The global smart robots market was valued at US$ 4.85 Bn in 2018 and is expected to reach US$ 12.84 Bn by the end of the forecast period, growing at a CAGR of 21.5% during the period from 2018 to 2023.
Smart robots are Artificial Intelligence systems that have the ability to learn from its environment with the help of sensors present in them and also improve their capabilities based on that knowledge. The devices can work in collaboration with humans and also learn from their behaviour and work alongside humans.
The major factors driving the growth of the smart robots market are their increasing use in several personal applications such as robotic pets, elderly assistance, and vacuum cleaning, among others. The robots are increasingly being adopted in manufacturing industries, healthcare, automotive, and process industries. Presently, robots are mainly designed to carry out autonomous tasks and also to work along with humans.
However, the high initial investment and increasing prices of these robots are expected to impede the market growth. As the robots are programmed, the chances are there that they can malfunction in case a wrong algorithm is used by them. This factor can discourage the adoption of smart robots and thereby, negatively impact the market.
The smart robots market for electronics application is expected to grow at a higher CAGR as compared to other applications. This growth is mainly fuelled by the fact that smart robots are being increasingly used in the electronics industry for the planning and design stages in the manufacturing process.
Geographically, North America currently has the highest share in the smart robots market. However, the Asia-pacific region is expected to show the highest CAGR, owing to the growing manufacturing and electronics industries in this region.
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Recent Developments in the Market:
Service Application (Personal): In Jan 2019, Trifo announces the launch of its new product Ironpie. Ironpie is a smart AI-powered vacuum cleaner. The product has 10 times more cleaning efficiency than competitive products and has better obstacle sensing technologies. The smart home robot also has a multi-sensory system of IRs and SONARS that enable it to function more efficiently than various environments. The product is much cheaper than the other products currently available in the market. The company is also trying to add new features such as integration with Alexa or Google Home, in order to make it an essential smart home robot.
China: In Sept 2017, KUKA to double its production capacity at the company’s Shanghai facility. China accounted for about 35%-38% of the company’s revenue in 2016. The company has doubled its operational capacity and will produce 20,000 robots in 2018. The company is shifting its focus from more mature European markets to China and other countries in the Asia-Pacific region. The company also expects that by 2020, it will generate 50% of its revenue from China.
ABB: In April 2018, ABB to invest € 100 million in a Global Innovation and Training Campus in Austria. The company has invested this money to start a new Global Innovation and Training Campus at its newly acquired B&R Campus (Bernecker + Rainer Industrie-Elektronik GmbH) at Austria. The new campus will develop technologies that can be used for the factory of the future, where production will be done autonomously by cloud-connected machines and smart robots. With this campus that is spread across 35,000 m², the company aims to strengthen its position in the machine and factory automation.
Key Questions Answered in the Report:
• What is the market value of the overall market and its segments?
• What are the key segments and sub-segments in the market?
• Which is the largest sub-segment in each segment in the scope of the study?
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• What are the attractive segments and geographies to invest in?
• What is the market value at the regional and the country level?
• Who are the key market players and their key competitors?
• Who are the key market players at different stages of the value chain?
• What are the strategies for growth adopted by the key players in the market?
• How does a particular company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness, and market capitalization?
• How financially strong are the key players in the market (on the basis of revenue and profit margin, market capitalization, expenditure analysis, investment analysis)?
• What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)
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Release ID: 492836