Robots to the Rescue?
To say the current economic climate is challenging is an understatement. Between high inflation, labour shortages, supply-chain glitches, and the war in Ukraine, businesses and households are getting hit from all sides. Apart from hashing out a peace deal, robots are adept at addressing these challenges, as they are good at cutting costs, increasing efficiency, and keeping supply chains flowing. But are they up to the task of dousing the raging inflation inferno engulfing advanced countries?
Industry use of robots has sped up and spread in recent years. According to the International Federation of Robotics (IFR), the global stock of industrial robots grew at an average annual rate of 13% between 2015 and 2020 to a record high of about 3 million units. The world added half a million industrial robots in 2021, a record increase, taking the total to a new high of 3.5 million. Global sales of robotic units are estimated to rise by more than half a million in 2022. North American companies posted record robot purchases in the first quarter of 2022, up 28% in the past year, according to the Association for Advancing Automation. The gain is even more impressive considering that supply was likely held back by micro-chip shortages. The upswing in robot use accords with generally strong investment in computing gear in recent years, apart from the initial pandemic period.