Robots are expected to replace 8.5% of the global manufacturing workforce (around 20 million people) over the next decade, according to a report released by Oxford Economics.

According to the global forecasting and quantitative analysis firm, every new robot that is installed displaces 1.6 manufacturing workers on average as machines are becoming cheaper with wider functioning capacity than human workforce.

By 2030, around 14 million robots are expected to be working in China which already accounts alone for a fifth of the world's industrial robots.

“Beijing is investing in robots to position itself as the global manufacturing leader," Oxford Economics said.

Oxford Economics also predicted that boosting robot installations to 30% would lead to a 5.3% increase in global GDP, or $4.9 trillion, in 2030. However, the report warns that this will still be disruptive.

"This great displacement will not be evenly distributed around the world, or within countries. Our research shows that the negative effects of robotization are disproportionately felt in the lower-income regions compared with higher-income regions of the same country,” the report noted.

"Automation will continue to drive regional polarization in many of the world's advanced economies, unevenly distributing the benefits and costs across the population," the report added.