Frost & Sullivan Industrial Automation & Process Control Team released a study Jan. 26 that emphasized the significance and necessity of industrial robotics, a market the team projects to reach a value of USD$70.26 billion by 2023.
The study analyzed different trends, obstacles, opportunities and market forces as well. It found the growing demand for IIoT will result in more industrial robots across the globe.
With the industrial cloud emerging, an uncertainty remains among manufacturers waiting to determine its benefits. Industrial human-robot collaboration and digitization are thought to soon modify many business models.
Collaborative robots allow facility floor space maximization, attracting more customers, especially with a 25 percent installation cost reduction. Those who do acquire collaborative robots over their traditional counterparts must evaluate their risk assessments and modify their safety guidelines as well, providing the best quality to customers. This will lead to placing these robots in specified applications, such as automotive or electronic assembly.
An obstacle within the industrial robot market is the lack of cloud knowledge, as customers are uncertain of the cloud security in these early stages.
Making cloud implementation more cost effective and seamless and improving the resource capabilities to keep up with progressive manufacturing technologies are both challenging factors as well.
"Emphasis is also required on making industrial robots futuristic and economical through new business models, such as collaboration-as-a-service, plug-and-play, and robotics-as-a-service, which focus on quick returns on investment and lasting customer satisfaction," said industrial automation and process control research analyst Sharmila Annaswamy.
"Companies such as GE, Siemens and Bosch are now catering to the specific needs of the industrial cloud market, leveraging their traditional industrial expertise to foray into the data-driven services on their own or through partnerships with IT cloud vendors."
Many manufacturers are turning to intuitive large robots for their facilities. Consequently, the integration of industrial robots will produce a compound annual growth rate of 14.4 percent between 2016 and 2023.
"Cloud, a major enabler of IoT and data analytics, will disrupt industrial manufacturing as manufacturers turn to software/data-driven services apart from Legacy automation systems," Annaswamy added. "The convergence of information technology (IT) and operations technology (OT) will drive collaborations between robot manufacturers and communication and software providers. By 2023, the global industrial robotics market is expected to reach USD$70.26 billion."
For more information, visit the Frost & Sullivan website.