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%
LONDON, Nov. 1, 2018 /PRNewswire/ -- Modular robotics market to grow at significant CAGR from 2018 to 2023
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% 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. The complexity of modular robots with respect to their designs and controlling electronics act as major restraint for this market.
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Modular robotics market for collaborative modular robots to grow at highest CAGR during 2018-2023
The market for collaborative modular robots (co-bots) is expected to grow at the highest CAGR during the forecast period.The high adoption of these robots is also attributed to their safety features and benefits over other industrial robots to perform certain tasks (light-duty tasks).
Co-bots integrate sensors, vision systems, and passive compliance and overcurrent detection features, which detect any imminent collision with humans and take appropriate actions to stop their movement or deactivate the arm or move the joint in the opposite direction to avoid injury.
Automotive industry to hold largest share of modular robotics market during forecast period
The automotive industry is expected to hold the largest share of the modular robotics market during the forecast period.In the automotive industry, new capabilities of modular robotics have responded to changing demands in a more efficient and cost-effective way.
In addition, the new levels of speed, accuracy, precision, flexibility, and agility achieved through modular robotics have improved competitiveness, quality, and productivity of the manufacturing processes.The growing demand for vehicles, especially from developing countries, has prompted automotive manufacturers and OEMs to opt for automation to increase production volume and meet the market demand.
This has resulted into the high demand for modular robots from the automotive industry.
APAC to hold largest share of modular robotics market during forecast period
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.
Breakdown of profile of primary participants:
-- By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
-- By Designation: C-level Executives = 40%, Managers =20% and Others=40%
-- By Region: North America =24 %, Europe = 23%, APAC =46%, and RoW =7 %
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.
Research Coverage
The modular robotics market has been segmented on the basis of robot type, industry, and geography.By robot type, the 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 market based on industry has been segmented into automotive; electrical and electronics; plastics, rubber and chemicals; metals and machinery; food & beverages; precision engineering and optics; pharmaceuticals and cosmetics; and others. The report also forecasts the market, in terms of value, across 4 main regions--North America, Europe, APAC, and RoW.
The report would help leaders/new entrants in this market in the following ways.
1. This report segments the modular robotics market comprehensively and provides the closest approximations for the overall market size as well as for the subsegment-based markets across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them the information on key growth drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders understand their competitors better and gain more insights to enhance their positions in the business. The competitive landscape section includes competitor ecosystem, product launches, partnerships, and mergers and acquisitions carried out in the modular robotics market.
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