The market for industrial robotics is set to explode, impacting all manufacturers. A recent report from Markets and Markets estimates the value of the industrial robotics market to be $71.72 billion by 2023, growing at a 9.60% compound annual growth rate (CAGR) during that period.
The market value for industrial robotics will more than triple in less than ten years. Industrial robotics technology is advancing, opening their commercial viability in new applications for small and big manufacturers alike.
But what will this look like? And what does it mean for manufacturers today?
Industrial Robotics Technology of Tomorrow
A recent report from BCC Research reveals the robotic sensor market will grow 50% by 2022. This highlights a broader trend in industrial robotics technology – vision systems, end of arm tooling capabilities and design standardization are all major drivers of growth in this technology.
Essentially, industrial robots are becoming more flexible and available. Advanced sensors and end of arm tooling give robots the flexibility to perform a wider range of tasks.
Manufacturers’ Role in the Future Industrial Robotics Market
Industrial robots will become more and more omnipresent in the manufacturing sector. Their increasing flexibility and availability means that more processes will be automated in more factories than ever before.
The main consequence for manufacturers is that those who are automating now will have an increasing advantage in terms of productivity and efficiency. Robotic automation takes much more than simply installing a robot – the entire operation must accommodate this shift in part volume, as well as the need for new and highly trained personnel, among many other things.
Manufacturers that have already adjusted their operations to accommodate robotic automation will reap the benefits of advancing robotic technology. For those who haven’t automated any of their processes yet, the market may dictate when the investment needs to be made.
Without a doubt, the market for industrial robotics is set for major growth, and with this growth comes many changes for manufacturers. Automation will play an increasing role in every manufacturing facility as a primary source of competitiveness.
If you want to learn more about tomorrow’s industrial robotic technology, check out Genesis Systems Group’s Automated Solutions Center, where new technology is born.