China’s Robot Spending to Reach USD80 Billion by 2022, IDC Projects – Yicai Global
What happened: China’s spending on robotics and related services is expected to reach $80 billion by 2022, 38% of the global market, according to market intelligence firm International Data Corporation. The sector is predicted to reach an annual compound growth rate of 27%. The firm says that discrete manufacturing industries, including auto, electronics, and metal processing will reach a market size of almost $17 billion next year.
Why it’s important: Robotics forms an important development goal for China. As part of its “Made in China 2025” initiative, the country aims to move to high-value manufacturing, including robotics, chipmaking, and autonomous vehicles. The spending guide highlights business opportunities in the sector, where autonomous mobility and collaborative robots can help to improve production efficiency, productivity, and capacity among the country’s population and enterprises. Robotics may also help to mitigate the effects of China’s aging population, acting as an alternative labor supply.