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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