Artificial Intelligence and Automation to Drive Robotics Market Growth, According to Beroe Inc
RALEIGH, North Carolina, August 3, 2021 / PRNewswire / – The robotics industry has seen significant growth in demand as it has become a key strategy in implementing Industry 4.0. The shortage of human resources in developed countries, the need to adopt occupational safety standards and the emergence of artificial intelligence (AI) are the influencing factors for the growth of the robotics industry.
âFrom a business strategy perspective, access to technological advancements and the ability to optimize costs by improving productivity and efficiency are key factors in improving business sales. The development of the robotics market can be attributed to the demand in end-use sectors such as automotive. , defense, medicine, space and entertainment, “said Vignesh Premkumar, Research Analyst at Beroe. “Despite the rapid growth of robots, high initial investments, combined with high technology research and development costs, have limited the growth of the industry.”
The robotics market experienced significant growth in 2017-19, mainly due to the industrial, automotive, defense and medical sectors. The market is expected to grow by $ 43 billion in 2018 at $ 70.84 billion in 2021 at a CAGR of 10.5%. the Asia Pacific The region leads overall robotics demand at 39%, followed by Europe at 25 percent and the Americas at 24 percent. Major players in the robotics industry are involved in the production of efficient and highly competitive robots. Design optimization allows manufacturers to offer competitive prices and increase their market share.
The factors driving the demand for robotics are the demand of the electronics, electric vehicle and automotive industries in Asia, the automotive industry and the manufacturing industry in Europe, and the demand for automation in the Americas due to these industries that rely on newer technologies in the race for Industry 4.0.
The different types of robots available in the market include articulated, cylindrical, SCARA, and Cartesian robots. Among industrial robots, the highest share is occupied by articulated robots. They have high payload capacity and working efficiency. They are currently used in many operations such as welding, assembly, handling, packaging and housing. Robotics finds greater applications in the automotive, defense electronics, aerospace, metals, chemicals, and food industries. In these industries, customized robots have already been deployed according to their needs. The automotive industry accounts for 41% of industrial demand, followed by electricity and electronics at 20%, the metallurgical industry at 13% and the chemical, rubber and plastics industries at 9%. Robots are now widely used in the manufacturing sector where they play an important role in the assembly, welding and handling of auto parts with the aim of reducing the labor force.
âThe robotics market is experiencing phenomenal growth. More and more companies are developing partnerships with other players offering the Internet of Things and artificial intelligence. In addition, competition among manufacturers will further enhance adoption of robotics, âsaid Vignesh Premkumar, Research Analyst at Beroe. âIn all of this, artificial intelligence should play a vital role. As with everything, the robotics market is not perfect. There are gaps that limit its growth and adoption rate. AI can be a game changer by addressing key constraints. and fill in the gaps. “
For more market insights, purchasing insights, supplier analysis, price and cost benchmarking, please connect to Beroe LiVE.Ai: https://www.beroeinc.com/beroe-live-ai/
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SOURCE BÃ©roÃ© Inc.