Challenge Discussed : How will Robotics change our Future Forever?

Speaker : Sharmila Annaswamy

Key Takeaways : 

So, what is going on in the robotic market?

Recently, the dynamic robotics market witnessed rapid transformations, making it an imperative tool for enhanced productivity and quality in the industrial world. Some of the key changes include collaborative robots, efficient gripping mechanisms, intuitive 3D vision systems, and artificial intelligence capabilities.

These technologies have not only enabled the robots of yester-years to become more agile, but have also enhanced the way in which a robot perceives the world through its peripheral systems such as, vision and gripping system. Today’s robots are a result of these technologies, which have made them more collaborative and less appalling to its human counterpart. It is important to note that, this phenomenon has resulted in the development of new applications where man and robot can work hand-in-hand without the fear of personnel safety.

Here are some basic questions we will tackle now. What’s in store for the global industrial robotics market? Which region is expected to emerge as a leader in this space?

1. This market is forecasted to double in value to reach about 70 billion dollars by 2023, growing at a compound annual growth rate of 8.1%. Interestingly, China is expected to lead the race, with an estimated consumption of 110,000 industrial robots and will emerge as a robot manufacturing powerhouse by 2020. With the “Made in China 2025” initiative, robotics will become a key partner to transform China into an advanced manufacturing powerhouse.

2. Collaborative robots are now available at a much lower price than traditional robots, quickly emerging as the preferred choice for price-sensitive economies in Southeast Asia. This will subsequently drive the global volume consumption of industrial robots at a CAGR of 14.4%.

What about IIoT?

1. With new business models aimed at market penetration and faster payback, IIoT will widen market opportunities for industrial robots. For example, Big Data Analytics and cloud computing allows robot manufacturers to track and attend to a faulty robot via the internet from any remote location around the globe. Isn’t that simply amazing? This dramatically reduces robot downtime and saves cost. With similar data collected from all over the world, the robot manufacturer is able to identify repetitive issues and get customer feedback in real time.

2. Another interesting use case of artificial intelligence in robots is creating a self-healing system. Doesn’t that sound exciting? This self-healing system requires the robot to be connected to a cloud database, where it can search and identify solutions to its own errors without summoning the maintenance team. These features will play a vital role in enhancing the availability and performance of robots autonomously , leading to a self-sufficient shop floor, where human intervention would be required only to make critical decisions and for hardware support.

On that note, I hope you enjoyed this session.

Please join us for future podcasts and become a member of our Leadership Council.

Email us at [email protected]. Thank you for your time.

Website: www.frost.com