With prohibited face-to-face interactions due to COVID-19, the demand for collaborative robots (cobots) has increased among industries resuming their production and services. During this crucial time, cobots are helping companies to manage their workflow and keep businesses more productive with minimal human intervention.
Fremont, CA: Over the past few decades, companies are deploying industrial robots rapidly and in a more advanced manner to their workforce. Robots are helping businesses in boosting productivity and growth. According to Mordor Intelligence, the industrial robotics market expects to reach USD 52.85 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.11 percent over the forecast period of 2021 to 2026. In this pandemic-stricken world, the need to adopt industrial robots is now being felt more than ever.
With prohibited face-to-face interactions due to COVID-19, the demand for collaborative robots (cobots) has increased among industries resuming their production and services. During this crucial time, cobots help companies manage their workflow and keep businesses more productive with minimal human intervention. Modern robotic systems are efficiently adapting to the rapidly changing environment. A cobot can learn tasks and actions quickly while working side-by-side with human beings. Companies are stepping up to keep their workers socially distanced at work to keep them safe from COVID-19, and they are doing it with the help of robotics technology. Robots are helping to keep production running efficiently and much safer than before.
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Another trend that can revolutionize businesses is the Industrial Internet of Things (IIoT). For decades, industries are thoroughly adopting the IIOTs to expand rapidly. The IIoT is also known as Industry 4.0. It provides lucrative opportunities in the industrial robots market along with digitalization initiatives across regions. It can help organizations navigate the current crisis and emerge stronger than before. Leveraging IIoTs also enable organizations to gather real-time analytics and take advantage of the data via smart machines. Manufacturers are already placing intelligent sensors and actuators to increase production line precision, flexibility, efficiency, and predictive maintenance with this technology's help.
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As businesses are adjusting to the next normal, organizations are looking forward to switching to Industry 4.0. Industries are deploying more robots and similar automated devices to the factory floor to analyze data. With that, manufacturers can expect a higher level of understanding of their production and supply chain. By analyzing such data, companies have become capable of maintaining a competitive edge in the global market through the power of lean initiatives, downtime reduction, and equipment efficiency investment. A significant increase in productivity is seen in the early adoption of Industry 4.0, with a 30 percent decrease in maintenance costs. The industries like healthcare, finance, and retail are currently walking the road to adopting Industry 4.0 adoption to build a robust digitalized, customer-centric strategy. To cope with COVID-19, the healthcare industry has already implemented various robots in their daily operations. For instance, Fetch Robotics' SmartGuardUV is already playing a massive role in disinfecting high traffic areas and shared spaces from Coronavirus.
Focusing on the industry-specific dynamics, it becomes clear that the industrial robotics industry has gained momentum from the demand generated by numerous industries such as the automotive and electronics during the pandemic. To improve this particular market, private corporations and governments should initiate industrial robots' adoption and liberate it to work in new roles and new industries.
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