The global robotics market is one with massive growth potential, thanks to the twin reasons of rising labor costs and supply-demand gap of a skilled workforce.
The global robotics market is one with massive growth potential, thanks to the twin reasons of rising labor costs and supply-demand gap of a skilled workforce. The largely consolidated characteristic of this market buds from the sheer superiority of a few leading players who are hard-bent to utilize their strengths for innovating new products and commercializing them for serving the manufacturing and service sectors which are brimming with opportunities.
There are accelerated advancements in the multi-functional robotics space, which is substituting human labor in hazardous and repetitive tasks, thus resulting in very fast production cycles. It is getting deployed in the automotive industry on a large scale to maintain the consistency and precision of the assembly line. Manufacturers are also adopting the technology for several other reasons like safety, capacity and quality. Robots help in minimizing waste and lead to the lesser variability in the final outputs. Moreover, with IoT, 3D printing and flexible manufacturing already in action, manufacturers are looking at the robotics market to gain an edge over their competitions. However, the high installation costs, uncertainty over data storage and the loss of job due to automation are acting as restraints for this market. However, the sheer growth of the market can be judged from the M&A activities that are running rampant in the robotics industry.