optimal power consumption, and a high frequency of data and instruction transmission. These factors are set to have a positive impact on market growth in the next few years. Thus, the market is anticipated to provide lucrative growth opportunities for the installation of modern technologies.

Smart Robots Market Size

By Operating Environment

Based on Operating Environment, the market is segmented into Ground and Underwater. The Ground based robots market dominated the Global Smart Robots Market by Operating Environment 2019. The Underwater market would showcase promising growth during the forecast period, owing to its rising applications in marine and defense.

By Component

Based on Component, the market is segmented into Hardware and Software. Hardware segment is further segmented into Sensors, Actuators, Control systems, Power Sources and Others. On the basis of component, the software segment is anticipated to develop at a high CAGR during the forecast period in the Smart Robots market. The growing incorporation of advanced technology like the Internet of Things (IoT) and machine learning in smart robot software is boosting the development of the segment. In addition, technological developments in these technologies to manage the complications with respect to functions like inter-device connectivity and autonomous operations, will further fuel the demand for the software segment.

By Mobility

Based on Mobility, the market is segmented into Mobile and Stationary. The Mobile market dominated the Global Smart Robots Market by Mobility 2019. The Stationary robots market is estimated to grow at the highest CAGR of 28.7% during (2020 - 2026).

Smart Robots Market Share

By End User

Based on End User, the market is segmented into Military & Defense, Logistics Management, Inspection & Maintenance, Field/Agricultural, Healthcare, Industrial, Domestic and Others. Fields such as public relations, logistics management, industrial, inspection & maintenance, field & agriculture, healthcare assistance, defense and security, law enforcement, and others come under the professional segment. The primary factor boosting the demand of the segment is the high demand for smart robots in the defense and marine sector in order to safeguard the border of a nation. Moreover, the rising production process complication and miniaturization of semiconductor and electronics devices are encouraging the acceptance of AI-integrated smart industrial robots, thereby fueling the market growth.

Smart Robots Market Report Coverage
Report Attribute Details
Market size value in 2019 USD 6.1 Billion
Market size forecast in 2026 USD 25 Billion
Base Year 2019
Historical Period 2016 to 2018
Forecast Period 2020 to 2026
Revenue Growth Rate CAGR of 27.2% from 2020 to 2026
Number of Pages 311
Number of Tables 563
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling, Competitive Analysis
Segments covered Component, Mobility, Operating Environment, End User, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • The growing integration of IoT in robots for cost-effective predictive maintenance
  • Development of Industrial Automation
Restraints
  • Strict regulations and data privacy concerns

Free Valuable Insights: Global Smart Robots Market to reach a market size of $25 billion by 2026

By Region

Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. On the basis of region, the Asia-pacific region is estimated to develop at a higher growth rate during the forecast period due to the rising adoption of smart robots in multiple industries. The increasing geriatric population in Asia-Pacific nations like China and Japan, and growing need for smart home robots for personal assistance applications are boosting the demand of the market in this region. Further, rising government initiatives with respect to AI-based robots in developing countries of Asia-Pacific is boosting the market growth.

KBV Cardinal Matrix - Smart Robots Market Competition Analysis

Smart Robots Market Competition Analysis

The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Amazon.com, Inc., and Samsung Electronics Co., Ltd. are the forerunners in the Smart Robots Market. Companies such as iRobot Corporation, ABB Group, FANUC Corporation, Yaskawa Electric Corporation, Teradyne, Inc., SoftBank Group Corporation, Hanson Robotics Limited, and Kuka AG are some of the key innovators in the market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Kuka AG, FANUC Corporation, Yaskawa Electric Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Amazon.com, Inc., iRobot Corporation, SoftBank Group Corporation (SoftBank Robotics), Teradyne, Inc. (Universal Robots) and Hanson Robotics Limited.

