The robotics industry is expanding at a phenomenal rate worldwide with direct impact on the automotive and non-automotive industries such as that of rubber & plastics, food & beverage, chemical, and electronics/electrical sectors. A large number of companies are implementing industrial robots after realizing that a substantial amount of financial benefits can be gained on the employment of automation-friendly robots.
A large number of manufacturing plants are similarly investing to buy or manufacture in-house robots. According to experts, this generates more possibilities of robotic integration in industrial prospects, and promote a vast degree of flexibility and quality increase, while reducing e-waste to a significant extent. Robotics is expected to tone down the rates on the human labor market and the labor providing agencies.
Significance Of The Industrial Robots Market
- Industrial robots are employed in the formation of an innovative ecosystem which is robust in lucrative, rewarding, and high-paying jobs. Venture capitalists across the globe are investing in companies which operationalize the manufacturing of robots which can be used in industrial as well as in domestic setups.
- Upgradations in technologies such as artificial intelligence and the coming up of sophisticated sensory systems have projected the augmentation of self-programming robots.
- In regions of APAC such as Korea, Taiwan, Japan, and China, the robotics market is booming with startups coming from ground-level technocrats. The governments in the respective regions are devising policies and programs which address funding towards the research and development of robotics, incentivizing taxation on electronics, loans, as well as investment in relevant skills.
- Key players participating in the robotics market growth in these regions include Panasonic Corporation, Mitsubishi Electric Corporation, Omron Adept Technologies, and ABB out of many.
Market Trends Governing Robotics Industry
- The robotics market is experiencing significant transformation with robots taking up jobs going beyond operating as workhorses in industrial shop floors. They are also increasingly employed in adopting the roles of autonomous vehicles, personal assistants, exoskeletons, surgical assistants, delivery vehicles, and unmanned aerial vehicles, to name a few.
- Other than having a favorable and affordable price, robots are coming in various shapes and sizes. The demand for robots has considerably increased in the past decade due to the ongoing trend of automation, with improved technical capabilities in machines running parallel to robots.
- Another reason for the expansion of the market in newer territories is due to small and medium-sized companies exploring innovation and research in automation. Governments and think tanks are exploring ways of optimizing operations and sales of robots. Due to this, the availability of small-capacity solutions which are also cost-effective from key players is enabling a higher number of industries to adopt robots in their businesses.
There is another category of robots who can perform operations in sectors such as that of military and defense, logistics, healthcare, exoskeletons, public relations, construction, household, entertainment, agriculture, and much more. Vendors are also providing services such as software solutions which help in understanding and strategizing the gathering of data to come up with robotic systems.