
Tech Giant ABB Invests USD 280 Million in New Robotics Factory
CIOTechOutlook Team | Wednesday, 13 September 2023, 08:41 IST

"The investment in our new campus is driven by customer demand and projected market growth," ABB CEO Bjorn Rosengren said in a statement.
The European robotics and automation market will grow by 7% per year between 2023 and 2027, owing to companies relocating production from Asia. The company, which competes with Fanuc Corp of Japan and Kuka of China, provides robots to companies such as BMW, Scania, and Volkswagen. Manufacturers are responding to increased government incentives, with the European Union loosening state aid regulations early this year to allow the bloc's national governments to match subsidies granted in the United States under President Joe Biden's $369 billion Inflation Reduction Act.
Rising tensions between the United States and China have also caused some corporations to reconsider their manufacturing footprint and relocate operations closer to home. ABB also stated that it wished to provide more locally manufactured items to its clients, a major topic after companies experienced supply chain difficulties during the COVID-19 pandemic.
Customers are likewise investing in robotics as skilled labor becomes scarce.
CIO Viewpoint
Why Foolproof Facial Recognition Is Key Against...
By Joseph Sudheer Thumma, Global CEO & MD, Magellanic Cloud
National Technology Day 2025: Powering Progress...
By CIOTech Outlook Team
Aligning IT Roadmap with Business Objectives: A...