Industry Insight
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.
Market Scenario
The smart robots are made for doing autonomous tasks and for working along with human being. In other words, smart robots are the mechanical devices which help humans for developing accuracy, flexibility, and reducing manual labor in industrial processes. Growth of industrial automation along with the ability of robots to predict breakdowns in the industry are likely to drive the smart robot market share during the forecast period. However, safety concerns due to complex high-level interfacing can limit the adoption of smart robots. High initial R&D expenditure can also contribute to the restrining factors of the smart robot market during the forecast period.
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Segments:
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 smart robot market share has included manufacturing, automotive, food & beverage, electrical & electronics, residential, chemical, and entertainment.
Regional Analysis:
The global market for smart robot is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of smart robot market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to grow at rapid pace during the forecast period due to countries like the US, Canada, and Mexico that are considered as the early adopters of robots in various verticals such as medical, consumer electronics, entertainment robots and the largest markets which contribute to the overall regional growth.
Asia-Pacific is expected to domainate the global smart robot market during the forecast period. Asia-Pacific is on a verge of leading the global market economically and technologically owing to continuous advancements in countries such as China, Japan, and South Korea which are expected to dominate the global smart robot market in Asia-Pacific. Due to high purchasing power of consumers, the adoption of smart robots for non-industrial applications such as entertainment is expected to contribute to the market growth.
Europe is expected to grow at slow rate as compared to other regions during the forecast period. Countries such as the UK, Germany, and France are expected to dominate the smart robot market in Europe. Food & beverage vertical is expected to dominate the European market due to increasing demand for robots for packaging food with preservatives.
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Key Players:
The prominent players in smart robot market are Honda Motor (Japan), iRobot Corporation (US), Seiko Epson Corporation (Japan), GreyOrange pte Ltd (Singapore), Rethink Robotics (US), KUKA AG (Germany), F&P Personal Robotics (Switzerland), SoftBank Robotics (Japan), Yaskawa Electric Corporation (Japan), and FANUC (Japan) among others.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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