Robot economics is the study of the market for robots. Robot markets function through the interaction of robot makers and robot users. As (in part) a factor of production, robots are complements and/or substitutes for other factors, such as labor and (non-robot) capital goods. Another part of robot economics considers the effects of the introduction of robots on the markets for those other factors and on the products that robots help produce.
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Robots are spreading throughout the economy, in fields such as agriculture, medicine, business and the home.
Agriculture
The use of robots (or "robots") began with automated milking systems. More recently, agricultural robots have begun to be used in harvesting, pruning, seeding, spraying and materials handling.
Industry
Industrial robots offer improved productivity, reduction in scrap losses/rework, lower labor costs and quality improvement. Between 2009 and present, the global market for industrial robot rose by 60%. Globally 50% of industrial robots are located in Asia, 33% in Europe, and 17% in North America. The Chinese market grew by 41% annually and became the biggest market.
Robot economics is the study of the market for robots. Robot markets function through the interaction of robot makers and robot users. As (in part) a factor of production, robots are complements and/or substitutes for other factors, such as labor and (non-robot) capital goods. Another part of robot economics considers the effects of the introduction of robots on the markets for those other factors and on the products that robots help produce.
Robots are spreading throughout the economy, in fields such as agriculture, medicine, business and the home.
Agriculture
The use of robots (or "robots") began with automated milking systems. More recently, agricultural robots have begun to be used in harvesting, pruning, seeding, spraying and materials handling.
Industry
Industrial robots offer improved productivity, reduction in scrap losses/rework, lower labor costs and quality improvement. Between 2009 and ???, the global market for industrial robot rose by 60%. Globally 50% of industrial robots are located in Asia, 33% in Europe, and 17% in North America. The Chinese market grew by 41% annually and became the biggest market.
Medicine
Medical robots can be categorized in five segments: surgery, rehabilitation, non-invasive radiosurgery, hospital and pharmacy and others. Robot-assisted surgery can improve accuracy. However, medical robots can increase costs.
The market was valued at $1,781 million in 2013. Hospital and pharmacy robots segment grew fastest.
Manufacturers
Major participants operating in the global robotic market include Samsung Electronics, iRobot, Toyota Motor Corporation, AB Electrolux, Hanool Robotics, Fujitsu Frontech Limited, LG Electronics, Fujitsu, Sony Corporation, Yujin Robot and GeckoSystems.