Industrial Robotics Market Driven by Demand from Food and Beverages Industry, High Initial Costs Deter Investors
Right from the revolutionary assembly line popularized by Henry Ford to the massive socioeconomic change brought about by the invention of the cotton gin, mankind has always sought to make every process easier, safer, and more efficient. Industrial robotics are the latest in a long line of tools and technologies developed in order to make industrial processes smoother.
Industrial robotics are employed in a wide variety of tasks in a range of industries. From assembling to painting and from food and beverages to automobiles, the range of applications of industrial robotics is immense. The global market for industrial robotics, rising on the back of the rise in most if not all of its end-use industries, was worth close to US$29 billion in 2013 and will grow to US$44.48 billion in 2020. This jump represents a robust CAGR of 6.2% from 2014 to 2020.
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Here is a lowdown on the major factors expected to influence the global industrial robotics market:
Rising Labor Costs: When the Western World started to have issues regarding high labor costs, they came upon an easy solution: outsourcing to the East. The low-income population in several Southeast Asian countries benefited from this. However, the rising economic status of some of these countries, such as India and China, is resulting in slowly growing problems of labor cost. This will lead to companies turning to a solution that doesn’t require payment at all: industrial robotics.
Rise in Innovation and Adoption of the Same: Technological innovation is always necessary in any field to keep it ahead of the game, and the field of industrial robotics is no exception. Rising government support to research in industrial robotics has led to a high volume of new robotics innovations being produced. The cost efficiency and often-higher efficacy of new models has also convinced manufacturers to employ advanced versions of industrial robotics tools and keep upgrading them regularly. This will lead to robust demand from the global industrial robotics market.
High Initial Cost: Though the nascent technology holds promise for the industrial sector, its relatively recent emergence also means that investing in it is resource-intensive. Due to the high technological sophistication they provide and the magnitude of the leap they provide offer conventional manufacturing tools and technologies, industrial robotics is expensive, which can be a turn-off for both potential investors and buyers.
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Rising Automation in Food and Beverages Industry: Of all the end-use sectors of the global industrial robotics market, the food and beverage industry emerges as a leader in 2013, along with metals and precision and optics. The processed food industry is on a roll these days, due to the growing working female population in Asia Pacific and elsewhere, and would bank heavily on industrial robotics to fulfill the steadily rising demand.