Smart Robots Market size to grow by USD 13,222.51 million from 2022 to 2027, Driven by technological advances in smart robots - Technavio

NEW YORK, March 30, 2023 /PRNewswire/ -- The global smart robots market size is estimated to increase by USD 13,222.51 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 19.5% during the forecast period. The technological advances in smart robots drive the smart robots market growth significantly. Smart robots have decision-making capabilities related to operations. They can also solve issues occurring in the assembly and manufacturing processes. Major vendors work on developing advanced smart robots that can observe and learn from human behavior and past experiences to completely automate their assembly and manufacturing processes. Therefore, vendors integrate advanced technologies such as AI and ML in smart robots and focus on the development of advanced smart robots (humanoid robots) that can recognize human faces, observe emotional expressions, and recognize various hand gestures. Hence, the integration of technological advances in smart robots can add advanced capabilities such as force sensing and speech recognition, which is expected to drive the growth of the smart robots market during the forecast period. Discover some insights on market size historic period (2017 to 2021) and forecast market data (2023-2027) before buying the full report - Request a sample report

Smart robots market – Vendor Analysis

Vendor Landscape - The global smart robots market is fragmented with the presence of several global as well as regional vendors. A few prominent vendors that offer smart robots in the market are ABB Ltd., Clearpath Robotics Inc., Ecovacs Robotics Co. Ltd, FANUC Corp., HANSON ROBOTICS Ltd., Husqvarna AB, Kawasaki Heavy Industries Ltd., L3Harris Technologies Inc., MIDEA Group, OMRON Corp., QinetiQ Ltd., Rethink Robotics GmbH, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Yaskawa Electric Corp., Amazon.com Inc., Dyson Technology India Pvt. Ltd., Gaussian Robotics Pte Ltd., LG Electronics Inc., and Ubtech Robotics Inc and others.

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Vendor Offerings -

• ABB Ltd. - The company offers smart robots for industrial purposes, such as IRB 1010, IRB 1100, IRB 120, IRB 1200, and IRB 1300.
• Clearpath Robotics Inc. - The company offers smart robots called Warthog, with UR10, outdoorScan 3 LiDAR, Duro GPS, and 3DM GX325 microstrain.
• Ecovacs Robotics Co. Ltd - The company offers smart robots called DEEBOT N8 PRO with 3D technology, 2600PA suction power, and TrueMapping technology sensors.
• For details on the vendor and their offerings – Request a sample report

Smart Robots Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on product (professional service robots, personal service robots, and collaborative robots), solution (software, hardware, and service), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth of the professional service robots segment will be significant for the global smart robot market growth during the forecast period. Commercial tasks such as cleaning public places, product delivery, and food delivery, are some examples of the tasks performed by professional service robots. The last few years have witnessed a rising demand for professional service robots because of the end-users such as airports, retail shops, and hotels deploying these robots. One of the major reasons for the growing demand for professional service robots is the rise in the deployment of smart robots in warehouses and distribution centers, where these robots work in collaboration with humans. Hence, the rising deployment of robots in warehouses will drive the growth of the professional services robots segment during the forecast period.

Geography Overview

The report provides actionable insights and estimates the contribution of all regions to the growth of the global smart robots market.

• APAC is estimated to account for 46% of the global smart robot market growth during the forecast period. The growth in the region can be attributed to factors such as the rise in the focus of end-users on home automation and factory automation. Developing countries in the region are likely to witness a surge in demand for smart robots. The rising investments in communication network infrastructure have led to the growth of the connected devices ecosystem, which facilitates the implementation of AMRs. Vendors are expanding their product portfolio to capitalize on the market growth of smart robots. Hence, the demand for personal service robots is increasing in APAC.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 - Download a Sample Report

Smart Robots Market – Market Dynamics

Key Trends - 

The increase in the number of M&A activities is a primary trend that will fuel the growth of the smart robots market during the forecast period. The adoption of smart robots across various end-user industries, such as healthcare, automotive, and process and discrete manufacturing, is increasing to achieve operational efficiency. Vendors are increasing their focus on the development and introduction of advanced smart robots in order to capitalize on the growing implementation of smart robots. They achieve this by entering into strategic alliances, such as M&A, with market participants, including technology providers, robot manufacturers, and component suppliers. This enables vendors to leverage the technological expertise of acquired companies and develop highly efficient and intelligent robots for multiple applications, which will have a positive impact on the growth of the market during the forecast period.

