According to the new market research report “Smart Robots Market with COVID-19 Impact Analysis by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Smart Robots Market size is expected to grow from USD 6.1 billion in 2020 to USD 23.0 billion by 2025, at a CAGR of 30.5% during the forecast period. Smart robots are increasingly being adopted for new applications due to various advantages such as increased productivity, streamlined processes, and greater workplace safety.
The main advantage of using robots is the reduction in the cost of operations and high ROI. The increasing demand for smart robots is due to the rising integration of IoT in robots for cost-efficient predictive maintenance. Predictive maintenance is forecasting potential issues before they happen. An IoT-based solution allows storing terabytes of data and running machine learning algorithms on several computers parallel to forecast potential hazards and pinpoint when industrial equipment are likely to fail, thereby assisting in predictive maintenance. Increasing funding for research on robots is one of the major drivers contributing to the growth of the market. Funding for research on robotics has increased significantly over the past few years. Governments of multiple countries are undertaking initiatives for the development of robotics technology. For instance, with a total budget of ~USD 314 million (EUR 235), the European Commission has funded research, innovation, and development activities for smart service robots in assisted living environments, such as rehabilitation centers, under the Active and Assisted Living (AAL) joint program for the period of 2018 to 2020.
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Ground robots to hold a larger share of smart robots market in 2020
The ground robots are expected to hold a larger share of the smart robots market than the marine robots in 2020. Ground robots are used for applications such as surgeries, cleaning, education, elderly care, and communication through telepresence and assistance. For instance, Robotmea (Pakistan), an outcome of the partnership between Robotron Incorporation (Australia) and Minirobot Corporation (South Korea), is developed with a vision to redefine education by adding robotics and AI in the existing curriculums of schools, colleges, and universities. Hilton (US) and IBM (US) partnered to create Connie, a public relations robot, which serves as a concierge in McLean hotel in the Virginia branch. SAM, a robot designed by Luvozo PBC (US), provides assistance to elders and people with disabilities and does frequent check-ins by taking the role of a concierge. BUDDY, a robot developed by Blue Frog Robotics (France), provides social interaction and assistance, sets up reminders for medication, and enables remote communication through Skype or Facetime for elderly people.
In 2020, mobile robots are expected to dominate smart robots market
In 2020, mobile robots held a larger share of the smart robots market as smart technology has been widely implemented in service robots, which are mostly mobile. Also, several collaborative robots are being integrated with autonomous mobile robots. Mobility makes robots more autonomous and facilitates faster and more efficient processes. Smart technology is yet to take hold of industrial stationary robots. This is because industrial robots are costly, and changing robots and processes involve high costs. However, stationary smart robots are expected to grow at a higher CAGR during the forecast period as stationary robots are being implemented in various manufacturing companies for varied applications such as welding, assembling & disassembling, and material handling.
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Market in APAC is expected to grow at the highest CAGR during the forecast period
The market in APAC is expected to grow at the highest CAGR during the forecast period, owing to the presence of developing countries such as Japan, China, and South Korea. Also, rise in disposable income and rapid industrialization in developing countries such as India and the Philippines are expected to propel the demand for smart robots. Furthermore, the oil & gas industry in APAC has witnessed significant growth in the past 2–3 years, which is leading to a high demand for autonomous underwater vehicles (AUVs). The consolidating trend of automation and globalization in India, Australia, and China is further boosting the smart robots market in APAC. Moreover, key regional players such as Doosan Robotics (South Korea) and Siasun (China) have developed low-cost collaborative robots, which is aiding the growth of the smart robots market in the region.
Major companies in the smart robots market are iRobot (US), SoftBank Robotics Group (Japan), ABB (Switzerland), KUKA (Germany), FANUC (Japan), Hanson Robotics (China), Amazon (US), YASKAWA (Japan), BLUE FROG ROBOTICS (France), Kongsberg Maritime (Norway), Universal Robots (Denmark), ECA GROUP (France), DeLaval (Sweden), Intuitive Surgical (US), Neato robotics (US), Bluefin Robotics (US), Rethink Robotics (US), Aethon (US), Samsung Electronics (South Korea), GeckoSystems (US).
Service Robotics Market by Environment, Type (Professional and Personal & Domestic), Component, Application (Logistics, Inspection & Maintenance, Public Relations, Marine, Entertainment, Education, & Personal), and Geography – Global Forecast to 2025
Industrial Robotics Market by Type (Articulated Robots, Collaborative Robots), Application (Handling, Processing, Dispensing), Industry (Automotive, Electrical & Electronics, Metals & Machinery, Food & Beverages) and Geography – Global Forecast to 2024