The modular robotics market is expected to reach USD
10.76 billion by 2023 from USD 4.70 billion in 2018, at a CAGR of
18.00%. Factors driving the growth of the modular robotics market
include growing investment in industrial automation and increasing
adoption of collaborative modular robots owing to their benefits and
features.
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 modular robotics
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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