Midea Group and Yaskawa Electric of Japan had formed joint venture and plans to invest a total of US$65 million into the industrial robot industry.
Midea Group hopes its expansion into the robot industry will help upgrade its own manufacturing and industrial automation. It also hopes that Yaskawa’s technologies and products in service robots it find new business as China addresses with the economic impact of a huge aging population in the coming years.
By 2017, more industrial robots will be operating in China's production plants than in the European Union or North America. Operating unit numbers in The People’s Republic will reach more than 400,000, according to the International Federation of Robotics (IFR).
As for “service bots,” an industry in which Yaskawa is also a leader, sales forecast for the period of 2014 to 2017 which were provided by companies worldwide indicate an increase from 21,000 to about 134,500 units, with an estimated value of US$ 18.9 billion, according to the IFR.
|Company Name||Midea Group|
|Joint Venture Company||Yaskawa Electric|
|Estimated Investment||US$65 million|