Major challenges - 

The high cost of smart robots is the key challenge that may impede market growth during the forecast period. Various end-user industries, such as healthcare, automotive, industrial, and transportation, invest heavily in advanced technologies such as AI, ML, and robotics. Several companies have increased their focus on automating functions such as security, painting, material transfer, machine tending, and quality inspection because of rapid digitalization. Companies have adopted smart robots, such as collaborative robots and professional service robots, to automate processes. Smart robots help in automation with the help of sensors, actuators, power sources, controllers, and software, which enables them to perform the assigned tasks. The cost of these components is high, which increases the overall cost of manufacturing smart robots. Hence, the high cost of smart robots may hinder the smart robot market growth during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Smart Robots Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the smart robots market between 2023 and 2027
• Precise estimation of the size of the smart robots market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the smart robots market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of smart robots market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Solution
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global smart robots market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global smart robots market 2017 - 2021 ($ million)

• 4.2 Product Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Product Segment 2017 - 2021 ($ million)

• 4.3 Solutions Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Solutions Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Product

• 6.1 Market segments
• Exhibit 30: Chart on Product - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Product - Market share 2022-2027 (%)

• 6.2 Comparison by Product 
• Exhibit 32: Chart on Comparison by Product
• Exhibit 33: Data Table on Comparison by Product

• 6.3 Professional service robots - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Professional service robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Professional service robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Professional service robots - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Professional service robots - Year-over-year growth 2022-2027 (%)

• 6.4 Personal service robots - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Personal service robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Personal service robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Personal service robots - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Personal service robots - Year-over-year growth 2022-2027 (%)

• 6.5 Collaborative robots - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Collaborative robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Collaborative robots - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Collaborative robots - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Collaborative robots - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Product 
• Exhibit 46: Market opportunity by Product ($ million)

7 Market Segmentation by Solution

• 7.1 Market segments
• Exhibit 47: Chart on Solution - Market share 2022-2027 (%)
• Exhibit 48: Data Table on Solution - Market share 2022-2027 (%)

• 7.2 Comparison by Solution 
• Exhibit 49: Chart on Comparison by Solution
• Exhibit 50: Data Table on Comparison by Solution

• 7.3 Software - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Software - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Software - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Software - Year-over-year growth 2022-2027 (%)

• 7.4 Hardware - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Hardware - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Hardware - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Hardware - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Hardware - Year-over-year growth 2022-2027 (%)

• 7.5 Service - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Service - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Service - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Service - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Service - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Solution 
• Exhibit 63: Market opportunity by Solution ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 64: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 65: Chart on Market share by geography 2022-2027 (%)
• Exhibit 66: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 67: Chart on Geographic comparison
• Exhibit 68: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 69: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 77: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 81: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 85: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 93: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Germany - Market size and forecast 2022-2027 
• Exhibit 101: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.12 South Korea - Market size and forecast 2022-2027 
• Exhibit 105: Chart on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on South Korea - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on South Korea - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on South Korea - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 109: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 110: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 111: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 112: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 113: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 114: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 115: Matrix on vendor position and classification

• 12.3 ABB Ltd.
• Exhibit 116: ABB Ltd. - Overview
• Exhibit 117: ABB Ltd. - Business segments
• Exhibit 118: ABB Ltd. - Key offerings
• Exhibit 119: ABB Ltd. - Segment focus

• 12.4 Clearpath Robotics Inc. 
• Exhibit 120: Clearpath Robotics Inc. - Overview
• Exhibit 121: Clearpath Robotics Inc. - Product / Service
• Exhibit 122: Clearpath Robotics Inc. - Key offerings

• 12.5 Ecovacs Robotics Co. Ltd 
• Exhibit 123: Ecovacs Robotics Co. Ltd - Overview
• Exhibit 124: Ecovacs Robotics Co. Ltd - Product / Service
• Exhibit 125: Ecovacs Robotics Co. Ltd - Key offerings

