Mitsubishi also noted that demand for ‘as a service’ financing has grown rapidly.
Mitsubishi Electric Automation Inc. announced that it will offer a first look at its 3D bin-picking robot at PACK EXPO 2023, which will be in Las Vegas from Sept. 11 to 13. The company said the new system is suitable for automating packaging processes.
Mitsubish Electric Automation will exhibit automation for consumer packaged goods and life sciences customers as well as OEMs at Booth N-10011 in the Las Vegas Convention Center. The company said its Factory Automation Wall will showcase Mitsubishi’s complete line of robots for manufacturing.
“While I always look forward to presenting our robots to existing and potential customers at trade shows, I’m especially excited about PACK EXPO,” said Patrick Varley, product marketing manager for mechatronics at Mitsubishi Electric Automation.
Vernon Hills, Ill.-based Mitsubishi Electric Automation is a U.S. affiliate of Tokyo-based Mitsubishi Electric Corp. Its product portfolio includes controllers, human-machine interfaces, motors and drives, software, and industrial and collaborative robots.
Mitsubishi to discuss dynamic path planning
In addition, the 3D bin-picking robot demonstration will present collision avoidance and dynamic path planning from Realtime Robotics Inc. with the newly added 3D vision from SICK Inc. for collision management in a three-robot work cell.
“The 3D bin-picking demo debuting at the show is something that we can’t wait to show to the attendees: three industry leaders, 3D bin picking, and three robots,” Varley said.
On PACK EXPO Day 2, at 4:00 p.m. in the Central Hall on Stage 3 (C-2508), Mitsubishi Electric will participate in a session on “The Next Evolution of 3D Bin Picking: Multiple Collision-Free Robots.” Varley will present alongside Matt Somerville, director of sales for North America at Realtime Robotics, and Nick Longworth, senior market product manager for robot guidance at SICK Sensor Intelligence.
Varley will discuss how 3D vision for robotic guidance, dynamic path planning, and collision avoidance can work together to increase throughput and reduce the footprint needed to deploy Mitsubishi Electric robots.
“It’s an exciting time for the robotics industry,” said Somerville. “The advances in motion control, path planning, and robot vision promise to greatly improve the speed and throughput of logistics operations. I’m excited for PACK EXPO attendees to see firsthand what the combination of Mitsubishi, SICK, and Realtime technology can do.”
Robotics-as-a-service financing sees record growth
Mitsubishi HC Capital America last week reported that “as-a-service” financing has set growth records within its assignment-financing programs.
Assignment financing allows an OEM, manufacturer, reseller, or vendor to receive upfront cash payment for their customers’ as-a-service (aaS) contracts. Last year, the aaS market was valued at $559 billion and it could grow from nearly $700 billion in 2023 to $3.2 trillion in 2030, according to Fortune Business Insights.
Investments in digital transformation initiatives aimed at improving business agility and operational efficiencies are a significant driver for the projected growth, said the market research firm.
Mitsubishi HC Capital America said the number of its new assignment-financing programs has more than doubled since 2020. Now, the company said that almost three-quarters of its Vendor Solutions Division’s portfolio is in assignment financing.
Much of the demand for this funding comes from technology manufacturers and the robotics and automation industry, noted Jim Teal, senior vice president of healthcare, technology, and franchise in Mitsubishi HC Capital America’s Vendor Solutions Division.
“These companies are no longer relying solely on traditional funding sources,” he said. “They are seeking new alternatives for smart growth.”
Teal added that companies also like that they don’t have to change their sales model or business operations, and robotics-as-a-service (RaaS) customers don’t have to seek outside funding for upfront capital purchases.