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COVID-19 impact on the Industrial Robotics market

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The industrial robotics market, globally, is expected to reach 40 billion by 2025 with a CAGR of 13% during 2020-2025.

In 2019, the worldwide sale of industrial robots was 420,870 units. Over the past ten years, the average cost of industrial robots has gradually decreased, from around USD 46,000 in 2010 to USD 27,000 in 2017. A recent prediction states that by 2025, associated expenses will drop to USD 10,856.

In the automotive sector, about 80% of industrial robot installations took place in only five important markets: China, Japan, Germany, the US, and the Republic of Korea.

Why there is a demand for industrial robots?

  • The trend towards the use of automation technology is mostly due to the increased expenses of using human labor as well as the hassles of offering advantages like promotions, health and security compensation and exemptions, benefits packages, annual salary increases, and decreased yields.
  • Training, hiring, and replacing staff at a very expensive cost.
  • According to the benefits, workers are less satisfied with their employment than robots since they have restrictions and can’t operate in hard or hostile settings.
  • The cost of hiring manual labour is now rising significantly in North America and Europe, which will present the industry with enormous potential prospects. For instance, there was a 2.2% increase in labour costs in the 28-member European zone.
  • The security of operators is a major problem in the robotics industry, particularly for robots that collaborate with human staff.
  • Many nations, like China and Japan, are starting to regulate the design and production of this equipment, which is expected to increase industrial growth and have highly permissive robot rules.
  • These robots provide manufacturers and company owners a high return on investment over an extended period of time, driving increased demand for industrial robotics.
  • Companies in the industrial sector are using robots to restart production that was halted as a result of COVID-19.
  • In order to assist businesses in regaining their production capacities and surviving in this competitive market amid the COVID-19 epidemic in the global market, the government is pushing programmes for the deployment of industrial robots across a variety of end-use applications.

The biggest barrier to entry in the existing industry is the necessity of high installation costs for industrial robots.

Source:- industrial automation india

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