COVID-19 Impact on Educational Robots in Semiconductors and Electronics Industry
Economic activity among advanced economies shrank 7% in 2020 as domestic demand and supply, trade, and finance have been severely disrupted. Emerging market and developing economies (EMDEs) are expected to shrink by 2.5% this year, their first contraction as a group in at least sixty years. Per capita incomes are expected to decline by 3.6%, which will tip millions of people into extreme poverty this year.
Platforms such as BYJU’S, a Bangalore-based educational technology and online tutoring firm founded in 2011, have become world’s most highly valued edtech company. Since announcing free live classes on its Think and Learn app, BYJU’s has seen a 200% increase in the number of new students using its products. Ten cent classroom, meanwhile, has been used extensively since mid-February after the Chinese government instructed a quarter of a billion full-time students to resume their studies through online platforms. This resulted in the largest “online movement” in the history of education, with approximately 730,000, or 81% of K-12 students, attending classes via the Ten cent K-12 Online School in Wuhan.
Co-founder of Digital Bodies Maya Georgieva summarizes the change succinctly: “We’re moving from the information age to the experience age.” As every field moves into the new 4IR era, the adoption and application of the new and emerging technologies are changing expectations and opportunities for the new college graduates.
One such training-based sector is the educational robots used to train engineering graduates in their application and working as Educational Robots range from small kits that can be built at home for kids and a great entry point for the robotics sector to the more advanced industrial robots with robust mechanisms and sophisticated software to control the movements. The robotics kit market is on the rise as the educational institutes are shifted to E-Learning and access to the institute laboratories is impossible. The robotics kit being cheap and affordable is the focus for distance education as each student can own a kit of the basic components for practice. The educational robot market and is poised to grow by 590.82 thousand units during 2020-2024, progressing at a CAGR of almost 28%.
BLUE FROG ROBOTICS & BUDDY, fischerwerke GmbH & Co. KG, Innovation First International Inc., LEGO System AS, Make block, Modular Robotics Incorporated, PAL Robotics, Pitsco Inc., ROBOTIS Co. Ltd., and SoftBank Group Corp., are some of the major market participants.
The COVID-19 pandemic has hit many industries forcing remote work, which is beneficial for the IT industry but very detrimental for the manufacturing sector. The manufacturing industry equipped with remote work capabilities such as industries revolutionized by industry 4.0, were less affected comparatively. The core of industry 4.0 is the use of robots and IoT, which is new to many and the educational institutes are equipping themselves with this new technology. The educational robots that were on the rise before the pandemic have been hit, and industrial robotics is stagnant amidst which the small robotics kit industry is on the rise as it is affordable and can be acquired by individual students. Many industries are adopting automation and robotics and require a skilled workforce equipped with the same knowledge. This has given a boost and motivation to many educational institutes to adopt robotics in the curriculum.
Although the market is stagnant for the educational robots market amidst the pandemic, it is forecast to rise exponentially in the next few years.