How Has The Smart Robots Market Size Evolved Historically?
The smart robots market has seen considerable growth due to a variety of factors.
• There has been a significant expansion in the smart robots market in the past few years. This market is projected to rise from $17.35 billion in 2024 to $21.92 billion in 2025, experiencing a compound annual growth rate (CAGR) of 26.3%.
The increase during the historical period can be linked to higher demand for automation, reduction in labor costs, a bigger footprint of industries that necessitate robotic automation such as manufacturing, healthcare, and logistics. Other factors include the growth in use of collaborative robots or 'cobots' for human-robot interaction, emphasis on safety and efficiency in production and industrial processes, advancements in robotic sensing and perception technologies, and the need for precision and accuracy in complex tasks.
What Will Be The Smart Robots Market Size In The Future?
The smart robots market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, substantial growth is projected for the smart robots market, with predictions estimating it will reach $47.02 billion by 2029 at a compound annual growth rate (CAGR) of 21.0%.
This predicted expansion during the forecast period is linked to various factors. These include adoption of robots in medical settings for surgical and rehabilitation uses, the growth of smart manufacturing and Industry 4.0 initiatives, emphasis on smart agriculture and independent farming techniques, and increasing demand for last-mile delivery robots in the e-commerce sector. Furthermore, research and development in swarm robotics and multiple-robot systems along with the necessity for robots in dangerous working conditions such as nuclear, oil and gas environments contribute to this growth. Key trends anticipated in the forecast period encompass AI-enabled adaptive learning, natural language processing (NLP) and voice recognition, business process automation through robots, edge computing for instantaneous decision-making, emotional AI and social robotics, and the integration of augmented reality (AR) and mixed reality (MR).
What Key Factors and Trends are Driving the Growth of the Smart Robots Market?
Projected growth in the smart robot market is expected to surge in the coming years with the broader integration of industrial robots. Functioning as programmable, mechanized devices designed for tasks like manufacturing and assembly in various industrial settings, these intelligent robots can perform a multitude of tasks with great precision and versatility. This makes them indispensable across an array of sectors such as manufacturing, logistics, and healthcare. For example, in June 2023, data from the International Federation of Robotics, a non-profit organization based in Germany advocating for the robotic industry globally, revealed that the amount of industrial robot installations in Europe reached 72,000 units in 2022, marking a 6% increase from the previous year. Consequently, this growing propagation of industrial robots propels the smart robots market's expansion.
What are the Market Segments in the Smart Robots Market?
The smart robots market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Product: Professional Service Robots, Personal Service Robots, Collaborative Robots
3) By End-User: Industrial, Residential, Commercial
4) By Application: Manufacturing, Healthcare, Defense, Energy and Utility, Other Applications
Subsegments:
1) By Hardware: Sensors, Actuators, Chassis and Frames, Power Supply Units
2) By Software: Control Software, AI and Machine Learning Algorithms, Navigation and Mapping Software, User Interface and Monitoring Software
3) By Services: Installation and Integration Services, Maintenance and Repair Services, Training and Support Services, Customization and Development Services
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What Trends are Shaping the Smart Robots Market?
Leading companies in the smart robot market are innovating with advanced products like mini industrial robots to expand their customer base and boost revenue. Mini industrial robots are compact robotic systems crafted for accuracy and special tasks in industrial settings. For instance, in October 2022, ABB, a Swiss-based company specializing in automation technologies, unveiled the IRB 1010, its smallest industrial robot yet. This compact system is primarily intended to support electronics manufacturers in ramping up production for devices such as smartwatches, earbuds, sensors, and health trackers, as stated by ABB. With dimensions of 370 mm (14.5 inches) for reach and a footprint of 135 by 250 mm (5.3 by 9.8 inches), the IRB 1010 is 30% smaller than ABB's previous smallest robot, the IRB 120. Consequently, more robotic cells can fit into production areas, allowing manufacturers to enhance output by utilizing higher-density factory layouts. Moreover, the IRB 1010 has the greatest load capacity in its class, capable of lifting up to three times the weight compared to similar robotic arms. It also includes a larger air tube that boosts vacuum suction power and facilitates handling multiple objects at once and processing a greater quantity of items each hour.
Who Are the Key Players in the Smart Robots Market?
Major companies operating in the smart robots market include:
• Puresight Systems Pvt. Ltd
• SoftBank Robotics Group
• ABB Group
• KUKA AG
• FANUC India Pvt Ltd
• HaHanson Robotics Limited.
• Yaskawa Electric Corporation
• Rethink Robotics
• Blue Frog Robotics SAS
• Universal Robots
• DeLaval
• Intuitive Surgical Inc.
• Vt Systems Inc.
• Samsung Electronics
• Gecko Systems International Corporation
• Honda Motor Company Ltd.
• Omron Adept Technologies Inc.
• GreyOrange pte Ltd
• Kongsberg Maritime
• ECA GROUP
• Neato Robotics
• Bluefin Robotics
• AIBRAIN LLC.
• Brain Corporation
• Cyberdyne Inc.
• Epson America Inc
• Lely Industries N.V.
• OTC Daihen Inc.
• F&P Personal Robotics.
• Nvidia Corporation.
• Anduril Industries Inc.
• Boston Dynamics Inc.
• Diligent Robotics
• Starship Technologies
• Nuro Inc.
• Vecna Robotics Inc.
• Aethon Inc.
• Universal Robots A/S
• DENSO Robotics
What are the Regional Insights into the Smart Robots Market?
North America was the largest region in the smart robots market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart robot’s market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
