Industrial robots are the cynosure of the current industrial automation developments across key strategic sectors. An industrial robot is no longer viewed as a luxurious automation solution, but a go for solution to meet the current production demands and requirements. The total number of robots installed annually across the globe till the year 2020 is about 400 thousand and is predicted to be 520 thousand by 2024. The total operational stock of robots worldwide is increasing from about 1600 thousand to 2700 thousand from 2015 to 2019.