Robotics’ growing role in the industrial market

As robots become more sophisticated and useful, robotic technology will continue to be widely adopted in the industrial sector and will contribute to the industry’s growth overall.

By Chevonese Dacres, 7 Mile Advisors June 24, 2018

Industrial robots are revolutionizing how manufacturing and other industries operate today. As industrial robots are becoming more economically accessible, companies of nearly all sizes are deploying them as part of their operations.

The global industrial robotics market is impacted by several factors such as usage of industrial robotics in the manufacturing industry, the increased demand for automation activities, reduction in custom duties, and evolving robotics and artificial intelligence industry. As robots become more sophisticated and useful, robotic technology will continue to be widely adopted in the industrial sector.

The global industrial robotics market is projected to reach $70 billion by 2023, growing at a compound annual growth rate (CAGR) of 9.4% from 2017 to 2023 according to Allied Market Research. The global industrial robotics market is driven by the surge in labor charges worldwide, which in turn has forced manufacturers to replace human labor with machines.

The capabilities of robots have become sophisticated to the point where they can adapt human traits such as sensing, dexterity, memory, and trainability. It’s no wonder some parts of society consider their existence a threat to human jobs. Understandably so, because they are indeed taking on more jobs that previously required a human, such as picking and packaging, testing or inspecting products, or assembling electronics.

AI and machine learning (ML) capabilities have been making their way into industrial robotics technology, as well. In the continuous journey to improve productivity, manufacturers are looking to improve on the rigid and inflexible capabilities of standard industrial robots. One of the most significant benefits, and easiest to accomplish with today’s technology, is the increased uptime and productivity from predictive maintenance.

With AI incorporated with industrial robotics technology, robots are able to monitor their own accuracy and performance, indicating when maintenance is required to avoid expensive downtime.

There are companies that manufacture robots intended for use in the industrial sector with Asia and Europe as key growth regions in the market.

These companies manufacture robots as well as provide system integration services, which combine hardware and software into custom in-plant applications and processes. Robotics integrators, which provide value-added resale, design, and integration services are additional players.

Chevonese Dacres, analyst, 7 Mile Advisors, a CFE Media content partner. This article originally appeared on 7 Mile Advisors’ blog. Edited by Chris Vavra, production editor, Control Engineering, CFE Media, cvavra@cfemedia.com.

Original content can be found at blog.7mileadvisors.com.