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The big buzz in the robot industry? The potential of artificial intelligence to rapidly improve robotics, from industrial models in factories to robots in hospitals, hotels, homes, etc. Here’s a look at some exciting robot trends.
Demand for industrial robots is on the rise. Over 600,000 will be installed this year around the globe, a record. China is the largest market in the world by far, installing nearly 300,000 in 2022. Next is Japan with 50,000, then the U.S. (40,000), South Korea (31,000) and Germany (26,000).
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Global competition for robots is revving up. There are national efforts to increase robot adoption in order to boost productivity, amid labor shortages and efforts to bring more manufacturing home. Those tailwinds bode well for robotmakers, such as top sellers Fanuc, Yaskawa, Kuka and ABB. There are lots of smaller firms and start-ups, too.
There are big hopes for emerging AI tech. The idea: Faster training and more skills for robots by using the generative AI behind ChatGPT and similar tools. Efforts include ways to program robots with plain written English rather than complex code, and using AI systems to have robots learn by observing. Expect steady improvement rather than breakthroughs, but the efforts to use AI on robots bear close watching.
AI will also improve computer vision and other areas. Specialized computer chips for robots will help. Nvidia recently unveiled a new chip, along with AI software, for humanoid robots. AMD, Intel and Qualcomm also have systems designed with robots in mind.
More-capable robot coworkers are coming to factories, warehouses and even small shops. Collaborative robots, or cobots, can work alongside humans for a range of tasks — screwdriving, painting, sanding, polishing, packaging, grinding, testing, gluing, soldering, and welding. Cobots from Universal Robots and others are stronger, can have two arms and can even have wheels to move.
There’s a push for humanoid robots by Agility Robotics, Boston Dynamics, Figure AI, Sanctuary AI and others. Testing is underway in real settings, but the tech will take many years to improve. China wants to mass-produce humanoids soon, too. More than job displacement, the near-term challenge will be too few robots for manufacturers and other industries that could quickly benefit from automation. To help, the industry is working hard to make adoption easier and cheaper.
This forecast first appeared in The Kiplinger Letter, which has been running since 1923 and is a collection of concise weekly forecasts on business and economic trends, as well as what to expect from Washington, to help you understand what’s coming up to make the most of your investments and your money. Subscribe to The Kiplinger Letter.
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