Witnessing a significant uptake of robotics-focused innovation in its home market, China is working on robust measures to become a global innovation hub for the worldwide robotics industry in the next five years, China Daily reported.
The report also stated that the world’s fastest growing economy is also hoping to achieve breakthroughs in robotics components and widen the application of smart machines in more sectors. It is also be augmenting its capabilities in certain critical components such as servomotors and control panels.
Wang Weiming, an official with the Ministry of Industry and Information Technology, told the state-owned newspaper that the ministry aims to double its manufacturing robot density by 2025. “The goal is that by 2025, the performance and reliability of these homegrown key components can reach the level of advanced foreign products,” Wang said.
As per the data released by National Bureau of Statistics (NBS), the output of Chinese industrial robots nearly trebled from 72,000 units in 2016 to 212,000 units in 2020. Furthermore, service and special robot manufacturers in China 52.9 billion yuan (about $8.21 billion) in revenue last year, a year-on-year increase of 41%.
As per ResearchAndMarkets.com, the largest contributor to the Global Robotics Market is Asia-Pacific with 35.27% value share in 2020 and within that China is the largest contributing country in the region with 42.73% shares in 2020, followed by South Korea, Japan and India. The report also claimed that the addition of artificial intelligence and big data technologies along with the introduction of Industry 4.0 is expected to increase the Global Robotics Market over the forecasted years.