Smart Robot Market To Grow At 23.7 Percent By 2023

The smart robot market is forecast to reach $14.29 billion by 2023 from $4.94 billion in 2018 at a compound annual growth rate (CAGR) of 23.7 percent, between 2018 and 2023, according to market research agency ReportsnReports.

The growth is driven by the increasing adoption of autonomous robots for professional services, emerging technological advancements in the field of robotics, increasing investments towards industrial automation, and growing government aid for research and development of artificial intelligence-enabled robots.

The smart robot market for electronics applications is expected to grow at the highest CAGR during the forecast period. Smart robots in the electronics equipment industry are used in the designing and planning stages of the manufacturing process, thereby creating a huge potential for the growth of the smart robot market in the near future.

Professional service applications held the largest share of the smart robot market by service application in 2017. The market is expected to be driven by the increasing demand from defence and marine applications. The professional service applications market is also expected to grow faster during the forecast period. The rise in demand for personal services, adoption of IoT on a wide level, and huge potential in developing countries are expected to generate opportunities for these players in the smart robot market.

The Americas held the largest share of the smart robot market in 2017 for all major industrial and service applications. The market in the Asia-Pacific area is expected to grow at the highest CAGR from 2018 to 2023. APAC is likely to adopt smart robots for almost all major industrial and service applications during the forecast period. As the elderly population in APAC countries, such as China and Japan, is on the rise, the region is expected to employ smart robots, e.g., humanoids for personal assistance and caregiving applications. The presence of a large number of manufacturing companies in China and Japan, along with the strong presence of automobile and electronics and semiconductor companies, is also driving the growth of the smart robot market in this region.

The hardware component held the largest share of the smart robot market in 2017. The hardware components add major value to the overall smart robot cost; hence, the hardware segment accounted for a larger share of the overall smart robot market in 2017. Among different hardware components, control systems accounted for the largest market share in 2017.

Some of the key players in the smart robot market include SoftBank (Japan), iRobot (US), KUKA (Germany), ABB (Switzerland), Hanson Robotics (Hong Kong), ECA (France) and Electronics (South Korea).

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