According to a report by Global Market Insights, the worldwide industrial robotics market size is forecasted to surpass US$80 billion by 2024. Growth of the industrial robotics market is driven by increased automation across various industries and innovative product launches. Moreover, enhanced research and development also resulted in an increase in production of robots, according to a study conducted by National Bureau of Economics Research and scholars from MIT and Boston University.
Robots and computer-assisted technologies are replacing humans in performing manual tasks. Between 1990 to 2007, each robot deployed has taken over the jobs of five human workers. This results in an increase in demand for robots in the manufacturing industry. According to the International Federation of Robotics, the current global average density of robots is 74 robot units per 10,000 employees.
Innovative product launches such as development of advanced robots which can simplify existing automation tasks can drive growth of the industry. By optimising the algorithms of the technology and training robots via deep learning, robots can be taught to perform difficult industrial tasks. For example, Mitsubishi Electric Corporation has released robots upgraded with smart-control artificial intelligence technology which can detect changing conditions of target objects. Innovative product launches can hence increase revenue share of the industrial robotics market.
The global automotive industry is a key player and driver of the industrial robotics market. To improve efficiency, flexibility and precision, many car manufacturers have opted to automate their production and assembly lines. According to statistics published by Robotics Industries Association, the automotive industry is responsible for 50 percent of the total number of robots sold in US over the past few years. Moreover, technological advancements in collaborative robots, robotic hand, robotic vision, and robotic painting has further encouraged growth of the industry. For example, US based electric vehicle manufacturer, Tesla Inc has deployed robots in the entire production line to perform dangerous tasks such as lifting heavy chassis which speeds up the production rate.
Competitors in the industrial robotics market include Mitsubishi, Fanuc, Denso, Kuka, Yamaha and Kawasaki. With continuous technological developments in robots and increasing automation of manufacturing industries, the industrial robotics market will surely grow exponentially.
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