Many companies are using robotics to automate and streamline their operations. The following reports explore the robotics market and where it's headed.
It wasn't long ago when all manufacturing processes were performed manually by skilled workers. In recent years, however, the advent of robotics technology has allowed manufacturing and industrial companies to transition to automotive processes using robotics. A robot can often perform the same tasks as a human worker, but in less time and with greater accuracy. Robotics also offer costs-savings benefits when compared to manually labor, which is another reason why so many companies are using it.
According to the Top Robotics Market by Industrial … Forecast to 2022 report by RNR Market Research, the global industrial robotics market is expected to grow at a compound annual growth rate (CAGR) of 15.18% through the forecast period, at which point it will reach $23.90 billion. So, what's fueling this growth? You'll have to access the report for a complete list of market drivers.
However, the authors cite the increasing usage of robots in warehouse applications, medical and healthcare, and research institutes as being highly influential in its expected growth. The short-term payback period associated with robotics products is also playing a role in the market's growth. With that said, there are some restraints faced by the global robotics market, such as the high cost of research and development, performance in untested environments, and the lack of high-level interfacing. In any case, the robotics market is expected to grow at a fast rate through the forecast period.
The Automotive Robotics Market by Type… Forecast to 2021 report by Markets and Markets is a second comprehensive study of the global robotics market, although it focuses specifically on the automotive segment. According to this report, the automotive robotics market is expected to grow at a CAGR of 10.74% through the forecast period, reaching a total of $5.07 billion.
Researchers believe the automotive robotics market is still in a "growing phase," as the technology has just recently been developed so that companies can put it to practical use. The increased focus on automation is helping to drive the market. Other drivers for the automotive robotics market include mitigation of risks associated with labor costs, and the ability to provide a strong impetus to demand. In essence, this is a complete and comprehensive study of the automotive robotics market.
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