Owing to growing investment in industrial automation modular robotics market to reach $10.76 billion by 2023


Posted November 2, 2018 by poojapatange

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

 
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.

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.

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.

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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.

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.

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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Issued By Puja
Country United States
Categories Technology
Tags modular robotics market , robot , robotics , robots
Last Updated November 2, 2018