This piece uncovers the global industrial robotics market's ongoing interest, as companies exhibit significant confidence in automation and allocate a substantial portion of their capital spending to it
- Automation Trends: Retail & Logistics Lead Investments
- Balancing Automation: Routine vs. Complex Tasks
- Advantages & Limitations of Automation
- As per Ken Research, the pros & cons of the industry trends have to be kept in mind by the industry players before diving too deep in the water.
Companies across the industrial world are showing significant confidence in robotics and automation, with many of them allocating a substantial portion of their capital spending, approximately 25 percent, over the next five years towards automated systems. Industrial-company executives anticipate various advantages, including improved output quality, enhanced efficiency, and increased uptime. Despite the optimistic outlook, there are still apprehensions among some executives. In this piece, we uncover the ongoing interest in the global Industrial robotics market.
1. Retail and Consumer Goods Lead the Automation Charge, While Logistics and Fulfillment Embrace the Robotic Revolution!
Read More: Global Industrial Robotics trends
Among the industrial sectors surveyed, the biggest spender on automation over the next five years is poised to be retail and consumer goods, with 23 percent of respondents from that sector planning to spend more than $500 million. That compares with 15 percent in food and beverage and 8 percent in automotive. On the other hand logistics and fulfillment players, automation will represent 30 percent or more of their capital spending in the next five years—the highest share among industrial segments surveyed.
2. Navigating the Automation Frontier: Unraveling Routine Tasks while Pioneering Human-Driven Complexities
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Certain aspects of productive activity present themselves more readily to automation, with routine tasks being the most suitable candidates, some of which include picking, packing, sorting, movement from one point to another, and quality assurance, which have already undergone partial automation and are expected to receive substantial investment in the future. On the other hand, activities demanding significant human involvement, such as assembly, stamping, surface treatment, and welding, are less likely to be automated in the short to medium term.
3. Embracing the Machine Age: Unleashing the Power of Automation for Smarter, Safer, and Speedier Operations
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Automation offers several advantages where operations can be automated, including increased speed and higher production capacity, along with the ability to maintain high-quality standards. Additionally, companies can experience cost savings, improved operational uptime, and enhanced safety measures. However, it's important to note that automation may have limited positive impacts on environmental and sustainability factors. While automation can optimize processes and reduce waste in some areas, its overall influence on environmental aspects may not be as pronounced as other benefits.
The survey depicts the journey towards automation is highlighted as far from simple. As per ken Research, participants point out two primary hurdles to adoption – the capital costs associated with robots and a general lack of experience within companies regarding automation, cited by 71% and 61% of respondents, respectively. Surprisingly, low business confidence in technology leads to challenges related to conviction and funding.
Another interesting revelation is that respondents' expectations of increased production and reliability through automation are tempered by concerns that such gains could result in job loss and impact existing contracts. However, it's essential to clarify that automation typically leads to changes in workplace roles rather than outright redundancies.
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