Robotics is taking the western industrial and commercial industries by storm. According to a new study, the United States is leading the world in robotics investment, totaling USD$732 billion – nearly double the economy of Switzerland, which stood at $446 billion in 2015.
The study records that by 2009, investment in robotics within the US totaled less than $40 billion. Investment across the country reached an 18-year peak in 2015 at $86 billion.
The study conducted by the Centre for Economic and Business Research (CEBR) and Redwood Software reports a further 30 percent increase in investment in robotics between 2011 and 2015.
“The US is the world leader in robotics investment and spending recovered quickly after the financial crisis in 2009,” said David Whitaker, managing economist at CEBR. “The sheer size of the economy and its large base of production in the automotive and electronic sectors make it a natural candidate for increased automation.”
Investment in robotics offers better long-run value for money than investments in financial services, real estate or transportation, according to a statement released by the CBER and Redwood. Robotics investment was also cited as contributing around 10 percent of the GDP per capita growth in Organization for Economic Co-Operation and Development (OECD) member countries.
Robotics’ biggest value and impact is found in the manufacturing and supply chain industries, as well as finance departments.
“The US industrial sector is leading the world in its use of robotics, right across its operations,” said Dennis Walsh, president of the Americas and Asia-Pacific at Redwood Software, which sponsored the study.
“Robotics and automation in manufacturing has been a contentious topic in the last 12 months, but the research shows that the sector is one of the best places to invest today and the returns are likely to improve as time goes on,” Walsh added.
The CEBR study also shares insights on trends in robotic automation, using the latest data for 23 OECD member countries over the period of 1993 to 2015 – before accounting framework and econometric analysis to quantify the impact of robotics on GDP per capita and labor productivity.
Concerning labor, the report finds “a clear economic rationale backing the fact that humans and robots in the workplace are not mutually exclusive.”
For more information about the report, the full study can be found at the CEBR website.