As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
In recent years, the cost of industrial robots has decreased, and programming has become much simpler. As a result, peripherals such as end effectors and vision systems have become easier to integrate. In response to the growing shortage of skilled workers in the manufacturing sector, manufacturers are turning to automation. As a result of the ability gap, robot density is expected to rise, especially in developed countries. Manufacturing robots automate routine activities, lowering error margins to near-zero levels, and freeing up human employees to concentrate on more profitable aspects of the operation. Robotic process automation in manufacturing helps businesses to compete internationally by providing a cost-effective, viable alternative to offshoring and filling skills gaps. All of these factors are boosting the market.
The global coronavirus epidemic is expected to accelerate the implementation of Industry 4.0 and boost pandemic preparedness in the future. This is because, in the event of a pandemic, technologies such as automation and robotics will help reduce human dependency while still allowing the human workforce to protect itself from these risks. It also boosts production, avoiding plant shutdowns during a crisis.
The competitive landscape is fragmented due to the presence of several players in the market. The market players are striving to make product innovations and developments in the market to utilise the growth opportunities presented optimally. For instance, ABB (NYSE: ABB) announced a strategic alliance with Planar Motors Inc. in January 2021 to extend its computer automation offerings. Such developments are expected to have a positive influence on the market growth over the forecast period.
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The major players in the global Industry 4.0 market are ABB Ltd., Rockwell Automation, Inc., Schneider Electric, Cisco Systems Inc., and Intel Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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