The report covers the present scenario and the growth prospects of the global robot drives market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of robot drives. The report also includes a discussion of the key vendors operating in this market.
Industrial robots have emerged as game changers in the industrial automation sector during the recent years. End-users that were reluctant to adopt automation in their facilities have realized the long-term benefits associated with industrial robots; therefore, many end-users are undergoing a transition to implement robots across various applications.
New concepts of collaborative robots are gaining popularity, as these robots work in tandem with humans, thus speeding up operational workflow. Companies such as ABB have configured work environments where human workers and robots can swap tasks to learn from each other's experience and speed up the industrial processes. It has been observed that co-operative processes carried out by humans and robots can reduce the idle human worker time by 80%-85%.
According to the report, advances in technology are driving both large industrial players and several small and medium-sized enterprises (SMEs) to opt for industrial robots as a measure to cut down their operational cost. Countries like China, Japan, and Taiwan are witnessing the growth of SMEs across various end-user industries.
Further, the report states that advances in technology are driving both large industrial players and several small and medium-sized enterprises (SMEs) to opt for industrial robots as a measure to cut down their operational cost. Countries like China, Japan, and Taiwan are witnessing the growth of SMEs across various end-user industries. To harness the benefits of lower cost of operation using industrial robots, SMEs have started adopting automation and robotics on a large scale. As a result of this transformational change, vendors are trying to capitalize this opportunity by developing customized robots that are ideally designed to meet the needs and affordability of SMEs. Adoption of industrial robots has decreased the dependency of companies on expensive manual labor and increased their productivity margins. A robot, when compared with a human worker, can double the production output of a machine on a regular basis. Implementation of robots in industries also helps to minimize extra expenditure incurred on overhead expenses such as salary, compensation, and pensions.