As industrial robots become smarter, faster, more affordable, and develop advanced capabilities such as sensing, dexterity, memory and trainability, industrial manufacturers across industries are looking to advanced robotics to gain a competitive business advantage, according to a report released today by PwC US in conjunction with The Manufacturing Institute. Based on a survey of 120 industrial manufacturers, The new hire: How a new generation of robots is transforming manufacturing found that while 59 percent of companies are currently using some form of robotics technology, barriers to adoption still exist due to limitations such as cost, the lack of perceived need, and access to expertise and skills.

According to PwC’s report, there are currently over 1.5 million robots working in factories across the globe, with an estimated 180,000 in the U.S. alone. That number is only expected to increase with the global industrial robot market estimated to reach $41 billion by 2020.

“The past several years have recorded a sharp resurgence in orders of industrial robots and this wider adoption comes at a time when manufacturers – both big and small – are trying to squeeze greater productivity from their workforce and respond quickly to customer preferences and expectations,” said Bob McCutcheon, PwC’s U.S.industrial products leader. “The manufacturing industry is primed for a more advanced integration of robotics and the speed of adoption continues to increase with every dollar invested in these new technologies. At PwC, we see this as the ongoing progression toward the ‘factory of the future,’ as disruptive technologies such as 3D printing and robotics have the ability to significantly improve efficiency, quality and operations.”

A flurry of investor activity has accompanied the rise in adoption of robots, particularly through venture capital investments. According to PwC, investments by U.S. venture capital firms in robotics technology companies rose to about $172 million in 2013, nearly tripling 2011 levels, providing a window into what the investment community believes will be a promising and profitable sector. It also indicates that the robotics industry could see an accelerated development as these venture capital-backed companies grow.

“The rise of robots is primarily attributed to large companies as they have the risk capital to deploy in robotics technology. Larger companies along with the venture community will accelerate adoption and drive down prices making robotics scalable for every size enterprise,” continued McCutcheon.

By: DocMemory
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