Smart Robot Market to Reach USD 51.2 Billion by 2031, Growing at 16.4% CAGR | SkyQuest Technology
WESTFORD, Mass., July 1, 2024 /PRNewswire/ -- According to SkQuest, global Smart Robots Market size was valued at USD 10.3 Billion in 2022 and is poised to grow from USD 13.5 Billion in 2023 to USD 51.2 Billion by 2031, at a CAGR of 16.4% during the forecast period (2024-2031).
Robots that utilize smart technologies to improve their operations and productivity are known as smart robots. The growing integration of machine learning, the Internet of Things (IoT), artificial intelligence, and other smart technologies is estimated to augment the global smart robot market development in the future. The global smart robot market is segmented into component, type, mobility, application, operating environment, end-user, and region.
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Smart Robot Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
$ 13.5 billion |
Estimated Value by 2031 |
$ 51.2 billion |
Growth Rate |
Poised to grow at a CAGR of 16.4% |
Forecast Period |
2024–2031 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
Component, Type, Purpose, and End-User |
Geographies Covered |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
COVID-19 pandemic prompting several industries to adopt automation technologies |
Key Market Drivers |
Integration of AI and Machine Learning in Smart Robots is a driving factor of market expansion |
Segments covered in Smart Robot Market are as follows:
- Component
- Hardware (Sensor, Actuator, Power Source, Control System), Software
- Type
- Industrial Robotics (Automotive Industry Robotics, Chemical Industry Robotics, Electric/Electronic Industry Robotics, Food Industry Robotics, & Other Industry Robotics), and Services Robotics (Commercial Service Robotics, Consumer Service Robotics)
- Purpose
- Domestic Purpose (Education & Entertainment, Companionship, and Others), Professional Purpose (Military & Defence, Logistic Management, Inspection & Maintenance, Healthcare Assistance, & Others)
- End-User
- Automotive, Logistics & Transportation, Agriculture, Chemical, Healthcare, Entertainment, Electric, Domestic Service, and Others
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It's a Mobile World for Mobile Robots
Rapid advancements in robotics technologies and the growing need for mobility in robotics are key factors allowing mobile robots to hold a high share of the global smart robot market. The surging use of different mobile devices and technologies will also help this sub-segment bolster smart robot market development. Advancements in IoT (Internet of Things) mobility are also slated to augment the sales of smart robots.
Stationary robots are estimated to be highly popular among industrial settings for applications such as assembly, material sorting, picking, sorting, quality inspection, etc. These types of robots will extensively be used in industry verticals such as automotive manufacturing, logistics, and healthcare as well.
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Smart Professional Robots to Bring in Most Revenue for Smart Robot Manufacturers
The rapid surge in the adoption of automated technologies in industrial and commercial sectors has led to a hike in demand for professional robots. Smart professional robots are more precise and more autonomous compared to general robots. The use of artificial intelligence and machine learning has helped smart professional robots become smarter than ever before. Whereas an increase in disposable income and high availability of robots for domestic and individual applications is powering the demand for smart personal robots. The increasing practicality of owning a robot to assist with domestic and household tasks has led to changes in consumer preferences thereby boosting sales of smart personal robots.
Smart Nature of Smart Robots Makes Them Perfect for Quality Inspection and Maintenance
The majority of smart robots are forecasted to be used for inspection and maintenance applications owing to their high efficiency and accuracy. Repetitive nature of inspection and maintenance operations is what allows for high use of smart robots. Moreover, the use of smart robots for inspection and maintenance helps eliminate the margin of human error and improve the overall efficiency of operations. Higher accuracy and reduced costs are other key benefits that help promote the use of smart robots for inspection and maintenance applications.
The rapid adoption of automation in the logistics industry is projected to help promote the use of smart robots for material handling and sorting applications in the future. Smart robots can easily handle different material handling tasks and sorting as they can easily be programmed, and the addition of smart technology allows them to adjust to changes in the environment to avoid errors and improve the efficiency of the process.
Use of smart robots for sanitation and disinfection in healthcare facilities is projected to increase rapidly over the coming years as emphasis on hospital-acquired infections (HAIs) increases. Smart robots are also capable of assisting teachers to improve learning and revolutionize the education space.
In conclusion, the potential for smart robot manufacturers is huge in almost all segments. Targeting commercial and industrial applications will offer the best returns for new as well as established smart robot companies.
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SOURCE SkyQuest Technology
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