China plans to triple its annual production of robots used in the manufacturing sector to 100,000 in five years, a media report said on Wednesday.
China is also aiming to sell more than 30 billion yuan ($4.6 billion) worth of service robots by 2020 amid surging demand in the healthcare, education and entertainment sectors, according to the ministry of industry and information technology.
The initiative also details the growth of the robotics industry for the national 13th Five-Year Plan (2016-20) with a view to increasing the quality of equipment, ministry official Xin Guobin, said.
China produced fewer than 33,000 manufacturing robots in the past year, the ministry said.
"The strategy will help the Chinese robotics industry to achieve healthy growth amid challenges from overseas providers," Xin said.
China became the world's largest market for industrial robots in 2013, surpassing Japan, according to the International Federation of Robotics.
Increasing labour costs and labour shortages are pushing some manufacturers to adopt robots in product lines.
The ministry will also encourage Chinese robot manufacturers to gain a bigger presence in the high-end market, an area currently controlled by overseas giants such as Fanuc Corp from Japan and the multinational ABB Group based in Switzerland.
--IANS
ksk
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
