Smart Robotics in Manufacturing Market to Reach 15.8% CAGR by 2022

May 09, 2018

WELLESLEY, Mass., May 09, 2018 – The impact of the Internet of Industrial Things (IIoT), along with smart manufacturing and the initiatives such as Industry 4.0 are driving industry growth in smart robotics. In a new report, Smart Robotics in Manufacturing: Global Market to 2022, BCC Research estimates that this market will reach $1.9 billion by 2022 from $912 million in 2017, indicating a compound annual growth rate (CAGR) of 15.8%.

Developments in measurement science, processor miniaturization, and sensor and cognitive technology are allowing manufacturers to deploy robotics systems to address more application flexibility. In fact, robotic systems can operate with a higher degree of precision and be applied to a wider array of operations. By implementing robotic systems with these “smart” capabilities, manufacturers can re-design processes and factory floors to accommodate a wide variety of product configurations and services.

Achieving these systems will allow for greater efficiency and cost savings in continuous processes. In addition, they will facilitate faster mass customization services. With the advent of improved communications and the ongoing demand for greater production efficiency, business managers continually seek new solutions to realize higher output with more accuracy and insight. As organizations turn to leaner and more efficient methods of production, the new expert systems, sensors and network-based solutions have come to the forefront and created more automation and new resource capabilities. New technology will continue to change manufacturing companies’ internal processes as well as the products and services offered.

Research Highlights

  • Industrial robots cost between $50,000 and $80,000 per unit. However, some systems can range up to $150,000 when accompanied by customizations for tasks and environment.
  • Robotic systems with improved vision and force sensors are increasing market penetration in manufacturing markets.
  • Declining hardware costs are lowering the cost of sensors, making them more affordable for robotic system applications.

“With manufacturing moving from static, single-purpose plants to dynamic multipurpose facilities, the need for flexible and reusable robotic systems is expanding rapidly,” said BCC Research senior editor Michael Sullivan, who authored the report. “This transformation is critical for manufacturing operations to remain competitive by producing the greatest variety of products at the lowest cost. To achieve this, robotic systems need the self-awareness to operate safely alongside human coworkers. By implementing a combination of sensors, cognitive computing, analytics and networks, manufacturing robotic systems are becoming 'smart.' Their new capabilities are set to manage the new demands.”

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Smart Robotics in Manufacturing: Global Markets to 2022( MFG043A )
Publish Date: Apr 2018    

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