Allowing the UK robotics industry
to embrace opportunity
Brian Foster, Head of Industry Finance at Siemens
Financial Services in the UK, explores the opportunities
for the UK’s innovative and growing robotics industry.
B
usinesses and consumers are waking up to the power of
robots, as advancements in new generation digitalised
technology (also known as Industry 4.0) are helping to
transform the robotics industry. Traditionally deployed in the
industrial manufacturing process, new robot types such as
consumer or personal assistant robots and unmanned aerial
vehicles (UAVs) are growing in popularity with many other
robot types, such as autonomous vehicles, emerging on the
horizon. This popularity is set to grow, and the worldwide
robotics market is predicted to reach $237 billion worldwide by
2022, more than seven times its 2016 value of $31 billion.
Europe is at the forefront of this growth. Across the EU and
from the USA to China, major industrial nations have identified
robotics and Artificial Intelligence (AI) as strategic economic
and policy priorities. The UK currently trails behind Japan,
Germany, the USA and many other nations in the uptake of
industrial robots. This is in stark contrast to the strength of
the UK’s automotive and aerospace industries. The UK is the
second-largest aerospace manufacturer in the world and UK
car production reached its highest level in seventeen years in
2016. It is interesting to note that the use of robotics in UK
manufacturing is dominated by the automotive industry and
is becoming more prevalent in other major manufacturing
industries including aerospace.
Nevertheless, a recent boost to the robotics and AI industry
from the UK Government’s Industrial Strategy Challenge Fund,
has unlocked a substantial opportunity for the UK to embrace
the new robotics age. According to the UK Robotics and
Autonomous Systems Special Interest Group, the UK could take
a 10% market share of the global robotics industry within the
next few years.
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Robotics and AI are already driving innovation in a diverse
range of sectors where the UK has significant strengths,
including healthcare, manufacturing, transport, aerospace
and oil and gas. Focusing on these key areas, and accelerating
development in this wide range of sectors will ensure that the
UK leads not only in terms of scientific advances, but also in
commercialisation and competitiveness.
Healthcare, for example, is becoming a extremely important
area of development in the use of robotics and AI. There are a
number of innovative robotics companies already operating in
the UK and the development of bionic limbs is currently being
pioneered by a British robotics company who use 3D body
scanning and printing to create bionic hands that are advanced,
lightweight and low-cost.
The possibilities for manufacturers in the robotics sector are
growing and it is now an important time for the UK to expand
its presence in the sector.
The benefits of development in the robotics sector are
significant and far-reaching, meaning that manufacturers are
racing to keep up with multiple and continuous technological
trends and advancements. To best navigate these, such
companies should consider working with a specialist financier
to help them understand the most sustainable ways to invest
in Industry 4.0 technology. Whilst this can be a challenge,
companies that delay investment and fail to embrace the
opportunities available to them, risk being left behind by the
competition.
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