Smart machines refers to machines embedded with sensor and software that can perceive their environment and take actions with some degree of autonomy in performing certain tasks. Smart machines are increasingly being adopted across various industries like manufacturing, transportation, healthcare, agriculture and others to automate processes and boost efficiency. For instance, smart robots are being used for welding, packaging and material handling in manufacturing plants. Similarly, autonomous vehicles use sensing technology like cameras, GPS and sensors to drive themselves without human intervention.
The global Smart Machines Market is estimated to be valued at US$ 165.43 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing need for automation across various industries is a major trend driving the growth of smart machines market. Traditional manufacturing processes are labor intensive and resource consuming. Smart machines help automate routine tasks which improves production efficiency. For example, smart robot arms using sensors and algorithms can perform tasks like welding and assembly more precisely and efficiently compared to humans. Similarly, industries like transportation, agriculture, healthcare are increasingly adopting autonomous equipment like self-driving vehicles, smart tractors and precision agriculture technology that utilizes IoT, AI and automation to boost productivity. This rising need for automation through deployment of smart technology solutions is expected to propel the smart machines market growth over the forecast period.
Segment Analysis
The global smart machines market is dominated by industrial robots which account for over 40% of the total market share. Industrial robots have widespread applications across diverse industries like automotive, food processing, electronics and pharmaceuticals. Their ability to perform repetitive and precision-oriented tasks makes them ideal for manufacturing operations. Within industrial robots, articulated robots form the largest segment owing to benefits like dexterity, payload capacity and reach.
Key Takeaways
The global smart machines market is expected to witness high growth over the forecast period 2024 to 2031. The global Smart Machines Market is estimated to be valued at US$ 165.43 Mn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031.
Regional analysis related content comprises
Asia Pacific is estimated to hold the largest share of over 35% of the global smart machines market in 2024. Rapid industrialization and rising labor costs are compelling manufacturing companies in China, Japan, South Korea and other Asian countries to increasingly adopt industrial robots and automation solutions. The availability of low-cost industrial labor also makes Asia Pacific an attractive manufacturing destination. North America is another major region owing to strong government support for research in robotics and presence of leading players. Europe is expected to witness steady growth backed by initiatives towards industrial digitization by countries like Germany, UK and France.
Key players related content comprises
Key players operating in the smart machines market are Ossur, Steeper Group, Blatchford, Inc., Fillauer LLC, and WillowWood Global LLC, among others. Ossur is a leading provider of prosthetic components and has a wide range of products for above and below knee amputations. Steeper designs and manufactures prosthetic components including microprocessor and myoelectric controlled devices.
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