Published at Saturday, 07 September 2019. Robot. By Manon Proulx.
First, when you raise the cost of labor for small entry level jobs, there will be fewer of them as businesses raise their prices and clientele evaporates, some businesses will close, fewer jobs. The businesses and business models that survive will absorb those costs with rate and price increases to customers – this results in inflation therefore your dollar will be worth a little less, how much is hard to say; 10%, maybe 20%, which is about how much the minimum wage increase would be from what it is now if it went up to let’s say $10.00.
The industrial robots have not yet achieved economies of scale, illustrating the market opportunity that will come quickly after economies of scale are achieved. New technology and improved controllers open the path to economies of scale for industrial robots. As this occurs a new industrial revolution will occur. There are massive numbers of products offered by each major industrial robot vendor. Product consolidation is occurring in the market. Customization of a few products to increase product volume hold the promise of changing the market so it functions at a level that means devices that basically have eluded economies of scale in the past, will now be able to be mass produced.
The prominent companies operating in the market are Dyson Ltd., Ecovacs Robotics Inc., Infinuvo, iRobot Corporation, Koninklijke Philips N.V., LG Electronics Inc., and Neato Robotics Inc., Intellibot Robotics LLC, Yujin Robot Co. Ltd., and Samsung Electronics Co. Ltd. They have adopted strategies, such as expansions, partnerships, collaborations, mergers & acquisitions, joint ventures, new product launches, and others to strengthen their position in the market.
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