Global technology company ABB Ltd.ABB recently showcased a new range of products and solutions at the Factory of the Future at Automatica 2016 fair in Munich. Some of the key presentations at the event include ABB's commercially successful YuMi and IRB 8700 robots.
Also, the company introduced a new suite of Connected Services that can greatly improve the performance and reliability of individual robots. The show also offered ABB a great exposure to customers in the Americas and Asia who are increasingly showing interest in digitization and collaboration.
YuMi: Launched in 2015, YuMi has made commendable progress in collaborative automation in consumer electronics. It has established a strong foothold in targeted 3C space and is constantly drawing customers.
IRB 8700 : This is another of the company's products which has been boosting sales significantly. It can also work in collaboration with the company's recently introduced safety-certified software solution SafeMove2 that allows a healthy work relation between humans and machines.
Digitalization and Industry 4.0 are currently the buzzwords doing the rounds in the industry. Meanwhile, the prospects for robotic markets in Europe and beyond are bright. According to market research reports, the industrial robotics market is forecasted to grow at an impressive CAGR of 11.92% between 2016 and 2022, and reach almost $80 billion by 2022.
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Higher number of orders for collaborative industrial robots from small- and medium-scale enterprises from countries like India, China and South Korea are expected to propel demand for such machines. ABB has already established itself as a key player in the industrial robotics market and we believe the overall market trend bodes well for the company.
ABB currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the sector include II-VI Incorporated IIVI , EnerSys ENS and Eaton Corporation plc ETN . All the three stocks carry a Zacks Rank #2 (Buy).
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