Recent Strategies Deployed in Smart Robots Market

» Partnerships, Collaborations, and Agreements:

  • Sep-2020: Yaskawa signed an agreement with Phoenix Contact, a manufacturer of industrial automation, interconnection, and interface solutions. Under this agreement, PLCnext Technology from Phoenix Contact is used in the development of the next generation machine controller and PLC platform realizing the i3-Mechatronics solution concept lead by Yaskawa.
  • Aug-2020: FANUC entered into a partnership with Deep Learning Robotics Ltd., a leading technology company in the field of autonomous robotic learning. The partnership focused on providing Compatibility between DLR's Smart Robot Learning Technology and FANUC's Industrial Robots.
  • Jul-2020: Universal Robots extended its partnership with Phillips Corporation. This partnership boosted productivity and helped manufacturers emerge from the pandemic.
  • Feb-2020: ABB signed a partnership agreement with Covariant, Silicon Valley AI start-up. In this partnership, the companies bring AI-enabled robotics solutions to the market and started a fully autonomous warehouse order fulfillment solution.
  • Jan-2020: iRobot came into partnership with IFTTT, the leading integration and discovery platform. It allowed new embedded smart home integrations. The partnership helped the customers to easily combine devices and services, like smart thermostats, lighting, and home security, directly within the iRobot HOME App.
  • Dec-2019: FANUC came into partnership with Soft Robotics, an OEM supplier of our SuperPick and mGrip platform. The companies together focused on developing new gripper solutions. This partnership helps in boosting the adoption of integrated soft robotic solutions into high-growth automation markets worldwide.

» Acquisition and Mergers:

  • Oct-2020: ABB acquired Codian Robotics B.V., supplier of high-speed pick & place robots. Under this acquisition, ABB accelerated its engagement in the growing field of delta robots.
  • Jun-2020: Amazon acquired Zoox, an American autonomous vehicle company. The acquisition added self-driving cars to its robotic fleet and it also helped Amazon to expand its reach into robotics and autonomous vehicles.
  • Nov-2019: Teradyne acquired AutoGuide Mobile Robots, a leading supplier of high payload autonomous mobile robots. The acquisition strengthened Teradyne's position in the robotics and automation market.
  • Jun-2019: iRobot acquired Root Robotics, an app-controlled robot with a leveling system. The acquisition helped iRobot's plans to diversify its educational robot product offerings, further demonstrating its commitment to creating a robotic technology more accessible to educators, students, and parents.
  • Apr-2019: SoftBank Robotics Group completed its acquisition of Kinema Systems, a robotics startup in the Silicon Valley building advanced robotic manipulation applications. This acquisition aimed to integrate Softbank's robotic hands with deep learning technology to detect and move boxes on complex pallets.
  • Apr-2019: Amazon took over Canvas Technology, a warehouse robotics startup. With this acquisition, Amazon continues to automate parts for its warehouses, deploying robots alongside human workers.
  • Feb-2019: Amazon acquired a robotics company, Dispatch. Following the acquisition, Amazon introduced a six-wheeled urban delivery robot called Scout.
  • Sep-2018: ABB completed its acquisition of AB Rotech, a provider of robotic welding solutions and services for the automotive industry. The acquisition enhanced ABB's robotic welding solutions for all tiers in the growing automotive segment.
  • Jun-2017: SoftBank took over Boston Dynamics and Schaft. The acquisition indicated that SoftBank intended on taking humanoids to the next level. The acquisition also expanded the artificial intelligence portfolio of the company.

» Product Launches and Product Expansion:

