Modular Robotics Market is expected to grow from USD 4.70 billion in 2018 to USD 10.76 billion by 2023

The modular robotics 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% during the forecast period. 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.

ABB (Switzerland), Fanuc (Japan), Yaskawa (Japan), Kuka (Germany), and Kawasaki Heavy Industries (Japan) dominated the modular robotics market in 2017. Product launches, partnerships, and collaborations were the key strategies adopted by the top market players to capture a major share of the modular robotics market.

Study Objectives

• To describe and forecast the modular robotics market, in terms of value, segmented on the basis of robot type, industry, and region
• To forecast the market based on industry, in terms of value, with regard to 4 main regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
• To forecast the market based on robot type in terms of volume
• To provide qualitative information regarding various architectures of modular robotic systems
• To provide detailed information regarding drivers, restraints, opportunities, and challenges for the growth of the market
• To provide a detailed overview of modular robotics value chain
• To strategically analyze the micromarkets with respect to the individual growth trends, prospects, and contribution to the total market
• To analyze the opportunities in the market for various stakeholders by identifying the high-growth segments
• To strategically profile the key players and comprehensively analyze their market position, in terms of ranking and core competencies, along with detailing the competitive landscape for the market leaders
• To analyze growth strategies such as joint ventures, mergers & acquisitions, product launches & developments, agreement, contract and partnerships in the modular robotics market

The growth of the modular robotics market is driven by factors such as growing investment in industrial automation and increasing adoption of collaborative modular robots owing to their benefits and features.

Articulated modular robots to hold largest share of market by 2018

Owing to the high rate of adoption of articulated modular robots in the automotive industry for handling heavy automotive parts and in the metal and machinery industry for handling heavy metal sheets and components, these robots are expected to hold the largest share of the modular robotics market by 2018.

Market for metals and machinery to grow at highest CAGR during 2018–2023

The modular robotics market for the metals and machinery industry is expected to grow at the highest CAGR during the forecast period. This industry presents an increasing demand for automation in the recent years and has responded quickly by gradually replacing manual or less flexible automated processes with robotics, in addition to other technologies, such as motion control and machine learning.

Modular robotics market in APAC to grow at highest CAGR during 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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