The global smart robots market size is projected to grow from USD 6.1 billion in 2020 to USD 23.0 billion by 2025; it is expected to grow at a CAGR of 30.5% during the forecast period. The increasing adoption of robots for new applications due to various advantages such as increased productivity, streamlined processes, and greater workplace safety is one of the major drivers contributing to the market size. The main advantage of using robots is the reduction in the cost of operation and high ROI. Another driver is the rising use of IoT in robots for cost-effective predictive maintenance. IoT is increasing the intelligence of smart robots by connecting them to the surrounding machinery.
Although the smart robots market is growing at a swift pace, it is increasingly competitive owing to the emergence of new, regional players such as Starship Technologies (US) and ecoRobotix (Switzerland) entering the market, as well as major players launching new products and expanding to new regions. Key strategies adopted by these players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include product launches, partnerships, and collaborations. In May 2019, iRobot (US) launched two new robots; the Roomba s9, a robot vacuum with clean base automatic dirt disposal, and Braava jet m6 robot mop with advanced navigation and mapping capabilities. In February 2020, ABB (Switzerland) and Silicon Valley startup Covariant (US) partnered to work on warehouse robotics for e-commerce companies like Amazon (US) and Alibaba Group (China). In January 2020, FANUC (Japan) partnered with Soft Robotics (Japan) to expand into the food industry. Soft Robotics manufactures gripping machines for the food industry taking into consideration shape variability and fragility in the industry.
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iRobot is one of the leading manufacturers of household smart robots. The company’s strategy is to grow inorganically by acquiring companies worldwide. It has collaborated with online retailers such as Amazon. The company upgrades its products to the technological advancements by collaborating with companies such as Google and Amazon. In 2016, the company divested its defense and security robotics business to focus on the consumer robotics segment. The company plans to penetrate deeper into the education industry through its robot, Root. The company is highly dependent on the Americas for revenue generation; ~56% of its revenue is contributed by the said region. This may negatively impact the company in case of import-export restrictions imposed by the Americas due to various trade wars. The rise in the aging population is the key driver for the growth of the company as it is more inclined toward automating domestic chores to reduce efforts.
ABB is one of the market leaders in the industrial robotics segment and plans to focus more on the Industrial Automation business in the future. In December 2018, ABB announced that it had sold off its Power Grid business to Hitachi (Japan). In July 2020, the company completed the divestment of 80.1% of its Power Grids business to Hitachi (Japan). This enabled ABB to offload its least profitable business division and focus more on industrial automation. A significant portion of the revenue generated by industrial robots is from the automotive industry as a result of strong demand from the sector. The company has a significant presence across China and has invested in a new robotics factory in the country to further increase its market share and presence in the coming years.
Smart Robots Market with COVID-19 Impact Analysis by Component (Sensors, Actuators, Control Systems), Type, Operating Environment, Mobility, Application (Domestic, Field/Agricultural, Public Relations, Industrial), and Region - Global Forecast to 2025
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