With increasing need for automation in all industry sectors, use of robots has multiplied significantly. Organizations are adopting robotics to automate their processes to deliver high quality products, increase their manufacturing capabilities, provide better customer serve, and efficiently manage their processes. This factor pushes organizations to adopt robotics and further strengthen the market.
Robotics system market comprises of several small components. A robot needs to be integrated in a specific environment along with software and specialized components.
Standard robots are rarely used independently. System integration attends to integrating different components together in a specialized environment with specific tools, required inputs of power and production systems.
The main stakeholders in value chain of robotics technology market are robot designers and suppliers of standard hardware components, suppliers of special engineered components, software providers, system integrators, and end users. Each of these players shares a specific value at their point of operation, which in turn contributes to the competitive value of the product. The R&D activities, innovations, and marketing strategies enhance the value associated with the end-deliverable by each player.
Rising labor and energy costs
Labor costs have increased worldwide, especially in developed countries. Organizations are implementing robotics solutions to reduce their labor costs and energy costs. Though the initial cost is high, robotics solutions enable them to efficiently manage their processes, while reducing their expenditure in the end. Rising costs would have a lower impact on the market in the future due to advancements in technology.
The utility of robotics has gained its applications in the field of food and beverage, agriculture, healthcare, and education among others. These industries are increasingly using service robots to meet their requirements and increase efficiency. Customized robots are deployed for these industries to meet their specifications. The escalating employment of robotics in diverse applications has led to tremendous growth in the market and its impact would increase in years to come.
Director, Sreeram Agro Engineering Pvt. Ltd.