Smart Robot Market Analysis
Smart Robot Global Market which states that globally, the Smart Robot Industry is expected to grow from USD 4.5 billion in 2017 to USD 15 billion by 2023, with a CAGR of 23% due to booming industrial automation and advancement in robotics.
A smart robot is a branch of robotics science which an AI-based system and can collaborate with humans, work with them, and mocks their actions. Such smart robot uses an artificial intelligence (AI) system that learns quick from its environment and collaborates, work together and learn from the behavior of humans easily.
Smart robots are causing successive demand from industrial as well as service verticals as they are being designed to perform independent tasks for various industrial, professional, and personal service applications.
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Smart Robot Market Key Players
The prominent players in smart robot market are Honda Motor (Japan), iRobot Corporation (US), Seiko Epson Corporation (Japan), Grey Orange pte Ltd (Singapore), Rethink Robotics (US), KUKA AG (Germany), F&P Personal Robotics (Switzerland), SoftBank Robotics (Japan), Yaskawa Electric Corporation (Japan), and FANUC (Japan) among others.
Smart Robot Market Segmentation
The global smart robot market is broadly segmented on the basis of component, vertical, and region.
By mode of component, the market is segmented into actuators, sensors, power source, and control systems. Actuators market is segmented into electrical, pneumatic, hydraulic, piezoelectric, and ultrasonic. Whereas, sensor market is segmented into gyroscope, microphone, accelerometer, titlt sensor, force/torque sensor, position sensor, and vision/image sensor.
By mode of vertical, the market has segments as automotive, manufacturing, electrical & electronics, food & beverage, chemical, residential, and entertainment.
Smart Robot Market: Drivers & Constraints
Some of the important factors that are driving the smart robots market is increasing adoption by e-commerce industry coupled with strong demand from domestic service segment. On the same time, the growth of industrial automation and advancement in robotics and digital world drives the smart robot market to attain a higher postion with valuation in billions globally. However, insecure network connections in digital world is likely to hamper the market growth. Despite of this, the market promises to come up with various opportunities in future years.
Furthermore, the smart robot market is mainly driven by the factors such as growing adoption of autonomous robots for professional services, emerging technological advancements in the field of robotics, increasing investments toward industrial automation, and growing government aid for R&D of AI-enabled robots.
On the flip side, the high manufacturing costs for smart robots can limit the market growth. On this, the latest manufacturers have come up with more investment funds to manufacture more technologically advanced smart robots, hence supporting the smart robot market in substancial ways.
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Smart Robot Market Regional Segmentation
On the basis of region, the smart robot market has covered the regions of North America, Europe, ASIA-Pacific, and the rest of the world.
Of these, Asia-Pacific is expected to dominate the global smart robot market during the forecast years due to economically and technologically developed region in China, Japan, and South Korea. Also, rising number of robot applications and its expansion is driving the smart robot market in Asia-Pacific tremendously.
Next comes the North America, which is considered as faster growing region for the smart robot market owing to the presence of key market players and early adoption of robotics technologies.
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