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Global Smart Robot Market to Grow at a CAGR of 26.95% in the Forecast Period of 2022-2027, Aided by the Increasing Demand for Smart Vacuum Cleaners

According to a new report by EMR titled, ‘Global Smart Robot Market Report and Forecast 2022-2027’, the global smart robot industry attained a value of more than USD 5.9 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 26.95% to reach over USD 25.1 billion by 2027.

Due to the introduction of automated vacuum cleaners, smart vacuum cleaner robots are significantly boosting market demand in residential regions. Smart vacuum robots with filter sensing, floor sensing, and battery sensing technologies are being developed by manufacturers that are driven by IoT and AI technology, thereby pushing the market growth. The packaging, manufacturing, and material handling industries have accelerated their adoption of industrial automation due to the rising need for streamlining handling and sorting procedures. The market is predicted to be led by innovations and augmented technological proliferation in the coming years. The demand is expected to be driven by causes such as the ageing population, mobile technology, and other smart gadgets incorporating robotics. Furthermore, favourable government grants and finances and the advancement of related technologies and venture capital investments are expected to boost the growth of the market.

ABB Ltd (NYSE: ABB), the leading player in the global robot market, has developed an innovative switch range of products. ISI-certified Millenium and Zenit switches enable clients with control, functionality, and comfort in smart buildings and premises that are easily updated with the newest smart home automation systems. Consumers may move from traditional lighting to an environmentally intelligent alternative using these switches, which are suitable for both businesses and homes.

iRobot Corporate (NASDAQ: IRBT), another significant industry player, is expected to release a new robot platform dubbed iRobot Genius Home Intelligence, which will allow consumers to customise and operate their cleaning robots more effectively. The platform will be compatible with iRobot's Roomba robot vacuum, Braava jet robot mop, and other Wi-Fi-connected products. The platform works with an app that helps the robot clean based on the user's habits and preferences, as well as providing more information on the robot's cleaning performance. Such efforts by leading market players are pushing the growth of the market.

Market Analysis by Components, Application, End-Use, Vertical, and Region:

  • The market on the basis of the component can be divided into hardware, software, services.
  • Based on application, the industry can be divided into industrial robots and service robots.
  • Segmentation on the basis of end-uses includes industrial, commercial, and residential.
  • On the basis of vertical, the market can be classified into automotive, healthcare, manufacturing, food and beverages, retail, energy and utility, among others.
  • The regional markets for global smart robots include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • The primary drivers of market expansion are projected to be innovation and technological proliferation. 
  • Introduction to smart vacuum cleaner robots is currently boosting the market demand in residential regions.
  • Demand for smart robots is expected to be driven by causes such as the ageing population, mobile technology, and other smart gadgets incorporating robotics.
  • Key players like ABB Ltd have developed an innovative switch range of products. Customers might move from traditional lighting to an environmentally intelligent alternative using these switches.

Key Offerings of the Report:

  • The EMR report gives an overview of the global smart robot market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the components, applications, end-uses, verticals, and regions.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the smart robot industry include ABB Ltd., iRobot Corporation., Fanuc Corporation, Yaskawa Electric Corporation, and Kuka AG, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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