Industry 4.0 to Bring Transformation for Industrial Robotics Industry 4.0, the new era, is distinguished by the speed of technological advancements. It requires employing advanced robotics to boost efficiency. The growing requirement for automation and rise in investments in R&D activities drives the growth of the global industrial robotics market. According to Allied Market Research, the global industrial robotics market is anticipated to grow at a significant CAGR from 2021 to 2030. To meet the growing demand for industrial automation and robotics, market players are relying on two key strategies: new product launches and collaborations. An industrial automation firm, Veo Robotics, recently announced a strategic partnership with a leading automation services supplier for the food and beverage industry, Gray Solutions. This collaboration enables Gray Solutions to include the safety-certified flagship product of Veo in collaborative palletizing solutions for the CPG market. The association comes at a time when CPG manufacturers and warehouse distributors are ramping up automation to solve labor shortages and supply chain restrictions while preserving productivity. Food and consumer goods industries employ robots to stack products on pallets for delivery and are among the fastest-growing areas for robot orders. However, even low-risk, high-automation operations like robotic palletizing require humans to interact with a robot. Veo's FreeMove enables 3D speed and separation monitoring, allowing robots to safely and efficiently work alongside human teammates. Additionally, FreeMove can enable human-robot collaboration using industrial robots instead of Power and Force Limited (PFL) robots, thus allowing CPG production engineers to compromise speed, reach, or payloads. Veo's FreeMove technology holds the potential to unlock the literal value of human-robot collaboration. The industrial manufacturing process is one of the primary sectors where robots have a lot of potential and demands. Even after the evolution of industrial robotics, the assembly and inspection processes of a high-mix and low-volume production (HMLV) are harmful to humans and remain a serious concern. Automating these manufacturing processes necessitates frequent changeovers and usually takes multiple generations of advancements to achieve excellent performance and dependability. This is making industrial automation and robotics challenging and complex. The demand for industrial robotics is expected to continue to rise as the labor shortages in the manufacturing industries are worsening with time. Along with the growth for robot hardware, software intelligence is anticipated to increase, making robots more flexible to new applications and allowing less experienced users to manage them more effectively. Advanced technology, including machine learning, AI, and motion planning, is anticipated to build a next-generation manufacturing business. Leading players are investing in continual product innovation and new launches to address industrial concerns. ABB is expanding its portfolio of robots for challenging manufacturing applications by adding two new robot models: IRB 5710 and 5720. These robots deliver increased efficiency and enhanced functionality with higher uptime for applications such as electric vehicle (EV) production, foundry, rubber, forging, plastics, and metal fabrication. These models also offer improved speed, flexibility, accuracy, and an enhanced robust design that includes integrated process cabling. Growing advancements in industrial robotics are expected to aid the industry in addressing the critical robotics and automation challenges. This will further improve the market demand and accelerate the 4th industrial revolution.
The Consumer Robotics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Consumer Robotics Global Market Report 2024, The consumer robotics market size has grown exponentially in recent years. It will grow from $11.58 billion in 2023 to $14.89 billion in 2024 at a compound annual growth rate (CAGR) of 28.6%. The growth in the historic period can be attributed to increased disposable income, rising interest in home automation, growth in the aging population, expansion of the smart home market, improvements in battery technology.
The consumer robotics market size is expected to see exponential growth in the next few years. It will grow to $40.92 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The growth in the forecast period can be attributed to development of affordable and versatile robotic platforms, expanding applications in healthcare and education, rising demand for cleaning and maintenance robots, advancements in human-robot collaboration, increased focus on companion robots. Major trends in the forecast period include adoption of social robots, personalized and customizable robotic solutions, emergence of swarm robotics, focus on sustainable and eco-friendly robotics, growth of robotic-as-a-service (raas) models.
The growing adoption of smart home appliances is expected to propel the growth of the consumer robotics market going forward. A smart home is a residence equipped with various internet-connected devices and systems that allow homeowners to control, monitor, and automate various aspects of their living space. Consumer robots are used in smart homes to provide a better sense of automation and can be very helpful in automating several tasks in smart homes. For instance, in November 2022, according to the State of the Connected Home report that included a survey of 1000 adults across the UK conducted by techUK, a UK-based non-profit trade association, 77% of the adults in the UK own at least one smart home appliance, which is up from 67% in 2020 and 76% in 2021. Further, the number of advanced adopters of smart home devices reached 26% in 2022, up from 24% in 2021 and 17% in 2020. Therefore, the growing adoption of smart homes drives consumer robotics demand.
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The consumer robotics market covered in this report is segmented –
1) By Type: Autonomous, Semi-Autonomous
2) By Connectivity: Wi-Fi, Bluetooth, Other Types
3) By Distribution Channel: Offline, Online
4) By Application: Domestic Task, Education, Healthcare, Other Applications
5) By End-User: Oil And Gas, Process Industry, Chemical And Petrochemical, Power Generation, Other End User
Product innovations are a key trend gaining popularity in the consumer robotics market. Major companies operating in the consumer robotics market are developing innovative robots based on artificial intelligence technology to sustain their position in the market. For instance, in March 2021, Avalon SteriTech Limited, a China-based disinfection technology provider, and SoftBank Robotics Group Corp, a Japan-based company that develops and manufactures industrial robotics, launched Whiz Gambit, a 2-in-1 AI-powered cleaning and disinfection robotics solution. It redefines cleaning and disinfection procedures by delivering consistent and sustainable performance with agility in modifying frequency, intensity, and cleaning and disinfection practices.
The consumer robotics market report table of contents includes:
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