The global Industrial Robotics Industry was estimated at $25.68 billion in 2013 and is expected to reach $40 billion by 2020, according to market research by Million Insights.
The desire to reduce operational costs by many manufacturing companies is expected to drive the global market growth, which can be majorly attributed to the adoption of automation through robotics.
Average labor costs in China have been rising by nearly 10 per cent yearly. The use of robots in industries has helped to reduced workers idle time by 80 per cent and save more than 50 per cent of the production cost, leading to significant cost savings.
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