  • Oct-2020: ABB unveiled its new IRB 760 industrial robot range, the IRB 760PT. It provided fast and flexible performance for automotive press automation.
  • Sep-2020: iRobot Corporation launched the new Roomba i3+, a stylish new Roomba vacuum with advanced features. The Roomba i3+ provides intelligent navigation, self-emptying capability with Clean Base Automatic Dirt Disposal, and an expanded range of personalized cleaning features powered by the recently launched iRobot Genius Home Intelligence.
  • Aug-2020: iRobot introduced a new intelligence platform called iRobot Home Genius Intelligence. This platform changed the way customers interact with their networked robots and may become the integration point for the smart home.
  • Jul-2020: Amazon employs its contactless delivery service to Atlanta and Franklin Tennessee through the Amazon Scout, an electric autonomous mobile robot. This news was launched as the coronavirus continues to keep consumers home and social distancing to avoid infection.
  • Dec-2019: FANUC introduced a new lightweight Collaborative Robot. This lightweight collaborative robot aimed for a totally new level of industrial robots working hand in hand with manufacturing workers.
  • Dec-2019: FANUC expanded its global footprint in Europe. The company launched its Industrial IoT platform FIELD system and sold this system to the European market later in 2019. The FIELD system has the capability to connect several production machines like robots or machining centers of different generations from all manufacturers in a plant.
  • Dec-2019: Yaskawa introduced an explosion-proof industrial robot for painting, Motoman MHP 45L. This robot broadened the range of painting robots optimized for different applications from small to large applications such as smartphones or automotive.
  • Nov-2019: B&R, a division of ABB’s Robotics and Discrete Automation business combined its automation portfolio into ABB robots. Following the integration, B&R launched the first fully integrated Machine-Centric Robotics solution. With this solution, B&R aimed to supply machine automation and robotics from a single source.
  • Sep-2019: Yaskawa Motoman introduced the updates to ArcWorld 50 Series Workcells for Robotic Welding. Each ArcWorld 50 model features an AR1440 welding robot, compact YRC1000 controller with menu-driven arc welding application software, combined welding package, operator station, one or two powered roll-up door(s), and a total safety environment.
  • Feb-2019: Samsung unveiled New Robots to 'Make Your Lives' Easier that includes a Robotic Arm. It assists in the Kitchen.
  • Jan-2019: iRobot introduced Terra Mow, a mower. It reduced the need for costly and labor-intensive boundary wires.
  • Jan-2019: Hanson Robotics Limited unveiled its next innovation in consumer robots: Little Sophia. Little Sophia teaches STEM, coding, and artificial intelligence (AI), with a playful personality and unmatched characteristics of the renowned Sophia the Robot.
  • Jan-2019: Samsung launched a new personal care robot, an AI-powered robot, called Ballie. It uses artificial intelligence to assist seniors to connect with smart devices in the home and serve as a fitness assistant.

Scope of the Study

Market Segments Covered in the Report:

By Component

  • Hardware
    • Sensors
    • Actuators
    • Control systems
    • Power Sources
    • Others
  • Software

By Mobility

  • Mobile
  • Stationary

By Operating Environment

  • Ground
  • Underwater

By End User

  • Military & Defense
  • Logistics Management, Inspection & Maintenance
  • Field/Agricultural
  • Healthcare
  • Industrial
  • Domestic
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • ABB Group
  • Kuka AG
  • FANUC Corporation
  • Yaskawa Electric Corporation
  • Samsung Electronics Co., Ltd. (Samsung Group)
  • Amazon.com, Inc.
  • iRobot Corporation
  • SoftBank Group Corporation (SoftBank Robotics)
  • Teradyne, Inc. (Universal Robots)
  • Hanson Robotics Limited

Unique Offerings from KBV Research

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Smart Robots Market Related Reports:

North America Market

Europe Market

Asia Pacific Market

LAMEA Market

FREQUENTLY ASKED QUESTIONS (FAQ):

The global smart robots market size is expected to reach $25 billion by 2026.

There are several reason that cause high demand of this market one of them is growing integration of IoT in robots for cost-effective predictive maintenance.

ABB Group, Kuka AG, FANUC Corporation, Yaskawa Electric Corporation, Samsung Electronics Co., Ltd. (Samsung Group), Amazon.com, Inc., iRobot Corporation, SoftBank Group Corporation (SoftBank Robotics), Teradyne, Inc. (Universal Robots) and Hanson Robotics Limited.

The expected CAGR of smart robots market is 27.2% from 2020 to 2026.

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