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.
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.
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.
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.
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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