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Smart Robot Market 2019 Global Industry Growth, Size, Share, Trends, Business Strategies, Competitive Analysis and Forecasts to 2023

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Smart Robot Market 2019 Global Industry Growth, Size, Share, Trends, Business Strategies, Competitive Analysis and Forecasts to 2023

August 25
02:27 2019
Smart Robot Market 2019 Global Industry Growth, Size, Share, Trends, Business Strategies, Competitive Analysis and Forecasts to 2023

” Smart Robot Market “
Smart Robot Global Market which states that globally, the Smart Robot Industry is expected to grow from USD 4.5 billion in 2017 to USD 15 billion by 2023, with a CAGR of 23% due to booming industrial automation and advancement in robotics.

Smart Robot Market Analysis

The smart robot market is estimated to grow at a significant rate during the forecast period from 2019 to 2023.  A smart robot is a branch of robotics science which an AI-based system and can collaborate with humans, work with them, and mocks their actions. Such smart robot uses an artificial intelligence (AI) system that learns quick from its environment and collaborates, work together and learn from the behavior of humans easily.

Smart robots are causing successive demand from industrial as well as service verticals as they are being designed to perform independent tasks for various industrial, professional, and personal service applications.

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A smart robot is an AI-based system which can collaborate with humans, work along-side them, and mocks their actions. Baxter is an industrial robot which is developed by a US-based company Rethink Robotics. This robot works on the Android platform right next to the line of employees where repetitive tasks are performed such as precision packing. The advantages of smart robots are that these works fast, accurately, and tirelessly without any manual intervention. 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 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.

Smart Robot Market Key Players

The prominent players in smart robot market are Honda Motor (Japan), iRobot Corporation (US), Seiko Epson Corporation (Japan), Grey Orange 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.

Smart Robot Market Segmentation

The global smart robot market is broadly segmented on the basis of component, vertical, and region.

By mode of component, the market is segmented into actuators, sensors, power source, and control systems. Actuators market is segmented into electrical, pneumatic, hydraulic, piezoelectric, and ultrasonic. Whereas, sensor market is segmented into gyroscope, microphone, accelerometer, titlt sensor, force/torque sensor, position sensor, and vision/image sensor.

By mode of vertical, the market has segments as automotive, manufacturing, electrical & electronics, food & beverage, chemical, residential, and entertainment.

Smart Robot Market: Drivers & Constraints

Some of the important factors that are driving the smart robots market is increasing adoption by e-commerce industry coupled with strong demand from domestic service segment. On the same time, the growth of industrial automation and advancement in robotics and digital world drives the smart robot market to attain a higher postion with valuation in billions globally. However, insecure network connections in digital world is likely to hamper the market growth. Despite of this, the market promises to come up with various opportunities in future years.

Furthermore, the smart robot market is mainly driven by the factors such as growing adoption of autonomous robots for professional services, emerging technological advancements in the field of robotics, increasing investments toward industrial automation, and growing government aid for R&D of AI-enabled robots.

On the flip side, the high manufacturing costs for smart robots can limit the market growth. On this, the latest manufacturers have come up with more investment funds to manufacture more technologically advanced smart robots, hence supporting the smart robot market in substancial ways.

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Smart Robot Market Regional Segmentation

On the basis of region, the smart robot market has covered the regions of North America, Europe, ASIA-Pacific, and the rest of the world.

Of these, Asia-Pacific is expected to dominate the global smart robot market during the forecast years due to economically and technologically developed region in China, Japan, and South Korea. Also, rising number of robot applications and its expansion is driving the smart robot market in Asia-Pacific tremendously.

Next comes the North America, which is considered as faster growing region for the smart robot market owing to the presence of key market players and early adoption of robotics technologies.

TABLE OF CONTENTS

  1. Executive Summary
  2. Scope Of The Report

2.1. Market Definition

2.2. Scope Of The Study

2.2.1. Research Objectives

2.2.2. Assumptions & Limitations

2.3. Markets Structure

  1. Market Research Methodology

3.1. Research Process

3.2. Secondary Research

3.3. Primary Research

3.4. Forecast Model

LIST OF TABLES

Table1 Global Smart Robot Market, By Country, 2018-2023

Table2 North America: Smart Robot Market, By Country, 2018–2023

Table3 Europe: Smart Robot Market, By Country, 2018–2023

Continued…

LIST OF FIGURES

Figure 1 Global Smart Robot Market Segmentation

Figure 2 Forecast Methodology

Figure 3 Porter’s Five Forces Analysis Of Global Smart Robot Market

Continued…

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