Robotics - India's Ticket to Become a Manufacturing Powerhouse
Something that sets the global powerhouse economies like China, US, Japan, and Germany apart from the developing countries is the much larger proportion of automation in their manufacturing sector and the abundance of industrial robots deployed across their industrial ecosystem. It’s no coincidence that they are at the cutting edge of both robotics technology and retail and manufacturing. Indeed, awaiting them is an exponentially growing market. The global industrial
robots market size is expected to reach $66.48 billion by 2027, exhibiting a CAGR of 15.1 percent.
This sure is a wakeup call for India, which is one of the fastest growing economies in the world. The manufacturing organizations in our country need to digest the fact that robotics is the future of manufacturing and the answer to the market demand that industry is up against.
The man-machine collaboration (cobots) and the increased focus on what each of them do best in an optimized manner is becoming an excellent avenue for engendering a sustainable, ergonomic future. In addition, the driving factors of increased adoption of cobots in workplaces also include the reduction in maintenance cost, improved level of standardization, reduced power consumption, and safer protection of intellectual property, among other benefits.
It’s however a great omen that the subcontinent is reading this trend to some extent. The Indian Industrial Robotics market is estimated to grow at 13.3 percent CAGR from 2019-2024. It surely is not an explosion, but implies a transformation in the making, and we are yet to see how well the visions like Make-in-India and Atmanirbhar Bharat are going to influence this trend. The time couldn’t be any better to come up with a special issue on Robotics.
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