The growing investment in industrial automation and
increasing adoption of collaborative modular robots owing to their
benefits and features are the major factors driving the growth of the
modular robotics market. Moreover, the rising adoption of
robotics-as-a-service model is expected to fuel the growth of this
market in the coming years.
The modular robotics market is expected to reach USD
10.76 billion by 2023 from USD 3.99 billion by 2017, at a CAGR of 18.00%
during 2018–2023. The growth of this market is fueled by the growing
investment in industrial automation and increasing adoption of
collaborative modular robots owing to their benefits and features.
Modular robotics are used in various indsutries such
as automotive, electrical and electronics, plastics, rubber and
chemical, metals and machinery, food & beverages, precision
engineering and optics, and pharmaceuticals and cosmetics. Automotive
industry is the largest application segment for these robots for various
functions, suh as welding and handling.
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Continuous technological developments and growing
investments in automation are boosting the adoption of modular robots,
such as articulated modular robots, SCARA modular robots, and
collaborative modular robots, thereby leading to the growth of the
overall modular robotics market.
Based on robot type, the modular robotics market has
been segmented into articulated modular robots, Cartesian modular
robots, SCARA modular robots, parallel modular robots, collaborative
modular robots, and other modular robots. The articulated modular robots
are expected to hold the largest share of the market during the
forecast period.
The projected largest share of these robots in the
market by 2018 is attributed to the high rate of adoption of these
robots in the automotive industry for handling heavy automotive parts
and in the metal and machinery industry for handling heavy metal sheets
and components. The growing adoption of articulated modular robots in
the food & beverages, plastics, rubber, and chemicals industries for
automation of processing is the key factor expected to contribute to
the growth of the modular robotics market during the forecast period.
The modular robotics market in APAC is expected to
grow at the highest CAGR during the forecast period. The increasing
investment in automation by the automotive, and electrical and
electronics players, especially in countries such as China, South Korea,
and India, is expected to be the key driver for the market in APAC.
ABB Ltd. (ABB, Switzerland), KUKA AG (KUKA, Germany),
Mitsubishi Electric Corp. (Mitsubishi, Japan), FANUC Corporation
(Fanuc, Japan), Kawasaki Heavy Industries Ltd. (Kawasaki Heavy
Industries, Japan), and Yaskawa Electric Corporation (Yaskawa, Japan)
are a few key players in the modular robotics market.
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