Modular Robotics Market To Generate $15.1 Billion Revenue by 2030

Factors such as the soaring demand for automation solutions in the manufacturing industry and the burgeoning need for collaborative modular robots in the logistics sector are expected to fuel the modular robotics market at a CAGR of 9.9% during the forecast period (2020-2030). According to P&S Intelligence, the market was valued at $5.6 billion in 2019, and it is projected to generate $15.1 billion revenue by 2030. In recent years, the increasing adoption of the industrial internet of things (IIoT) in the production process has become a major market trend.

The increasing deployment of collaborative modular robotics systems or cobots in the logistics industry is one of the primary growth drivers for the market. The deployment of cobots in logistics and manufacturing operations reduces the work of employees by allowing operators to directly provide the parts to the robot to perform the remaining tasks. Logistics companies use cobots for carrying and transporting loads and inspecting fragile products. These robotic systems perform their task with the help of suitable end-effectors.

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Currently, the rising penetration of IIoT in industrial manufacturing is becoming a prominent trend in the modular robotics market, as it has enhanced the manufacturing capability of the production units. The adoption of IIoT solutions helps manufacturing companies in monitoring assets, increasing efficiency, tracking real-time problems of machinery, and facilitating streamlined maintenance. Additionally, the deployment of such solutions also helps in transforming the linear traditional manufacturing supply chains into dynamic and interconnected systems.

Nowadays, players in the modular robotics market, such as Durr Group, Seiko Epson Corporation, Shibaura Machine Co. Ltd., Aurotek Corporation, igm Robotersysteme AG, ENGEL AUSTRIA GmbH, Comau S.P.A., ST Robotics Ltd., Yamaha Motor Co. Ltd., Omron Adept Technology Inc., Stäubli International AG, b+m surface systems GmbH, OTC DAIHEN Inc., Franka Emika GmbH, Vision Machinery Inc., Cassioli Group, and DENSO Products and Services Americas Inc., are launching advanced products to consolidate their position. For instance, in May 2020, FANUC Corporation launched an arc welding robot named ARC Mate 120iD. This model includes integrated cables and has a payload capacity of 25 kg.

The robot type segment of the modular robotics market is classified into cartesian modular robots, collaborative modular robots, articulated modular robots, parallel modular robots, selective compliance assembly robot arm (SCARA) modular robots, and others, such as cylindrical robots and spherical robots. Under this segment, the collaborative modular robots category is expected to demonstrate the fastest growth throughout the forecast period. This will be due to the increasing adoption of collaborative modular robots in the automotive and electronics industries.

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Globally, Asia-Pacific (APAC) accounted for the largest share in the modular robotics market during the historical period (2014-2019), due to the mounting investments that were made in the automation of the automobile and electrical and electronics industries, especially in China, India, and South Korea. Moreover, the increasing adoption of cobots in the manufacturing sector, owing to their ability to handle short-run and repetitive tasks, offer high adaptability, and provide pre-enabled plug and play features, is also supporting the market growth in the region.

Thus, the increasing integration of IIoT solutions in manufacturing operations and the rising use of cobots in the logistics industry will catalyze the market growth in the future.

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This release was published on openPR.