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A robot is a machine, which is capable of carrying out of complex actions automatically and can be controlled by humans. Smart robots are those, which are capable of handling the things and processes with ease and with no time under critical circumstances. Availability of affordable and energy efficient robots with growing adoption of these robots in various industries are driving the market growth.
Global Smart Robots Market Segments Size & Growth:
Global smart robots market is valued at $4.94 Billion in 2018 and is expected to reach around $15.29 Billion by 2024 at a CAGR of 23.10%. The accelerating factors of smart robots market include the high requirement for automation, emerging technological advancements in the field of robotics, increase in investments towards industrial automation, availability of affordable & energy efficient tools and increase in investments in R & D activities are majorly driving the market. However, high initial investment and installation cost along with safety concerns due to complex high-level interfacing.
Global Smart Robots Market Segments Share:
Global smart robots market share by a component is segmented into software and hardware. Among which equipment is sub-segmented into sensors, actuators, power source, control systems and others. Smart robot market by software is dominating the market and growing at a higher CAGR over the forecast period. Technological advancements, which lead to the complexities of features such as connectivity, artificial intelligence, which is increasing the overall market value in smart robots market.
Smart robots by type are classified into articulated robots, Cartesian robots, Scara robots, cylindrical robots and others. Among which articulated robots are accounting for the significant share in the market owing to their increased usage of these robots in various sectors such as packaging, healthcare and others in emerging economies. These articulated robots can range from simple two-jointed structures to systems with 10 or more interacting robots. However, cylindrical robots have sustainable growth rates in APAC region due to their applications in various
Smart robots by Functionality is categorised into soldering & welding, material handling, assembling & disassembling, painting & dispensing and others (milling, cutting and processing). Among which material handling is holding the most significant revenue as it is utilised under various purposes in various industries, which are used for the administration of the materials to carry out the industrial operations including storage, picking and placing and some other activities.
Smart robots are majorly utilised under various applications such as service robots, industrial robots, commercial robots, professional robots, personal robots and others. Professional robots segment is expected to dominate the market with higher CAGR value as there is a high demand for these robots in defence and security and marine sectors. Service robots are also growing with a higher growth rate, as the usage of these robots is primary in private and educational institutes.
End-user industries in smart robot market include defence and security, medical, marine, food & beverages, automotive, logistics and others. The automotive industry has the share of around 54.5% of overall smart robots market. Adoption of IOT and big data in these applications will increase the efficiency and enhance the safety, which is driving the intelligent robots market in this industry.
Geographical analysis of smart robots market under various regions North America, Asia-Pacific, Europe, South America and the Middle East and Africa in which Asia-Pacific is experiencing the inclination in development owing to the penetration of emerging economies such as China and India. This region is noticed to be the fastest growing region in the market. Americas accounted for the most significant share in the market owing to the adoption of smart robots in industries and high demand for these robots in the market is driving the market in this region.
Industrial Robotics Company in Germany is working on consumer robots, which are used as personal robots and are transforming into interactive connected ply devices that have virtually limitless possibilities.
North America is the most significant market for smart robots and is driven by rapid commercialisation and progress of their manufacturing industry. Higher adoption of intelligent robots with advanced technologies is majorly driving the market in this region.
Argentina offers smart agro-technologies that are automation and robotics to spray the crops or for low-cost urban agriculture. This newer adoption of these robotic technologies in agriculture sector is majorly driving the market in this region.
Global Smart Robots Market Trends:
Global Smart Robots Market Research Report includes:
An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.
To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.
Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year
Identifying DROC in the current market and their impact in altering the market dynamics.
Competitive landscape analysis to identify the mergers and acquisitions, which will have a comparative financial study with significant competitors.
Expertise investment opportunities by the analyst to the individual and organisation to have the better foothold in the market.
The major market players are
Along with these companies, there were many other companies considered/cited in the report while analysing the global smart robots market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.”
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Starting from $2700
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