Market report Analysing the robotics market
An overview of the robotics market along with the latest trends of this industry is highlighted here. In addition to this, a snapshot of the export market will be given.
The global robotics market is expected to grow at a CAGR (Compound Annual Growth Rate) of 10.54 % during the period of 2017-2022, states a report by Research and Markets . Industrial robots have been in vogue as it enables manufacturers to create products with greater precision and flexibility in a shorter period of time. Some of the major players in this market include ABB , Kuka , Mitsubishi, Yaskawa Electric Corp., Kawasaki Robotics and many more. The International Federation of Robotics (IFR) states that 1.7 million new robots will transform the world’s factories by 2020.
Trends in the robotics market
Industry 4.0: The factory of today’s ‘Industry 4.0’ age is becoming smarter and needs to be equipped with smart technologies and innovations. Although robots are used for efficient production, they must be integrated into the factory network and systems to ensure a smooth production process. Most of the industry players have already developed robotic models that act on real-time data collected by sensors.
Cloud robotics: Experts are also predicting the cloud robotics segment to grow rapidly in the near future. Cloud robotics are those in which data from one robot is compared to data from other robots in the same or different locations. The cloud network allows these connected robots to perform the same activities.
Implementation in small and medium sized companies: Robots ensure automation of processes in production lines. There are numerous small and medium sized players in the market that are willing to or are already using robots. Hence, it is important to develop robots that are user-friendly and easy to programme in their small production set up.