According to the new market research report on the "Modular Robotics Market by Robot Type (Articulated Modular Robots, SCARA Modular Robots and Collaborative Modular Robots), Industry (Automotive, Electrical and Electronic, Plastic, Rubber and Chemicals) and Geography - Global Forecast 2023", the market is expected to grow from USD 4.70 billion in 2018 to USD 10.76 billion by 2023, at a CAGR of 18.00%.
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Growing investments in industrial automation
Automotive
Since the inception of modular robotics, the automotive industry has made intensive use of these robotics systems. In this industry, new capabilities of modular robotics have responded to changing demands in a more efficient and cost-effective way. In addition, the new levels of speed, accuracy, precision, flexibility, and agility achieved through modular robotics have improved competitiveness, quality, and productivity of the manufacturing processes.
Modular robotics systems have brought about significant improvements in the entire production chain from operations in stores, press shops, and paint shops to the final assembly and distribution activities in warehouses. In the automotive industry, robots carry out some major activities of material handling, palletizing, laser and camera operations, foundry operations, and painting. The modular robots are also used in rounding out the spectrum work; e.g., they are used to install the complete dashboard of a car, join the chassis (marriage/decking) for heavy automotive such as excavators, or install components.
Electrical and Electronics
There is a significant rise in the adoption of modular robotics systems in the electrical and electronics industries with the miniaturization of electrical and electronic equipment as well as complexity involved in the manufacturing processes. The incorporation of modular robotics leads to efficient automation and systematic manufacturing processes in these industries, which results in the frequent introduction of new electronic products on the market at affordable prices for customers. The rise in demand for these robots is attributed to the increased installation in APAC.
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