Application of intelligent tech to replace manual, repetitive tasks with automated workflows, enabling businesses to achieve accuracy in their operations,” says definition of automation.
Almas Hyder, chairman of the Engineering Development Board, emphasised that just as developed nations achieved efficiency and growth through industrial automation, Pakistan must work to improve on innovation and industrial digitalization to achieve sustainable growth and exports.
Speaking to the media, he claimed that automation was expanding quickly and becoming more widely accepted in order to guarantee better product quality, increase output, reduce production costs, and increase productivity.
Furthermore, he said the application of cutting-edge technology, innovation, and research and development would allow Pakistani products to effectively compete in the international market.
“The application of intelligent technology to replace manual, repetitive tasks with automated workflows, enabling businesses to achieve accuracy in their operations,” says the definition of automation. In 2021, the market for industrial automation was expected to be worth around $191.89 billion.
From 2020 to 2027, the market is anticipated to expand at a compound annual growth rate (CAGR) of about 9.3%, reaching $443.5 billion.
Mass production and exports have grown as a result of increasing industrial automation. The International Federation of Robotics estimates that in 2021, the automotive and electronics industries will each produce more than 100,000 new robots.
The “World Robotics R&D Programs” report from the International Federation of Robotics noted that automation applications in manufacturing had started to rise in China, Japan, the USA, South Korea, and Germany. To establish Japan as a significant robotics innovation hub, the country’s R&D budget was increased for 2022 to $930.5 million.
The government of South Korea allotted $172.2 million for the development of robots. Geographically, Asia-Pacific, followed by Europe and North America, accounts for the largest portion of the global industrial automation market.
The mean annual growth rate of an investment over a specified time period longer than one year is known as the compound annual growth rate, or CAGR. It stands for one of the most precise ways to figure out returns for specific assets, investment portfolios, and anything else whose value can change over time.