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Global agriculture robot market expected to quadruple in size by 2026

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The global market for agriculture robots is expected to quadruple in size by 2026, according to a report by Research Dive.

The agriculture robot market size was $4,082.8 million in 2018, and is expected to reach $16,640.4 million by 2026, and will grow at a compound annual growth rate of 19.2 percent.

North America region generated a revenue of $ 1,469.8 million in 2018, and is expected to grow at a CAGR of 18.9 percent. [Read more…] about Global agriculture robot market expected to quadruple in size by 2026

Global service robots market forecast to reach $110 billion by 2027

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The global professional service robots market is expected to be valued at $109.91 billion by the end of 2027, growing at an annual rate of 24.5 percent from 2020 to 2027, as highlighted in a report published by Coherent Market Insights.

Rising funding for research and development in robotics is expected to drive growth of the global professional service robots market during the forecast period.

Since professional service robots are being used in a variety of fields, many sectors (both public and private) have started investing in robotics research and development. [Read more…] about Global service robots market forecast to reach $110 billion by 2027

Hyundai unveils hotel robot developed with KT

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Hyundai Robotics has unveiled a new service robot designed for hotels and developed with KT, formerly Korea Telecom.

The UNI-050H is a mobile service robot co-developed by Hyundai Robotics and KT to perform hotel amenities delivery, and can now be found at the Daegu Marriott Hotel & Residences.

UNI-050H delivers amenities such as towels and bottled water, to guest rooms upon request. [Read more…] about Hyundai unveils hotel robot developed with KT

Hanwha launches new collaborative robot solutions

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Hanwha has launched what it describes as “new advanced solutions”, including Hanwha Collaborative Robot Advanced (HCR Advanced) and a collaborative-robot-solutions package to continue building its momentum in the collaborative robot market that is expected to grow rapidly.

The global market for cobots was worth $1.2 billion last year, and it is expected to grow on average by 42 percent annually as more smart factories are built and the increasing demand for contactless services due to Covid-19 are expected to reach $7 billion by 2026.

In response, Hanwha is aggressively developing advanced cobots that combine Hanwha’s AI technology with its mobility capabilities. The company is integrating its robotics technology with existing logistics automation systems, secondary batteries, and display-related facilities to create synergy and satisfy the diverse needs of customers worldwide. [Read more…] about Hanwha launches new collaborative robot solutions

Microsurgery robot market set to reach $2 billion by 2026

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The microsurgery robot market is projected to attain “remarkable revenue growth” in view of rapid technological advancements in the field of medical science, according to a recent study by market research firm Global Market Insights.

The analyst forecasts that the microsurgery robot market will reach $2 billion by 2026.

Growing inclination towards creating innovative microsurgery devices that are capable of undertaking complex surgeries could massively enhance the product demand in the future. [Read more…] about Microsurgery robot market set to reach $2 billion by 2026

PTC to acquire product lifecycle management provider Arena Solutions

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Computer-aided design specialist PTC has signed a definitive agreement to acquire Arena Solutions, a software as a service (SaaS) product lifecycle management (PLM) platform provider.

The acquisition will further PTC’s strategy to be the leader in the rapidly-growing market for SaaS-based product development software, enabling the company to deliver a complete CAD + PLM SaaS solution.

Under the terms of the agreement, PTC will acquire Arena Solutions for $715 million in cash. Subject to customary closing conditions and completion of regulatory review, the acquisition is expected to be completed in PTC’s fiscal Q2 2021. [Read more…] about PTC to acquire product lifecycle management provider Arena Solutions

Daimler and Volvo launch €1.2 billion venture to develop hydrogen fuel-cell technology for trucks

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Volvo Group and Daimler Trucks have entered into a joint venture to develop, produce and commercialize hydrogen fuel-cell systems for use in heavy-duty trucks as the primary focus, as well as other applications.

The ambition of both partners is to make the new company a leading global manufacturer of fuel cells, and thus help the world take a major step towards climate-neutral and sustainable transportation by 2050.

Volvo will acquire 50 percent of the partnership interests in Daimler Truck Fuel Cell for approximately €600 million on a cash and debt-free basis. Closing of the transaction is expected during the first half of 2021. [Read more…] about Daimler and Volvo launch €1.2 billion venture to develop hydrogen fuel-cell technology for trucks

Service robotics market grows by 33 percent in China

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China’s robotics industry outlook remains positive post-Covid-19 outbreak, especially across manufacturing, hospitality, and healthcare sectors.

This is according to a new report, How is Covid-19 Shaping China’s Robotics Industry?, by YCP Solidiance, which highlights that the $8 billion robotics industry projects a positive long-term growth forecast highlighting robotic automation and its useful applications across different industries.

Investment Contraction in China Following Covid-19: The Covid-19 outbreak has caused investment contraction in Q1 2020 – between 50 percent to 57 percent year-on-year, setting off a difficult funding situation across China and globally. [Read more…] about Service robotics market grows by 33 percent in China

China’s biggest chipmaker to double investment in capital goods to $7 billion

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China’s largest chipmaker Semiconductor Manufacturing International is to double its investment in capital goods to $6.7 billion, according to a report on the Nikkei Asian Review website. 

The company is somewhat flush with cash as a result of net profit skyrocketing by 644 percent in the second quarter. Part of the increase is due to Chinese telecommunications giant Huawei stockpiling chips.

Huawei is trying to prepare for any potential shortage in its supply chain caused by the ban imposed on its activities in the US and Europe. [Read more…] about China’s biggest chipmaker to double investment in capital goods to $7 billion

Oil-producing nations struggling with economic woes as society shifts towards electric movement

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Oil-producing nations located in the Middle East and North Africa are struggling with their economies, most of which are not diversified enough to offset the losses caused by falls in the price of crude.

A quick check shows that the current price of a barrel of crude oil – which is about 160 litres – is just above $40, which is significantly lower than certainly Arab countries need it to be.

According to the Economist, Algeria needs the price to be about $157 a barrel, while Oman wants to get to at least $87. [Read more…] about Oil-producing nations struggling with economic woes as society shifts towards electric movement