Modular Robotics Market Poised to Jump 18.00% CAGR by 2023

The Modular Robotics Market 2023 report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global space mining market based on technology, solution, and application.

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Key Target Audience
Original equipment manufacturers (OEMs)
OEM technology solution providers
Research institutes
Market research and consulting firms
Forums, alliances, and associations
Technology investors
Governments and financial institutions
Analysts and strategic business planners
End users willing to know more about the technology and the latest technological developments in the industry

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. 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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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.

“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 over current 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.

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“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%

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This release was published on openPR.