Moshe Hogeg is a technology mogul with various holdings in apps, sports teams, and robotics companies. In the following article, Moshe Hogeg discusses the robotic market growth, industry challenges, and the future of production.
As industries become more advanced and manufacturers seek to cut overhead costs, the demand for robotics continues to increase at a shocking pace. Currently, the market is currently valued at $16.78 billion and is expected to grow to $35.68 billion by 2030, at a compound annual growth rate (CAGR) of 10.46%.
Although the automotive industry still accounts for the highest percentage of end-user robotics, Moshe Hogeg reports that the food and beverage industry, as well as the healthcare industry, continue to introduce new applications for robotics, which is driving the growth of the market. Moshe Hogeg explores in the following article some of the factors influencing such rapid market expansion and discover what the future holds for industrial robotics.
Moshe Hogeg Reports a Desire for Streamlined and Efficient Manufacturing is Driving Demand for Robotics
The ever-growing demand for faster, more efficient, and less expensive manufacturing is one of the primary drivers of the robotics market expansion. This is especially true in the automotive industry, where robotics has long been used to streamline the production process.
Today, lightweight, and high-precision models, such as the i4 SCARA robot, are being applied to both small and medium-sized businesses to create so-called “smart” factories that are driven in tandem with artificial intelligence (AI) and the internet of things (IoT).
Moshe Hogeg says that the trend is being followed by companies in other industries as well, who are looking to take advantage of the benefits of robotics-led automation, such as increased productivity, decreased downtime, and improved product quality.
The Proliferation of Collaborative Robots is Helping to Drive Market Growth
One of the most significant recent trends in the robotics industry is the proliferation of collaborative robots, or “cobots”, which are designed to work safely alongside humans in manufacturing and other industrial settings. By introducing these models into the workplace, companies can increase their production flexibility and reduce variation in quality.
Additionally, Moshe Hogeg reports that cobots are relatively inexpensive and can be set up and operated quite easily, making them ideal for small and medium-sized businesses. This is helping to drive the adoption of robotics in a wide range of industries beyond the automotive sector.
The food and beverage industry is one of the most prominent examples of this trend, with cobots being used for logistical tasks such as packing and palletizing. The healthcare industry is another major adopter of collaborative robots, with cobots being used for tasks such as dispensing medication and transporting supplies.
This technology is still relatively young, but it’s expected to improve and grow over the course of the decade according to Moshe Hogeg. As more industries adopt cobots and the technology becomes more refined, the market is expected to grow even more rapidly.
High Initial Investment Costs Remain a Potential Challenge
One of the primary challenges facing the robotics industry is the high initial investment cost associated with setting up and operating a robotics system. This is a particular concern for small and medium-sized businesses, which may not have the capital necessary to make the investment. Additionally, the return on investment (ROI) for robotics can take some time to materialize, which may deter companies from investing.
That being said, though, Moshe Hogeg explains that the long-term benefits of robotics-led automation are becoming increasingly difficult to ignore, and companies are slowly but surely beginning to realize the value of making the initial investment. As the technology continues to develop and become more refined, it’s expected that the initial investment costs will decrease, making it more accessible for businesses of all sizes.
The Future of the Robotics Market
The robotics market is currently in a state of rapid expansion and is expected to continue growing at a significant pace over the next decade. Although there are certainly challenges to its development, if robotics manufacturers can overcome the currently high cost of production, we could expect to live in a robotically enhanced world once only dreamed of in science fiction.
Moshe Hogeg reports that as the technology continues to develop and become more refined, it’s expected that the initial investment costs will decrease, making it more accessible for businesses of all sizes. This would open the market to more industries and applications, driving the market expansion even further.
As of 2022, the global industrial robotics market is growing at an unprecedented CAGR of 10.46%. If the industry can maintain this growth over the next few years, it will enter the 2030s at a market value of over $35 billion. For this to happen, though, manufacturers must first work to lower the cost of initial investments.