A branch of engineering, robotics deals with high-end mechanical engineering. The stream is directed towards creating machines that incorporate both mechanical and electronic framework as a basic structure. This is the basic definition of robotics. However, robotics has always attracted humankind and given a glimpse of the future where robots can work for humans and accomplish their majority of everyday work.
The global robotics industry is growing quite fast in the developed countries. The robotics market trends suggest that the industry is currently growing at a Compound Annual Growth Rate (CAGR) of 14 percent. Such double-digit growth is due to various technological innovations. The growth rate is likely to reach even better heights in the next 5 years. The total market worth of the robotics industry is $68 billion which is also expected to sustain until 2020. The demand for industrial robots is on the rise due to modernization and automation in a variety of industries. The businesses are striving to improve their processes by reducing the production time, creating error-free processes, minimizing human intervention, and increasing efficiency in the production processes.
Future Trends and Opportunities in the Robotics Market:
To understand the future trends in the global robotics market, it is critical to understand the market dynamics that includes global market outlook, current market trends, end-user market, and drivers and constraints. Here is a detailed look at the market dynamics that can give insights into the global market.
- The robotics industry has benefited from the recent technological advancements such as AI and NLP have aided the industry in an overall manner. Modern robots are required to have human-like traits such as image recognition, basic intelligence, object recognition, human-like responses, and above all the ability to learn new things. Modern business organizations are also preferring to have such robots that can help them in everyday processes and easing up the workflow over a specific period of time.
- The industry can be classified by the robotics structure in the classes such as articulated robots, cylindrical robots, linear robots, parallel robots, and SCARA robots. The major trends in the robotics industry include collaborative robots, Robots as a Service (RaaS), and investment in robotics. Nonetheless, industrial robots are the biggest segment of robots which are in the highest demand. This is also the biggest reason for such high growth in the industry. Talking about the density of robots or robotic units on every 10,000 workers in the industrial landscape, Europe has the highest robot density of 92 robots, America has the second-highest density of 86 robots, and collectively APAC has 57 robots.
- Despite being an amazingly fast, intelligent, and error-free results from the robotics units, deploying a robotics unit is not cost-effective. The reasons are complex and niche production techniques, and methods. These two factors drastically increase the cost of the end-product. However, this is not a permanent phenomenon as the industry will witness price stability with an increased number of manufacturers and developers across the globe. In any case, the demand for industrial robots is still rising as the Multinational corporations are trying to increase the productivity at any cost and they also understand that a robot will never cost as much as a human worker.
- The reasons are simple, robots do not get sick. Robots do not have family issues, and these are way above from office politics and conflicts. However, the current robots are not even close to human intelligence but these are supposed to attain the same in the next 10-15 years or even less.
The automotive industry is still the biggest end-user of the robotics technology as any assembly line is incomplete without automated tools. The robotics industry is also evolving at a rapid pace due to the use of innovative materials and technologies. AI is considered to be the next big thing that will aid the global robotics industry.
Robotics, a thing that used to seem far-fetched in the last decade, has become one of the fastest-growing industries on a global level. All thanks to the AI and NLP, the robotics is sure to change the dynamics of the modern global industrial establishment and it will also affect the lives of the common folks in the coming years. Who knows, maybe people start keeping robots as their personal assistants for effectively managing their work and personal lives.