Major players in the smart robots market are iRobot, SoftBank Robotics Group, ABB, KUKA, FANUC, Hanson Robotics, Yaskawa Electric Corporation, Rethink Robotics, Blue Frog Robotics, Universal Robots, DeLaval, Intuitive Surgical, Aethon, Samsung Electronics, GeckoSystems, Honda Motor Company Ltd., Omron Adept Technologies, Inc., GreyOrange pte Ltd, Kongsberg Maritime, ECA GROUP, Neato robotics, Bluefin Robotics, Puresight Systems Pvt. Ltd, AIBRAIN Inc, Brain Corporation, Cyberdyne Inc., Epson America Inc, Lely, OTC Daihen Inc., and F&P Personal Robotics.
The global smart robots market is expected to grow from $6.19 billion in 2020 to $8.58 billion in 2021 at a compound annual growth rate (CAGR) of 38.69%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while catering to the demand during the COVID-19 outbreak, which had increased the demand for smart robots to deliver medicines, monitor patients, and help frontline workers and reduce exposure to the virus. The market is expected to reach $20.91 billion in 2025 at a CAGR of 24.94%.
The smart robots market consists of sales of smart robots by entities (organizations, sole traders and partnerships) that manufacture smart robots.A smart robot is a computerized reasoning (AI) device that is capable of observing from its environment and context and producing its skills in the light of the comprehensive learning process.
Smart robots are used for research, manufacturing and even human applications.
The main types of smart robots are professional service robots, personal service robots, and collaborative robots.A professional service robot is a smart robot used for commercial tasks.
These include cleaning robots for public places, delivery robots in offices or hospitals, fire-fighting robots, rehabilitation robots and surgery robots in hospitals.A personal service robot is a smart robot that is used for a non-commercial task and these include domestic servant robots, automated wheelchair, personal mobility assist robots and pet exercising robots.
Smart robots are used in manufacturing, healthcare, defense, energy and utility, and other industries.
North America was the largest region in the smart robots market in 2020.Asia Pacific is expected to be the fastest growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Smart robots are now used in various applications including agriculture and this is a key trend gaining popularity in the smart robots market.Companies operating in the smart robots market are focusing on developing smart robots that can be used in agriculture.
For instance, in 2020, Farmwise, a US-based robotics company is creating autonomous agricultural robots to provide farmers with higher yields, more income, and a healthier climate.The company begins with an advanced weeding robot that can collect weeds from farms efficiently, reducing or removing the necessity for chemical pesticides.
According to FarmWise, the robots have effectively eliminated weeds from more than 10 million plants.
In June 2019, iRobot Corp., the leader in consumer robots, acquired Root Robotics, the developer of an educational robot called the Root coding robot, for an undisclosed amount. The acquisition of Root Robotics will allow iRobot to broaden the impact of its STEM efforts with a commercially available, educational robotic platform that was already being used by educators, students and parents. The Root coding robot is a two-wheeled, mobile platform and when it is paired with the companion mobile application, users can instruct Root to draw artwork, scan colors, play music, respond to touch and sound, climb whiteboard walls, and explore the fundamentals of robotics.
The increasing penetration of smart robots in industries is predicted to boost the growth of the smart robot market over the coming years.Smart robots are a mix of advanced technology and efficient hardware that uses smart sensor technology (such as ultrasonic, light and touch sensors) to communicate with the physical world surrounding them.
In Industry 4.0, modern robots are employed in production operations that often work around the clock without human supervision. According to the recent World Robotics 2020 report by the International Federation of Robotics (IFR), revealed that around 2.7 million industrial robots are working in industries across the globe, a rise of 12%. Sales of advanced robots stayed at a high rate with 373,000 units delivered worldwide in 2019. Therefore, the increasing penetration of smart robots in industries drives the growth of the smart robots market.
The countries covered in the smart robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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