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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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.
Based on industry, the modular robotics market has been segmented into, automotive; electrical and electronics; plastics rubber and chemical; metals and machinery; food & beverage; precision engineering and optics; pharmaceutical and cosmetics; and others. The automotive industry is expected to hold the largest share of the market during the forecast period. In the automotive 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 provide improved competitiveness, quality, and productivity to the manufacturing processes. The growing demand for vehicles, especially from developing countries, has encouraged automotive manufacturers and OEMs to opt for automation to increase production volume and meet the market demand. This has contributed to the high demand for modular robots from the automotive industry.
APAC is expected to dominate the modular robotics market 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. Also, the increasing adoption of collaborative modular robots by manufacturers has elevated the demand for modular robotics in APAC.
The major challenge for the companies in the modular robotics market is the interoperability issues and difficulty in integration of different robotic frameworks into existing facilities and addressing the need for safe handling of industrial-grade operations. Companies have adopted the product launch, partnership, collaboration, contract, agreement, expansion, and acquisition strategies to expand their market presence and distribution networks in the market.
Some of the major players in the modular robotics market are 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).
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