China is becoming a bigger competitor for Germany’s robotics industry, which is already battling with dwindling orders in a slow domestic market, according to a VDMA engineering association official.
According to a VDMA engineering organization spokesperson, Germany’s robotics industry, which is already dealing with declining orders in a sluggish home market, is facing increased competition from China. Frank Konrad, the head of VDMA’s robots and automation division, stated in remarks that were released on Monday that “competition is fierce.” “Many Chinese suppliers have grown strongly in their home markets and are now pushing into Europe.”
Known for its engineering prowess and for having originally invented numerous innovations, Germany is currently experiencing an economic depression brought on by high energy and interest rates, as well as underinvestment because of bureaucratic red tape. According to Konrad, the rise of the German robotics and automation industry is primarily due to foreign orders. In the first four months of this year, domestic orders decreased by 15% year over year, while international orders rose by 21%.
Chinese factory robot manufacturer Kuka and Siemens AG’s (SIEGn.DE) new tab industrial automation business are major players in the area. Based on the data, the VMDA has cut its forecast for the sector’s annual sales in half. It now projects a 2% increase in sales to 16.5 billion euros ($17.7 billion) in 2024, or about the same as the previous year. Sales in the industry increased by 13% in 2023 as a result of an increase in orders following the epidemic.
Konrad stated that the substantial order intake from the prior year continues to bolster this year’s sales thus far.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News is the premier platform dedicated to delivering the latest news, updates, and insights from the CIO industry. As a trusted source in the technology and IT sector, we provide a comprehensive resource for executives and professionals seeking to stay informed and ahead of the curve. With a focus on cutting-edge developments and trends, CIO News serves as your go-to destination for staying abreast of the rapidly evolving landscape of technology and IT. Founded in June 2020, CIO News has rapidly evolved with ambitious growth plans to expand globally, targeting markets in the Middle East & Africa, ASEAN, USA, and the UK.
CIO News is a proprietary of Mercadeo Multiventures Pvt Ltd.
