The worldwide industrial robotics market is set to exceed US$80 billion in value by 2024, a new report predicts.
World Market Insights says the automotive sector will be a key growth driver in the commercial robotics market in the next five years.
Also, the commercial robotics market will see “phenomenal progress in rising economies” pushing sales beyond US$80 billion by 2024.
This is remarkable growth given the Industrial Robotics Market was valued at over $35 billion in 2016.
The rise of industrial robots in factories throughout the world is changing the face of the traditional workplace.
Robots are fast replacing humans on the factory floor taking over mundane and repetitive tasks.
The Worldwide Federation of Robotics estimates there are now 74 robotic items per 10,000 staff in manufacturing operations throughout the world.
Automakers internationally are now turning to robotics and automation to improve efficiency and increase productivity.
Strong demand from the automotive industry in coming years is expected to push the worldwide industrial robotics market to stratospheric heights.
Companies like the US-headquartered electrical automobile producer, Tesla are leading the way when it comes to robotics.
The company is using state-of-the-art industrial robots throughout its Nevada and Fremont manufacturing facilities to boost production.
Industrial robots from robotics giants Fanuc and Kuka are being used to carry out numerous tasks from the lifting of heavy chassis to delicately assembling battery trays.
In the US alone, the automotive sector accounts for more than 50 percent of the industrial robotics market.