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In the manufacturing sector, robotics use is expected to increase productivity, with the potential to bring more production work to developed countries. A significant improvement in the pricing and performance of Robotics over the next decade, with the integration of artificial intelligence and other improvements in robotics.

The rise of robots also brings benefits in terms of productivity and economic growth and is also expected to displace jobs.

According to a study from Oxford Economics, robots could take over 20 million manufacturing jobs around the world by 2030. However, robotics investment also had a greater positive impact on the economy than information technology, construction, or real estate.

Industrial robots also provide companies with new growth opportunities, which is a key element of economic health. However, industrial robots are economically viable for high-volume production in large manufacturing firms and make less economic sense for small and medium-sized enterprises (SMEs) with a focus on high-variety and low-volume production.

Collaborative robots work more directly with workers, offering a possible means for improving productivity without significantly lowering employment. Industrial robots in the global market are expected to increase significantly in the coming years, with a compound annual growth rate of 9.4% from 2020 to 2027.

Industrial robots are more expensive than their rival technologies, mainly in small and medium-sized enterprises (SMEs) with limited budgets. Industrial robot adoption can play a significant role in investment for companies.

The global industrial robot trade network shows a steady upward trend, with increasingly more participant countries and regions and the trade volume is also increasing.

Overall, the economic impact of industrial robots is expected to be significant in the near future, with increased productivity and potential growth opportunities. But the rise of robots is also becoming a factor in displacing jobs, mainly in the manufacturing industry.

Source: ITIF, CNBC, ZDNet, automate, workofthefuture, thought.co