The global smart robots market size is expected to reach $25 billion by 2026, rising at a market growth of 27.2% CAGR during the forecast period, according to Researchandmarkets in their report “Global Smart Robots Market By Component, By Mobility, By Operating Environment, By End User, By Region, Industry Analysis and Forecast, 2020 – 2026”.
Smart robots are considered as artificial intelligence systems that provides optimum management of an environment with the combined work of human operators and robots. Smart robots are capable of learning from their environment and experience and develop their abilities on the basis of their knowledge. Also, Smart robots are capable to carry out both manual and cognitive tasks and are extensively used across many industries, like food & beverages, retail, automotive, healthcare, and manufacturing for several applications.
IoT and AI
The major factors that push the market growth are the prominence of the Internet of Things (IoT), massive demand for AI applications and service robots. Though, high initial installation costs and low accuracy act as major restraints for the market growth. The market is anticipated to witness better growth prospects with the launch of automated equipment in the consumer electronics and manufacturing sectors. Installation of smart robots is primarily larger in end-use industries like automotive, manufacturing, healthcare, and retail due to features like efficiency and accuracy.
Due to the capability of these systems to work efficiently without the help of humans, the smart robots market is anticipated to display a considerable growth rate. These machines offer multiple advantages like superior efficiency, optimal power consumption, and a high frequency of data and instruction transmission. These factors are set to have a positive impact on market growth in the next few years. Thus, the market is anticipated to provide lucrative growth opportunities for the installation of modern technologies.
In another recent report Researchandmarkets analyses the Global Mobile Robots Market, which is also expected to undergo a robust growth rate owing to the declining prices of robotic components such as sensors, actuators, etc. which is aggravating the sale of mobile robots globally. In addition to this, growth in the Global Mobile Robots Market can be attributed to the rising technological innovations and increasing footprint of aerial, ground, and marine mobile robots in defense operations, agriculture practices, warehouse automation and variety of domestic applications such as lawn mowing, floor cleaning, etc.
Regionally, Asia Pacific dominated the Global Mobile Robots Market in 2020 and is expected to continue its growth rate. The region is witnessing increased use of mobile robots in agricultural, medical and industrial applications with major demand emanating from countries like Australia, Japan, China, India, and South Korea.