• 12.6 FANUC Corp.
• Exhibit 126: FANUC Corp. - Overview
• Exhibit 127: FANUC Corp. - Product / Service
• Exhibit 128: FANUC Corp. - Key offerings

• 12.7 HANSON ROBOTICS Ltd.
• Exhibit 129: HANSON ROBOTICS Ltd. - Overview
• Exhibit 130: HANSON ROBOTICS Ltd. - Product / Service
• Exhibit 131: HANSON ROBOTICS Ltd. - Key offerings

• 12.8 Husqvarna AB
• Exhibit 132: Husqvarna AB - Overview
• Exhibit 133: Husqvarna AB - Business segments
• Exhibit 134: Husqvarna AB - Key news
• Exhibit 135: Husqvarna AB - Key offerings
• Exhibit 136: Husqvarna AB - Segment focus

• 12.9 Kawasaki Heavy Industries Ltd. 
• Exhibit 137: Kawasaki Heavy Industries Ltd. - Overview
• Exhibit 138: Kawasaki Heavy Industries Ltd. - Business segments
• Exhibit 139: Kawasaki Heavy Industries Ltd. - Key news
• Exhibit 140: Kawasaki Heavy Industries Ltd. - Key offerings
• Exhibit 141: Kawasaki Heavy Industries Ltd. - Segment focus

• 12.10 L3Harris Technologies Inc. 
• Exhibit 142: L3Harris Technologies Inc. - Overview
• Exhibit 143: L3Harris Technologies Inc. - Business segments
• Exhibit 144: L3Harris Technologies Inc. - Key news
• Exhibit 145: L3Harris Technologies Inc. - Key offerings
• Exhibit 146: L3Harris Technologies Inc. - Segment focus

• 12.11 MIDEA Group
• Exhibit 147: MIDEA Group - Overview
• Exhibit 148: MIDEA Group - Business segments
• Exhibit 149: MIDEA Group - Key offerings
• Exhibit 150: MIDEA Group - Segment focus

• 12.12 OMRON Corp.
• Exhibit 151: OMRON Corp. - Overview
• Exhibit 152: OMRON Corp. - Business segments
• Exhibit 153: OMRON Corp. - Key news
• Exhibit 154: OMRON Corp. - Key offerings
• Exhibit 155: OMRON Corp. - Segment focus

• 12.13 QinetiQ Ltd.
• Exhibit 156: QinetiQ Ltd. - Overview
• Exhibit 157: QinetiQ Ltd. - Business segments
• Exhibit 158: QinetiQ Ltd. - Key offerings
• Exhibit 159: QinetiQ Ltd. - Segment focus

• 12.14 Amazon.com Inc.
• Exhibit 160: Amazon.com Inc. - Overview
• Exhibit 161: Amazon.com Inc. - Business segments
• Exhibit 162: Amazon.com Inc. - Key news
• Exhibit 163: Amazon.com Inc. - Key offerings
• Exhibit 164: Amazon.com Inc. - Segment focus

• 12.15 Dyson Technology India Pvt. Ltd. 
• Exhibit 165: Dyson Technology India Pvt. Ltd. - Overview
• Exhibit 166: Dyson Technology India Pvt. Ltd. - Product / Service
• Exhibit 167: Dyson Technology India Pvt. Ltd. - Key offerings

• 12.16 Gaussian Robotics Pte Ltd. 
• Exhibit 168: Gaussian Robotics Pte Ltd. - Overview
• Exhibit 169: Gaussian Robotics Pte Ltd. - Product / Service
• Exhibit 170: Gaussian Robotics Pte Ltd. - Key offerings

• 12.17 LG Electronics Inc.
• Exhibit 171: LG Electronics Inc. - Overview
• Exhibit 172: LG Electronics Inc. - Business segments
• Exhibit 173: LG Electronics Inc. - Key news
• Exhibit 174: LG Electronics Inc. - Key offerings
• Exhibit 175: LG Electronics Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 176: Inclusions checklist
• Exhibit 177: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 178: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 179: Research methodology
• Exhibit 180: Validation techniques employed for market sizing
• Exhibit 181: Information sources

• 13.5 List of abbreviations 
• Exhibit 182: List of abbreviations 

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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