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September 18, 2020 at 8:22 am #46066Telegram SmartBoTModerator
- Topic 3919
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In fact, in a span of 150 years, we have invested several trillion dollars as capital towards industrial automation.
By 1973, through a century of mechanized automation, the world population had grown by 300%, but the GDP had grown by a whopping 1400%.
What industrial automation did to alter the course of our evolution will remain a crucial chapter in the human story for ages to come.
We can only imagine the productivity boost through inclusion of a robotic arm – the pinnacle of such power tools.
It is no wonder that the per-worker manufacturing productivity is disproportionately higher in advanced economies that have invested massively in industrial infrastructure comprising of such tools.
Despite these benefits, industrial automation adoption is still in its infancy.
In contrast to the $150 billion spent on industrial automation, the US alone spends around $1.3 trillion on manual labor.
The market for industrial robots and automation market is projected to grow at 8-10% CAGR.
Trillions of dollars of industrial equipment were lying idle for months even as the world struggled to produce and supply essentials goods in high demand.
Yet, a $18,000 – $30,000 robotic arm which can be pre-programmed to move thousands of parts a day with as high a placement accuracy as 20 micrometers, is easily incapacitated from functioning if the object is misplaced by even as low as 0.2mm.
This insistence for rigid and costly object structuring infrastructure by robots has limited their adoption only to manufacturing sectors such as automotive, who have a long and predictable production lifetime and large volumes that justify these upfront costs.
Manufacturers of rapidly evolving products like smartphones, high variability goods like apparel and low-volume, high-complexity products like aircraft, satellites, and medical devices, have barely adopted robots especially for assembly tasks.
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