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Modular Robotics Market Expected To Reach US$ 26,413.6 Mn By 2027

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Modular Robotics Market Expected To Reach US$ 26,413.6 Mn By 2027

October 21
03:15 2021
Modular Robotics Market Expected To Reach US$ 26,413.6 Mn By 2027
Modular Robotics Market is projected to expand at a CAGR of over 14% from 2019 to 2027.

The global modular robotics market was valued at US$ 6,876.9 Mn in 2017 and is projected to register a compounded annual growth rate (CAGR) of over 14% from 2019 to 2027, according to a new research report published by Transparency Market Research (TMR) , titled ‘Modular Robotics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ The report suggests increasing use of modular robots across multiple industry verticals in order to reduce the production cost and growing use of modular cobots (collaborative robots) across the world are likely to augment the demand for modular robotics from 2019 to 2027. Since key players are introducing innovative modular robots in developed markets such as North America, Europe, and Asia Pacific, these regions are likely to account for a leading share of the global modular robotics market during the forecast period. Growing electronics and automotive industries and rising trend of factory automation, especially in emerging markets such as China, Japan, South Korea, and India, are likely to boost the modular robotics market in Asia Pacific from 2019 to 2027.

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Issue of system integration can hamper the modular robotics market

Modular robotics systems are made of a large number of modules that are connected with one another to form a single robotic system. However, sometimes, it is very difficult to manufacture a modular robot, as hardware modules belong to different manufacturers and, at times, they are incompatible. Due to this incompatibility, the system integration process becomes complex. In order to simplify the integration of modular robotics systems, several manufacturers (including Acutronic Robotics Technology) are building common integration platforms.

Modular robotics used significantly in automotive and electronics industries

In terms of application, the global modular robotics market has been segmented into residential, commercial, and industrial. The industrial segment has been sub-divided into automotive, electronics, food & beverages, pharmaceutical, rubber & plastics, metals & machinery, and others. Adoption of industrial automation is growing across multiple industries worldwide and it is significant across automotive and electronics industries. For instance, the World Robotics 2018 Industrial Robots Report of the International Federation of Robotics states that automotive and electronics industries worldwide are using industrial robots considerably. Several manufacturers from the two industries are adopting industrial automation to increase their output and meet the increasing consumer demand.

They are also adopting modular industrial robotics systems to increase their production with a low investment. By using modular robots, manufacturers can make production lines more flexible, as an operator can change the configuration of any modular robot as per the manufacturing needs. Additionally, modular robots provide a longer lifespan and the ability to enhance productivity, as they can adapt to the continuously changing production lines. Additionally, several industries with high product turnover are adopting modular robotics systems to boost their productivity and integrity of their production processes.

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Cobots segment to expand significantly

In terms of robot type, the modular robotics market has been divided into cobots, articulated robots, SCARA, and others. Cobots i.e. collaborative robots perform tasks in collaboration with workers in an industrial environment. Currently, the demand for collaborative modular robots is not significant; however, it is expected to increase at a high rate during the forecast period. The significant growth rate can be attributed to various advantages offered by cobots. Significantly automated industries, such as automotive and electronics, which are prominent users of industrial robots, are deploying collaborative robots alongside traditional industrial robots to perform certain tasks. Moreover, with the advancement in technologies pertaining to end-effectors such as grippers, controllers, and various robotic modules, adoption of collaborative robots is projected to increase across the global manufacturing sector in the near future.

Asia Pacific to continue to hold a major share of the global modular robotics market

In terms of revenue, Asia Pacific holds a major share of the global market for modular robotics. Leading share of this region is primarily attributable to strong presence of well-established players and dominance of highly automated industries, such as automotive and electronics, across the region; especially in prominent economies such as China, Japan, South Korea, and India. These well-established players include Mitsubishi Electric Corporation, Kawasaki Heavy Industries, Ltd., and FANUC CORPORATION. Furthermore, presence of a large electronics industry, rising sales of local robot suppliers, and increasing industrial automation across the region are factors driving the market in Asia Pacific.

Key players such as ABB, FANUC CORPORATION, KUKA AG, Universal Robots A/S, Mitsubishi Electric Corporation, and Kawasaki Heavy Industries, Ltd. to lead the global market

The report includes profiles of well-established players operating in the global modular robotics market. These include Bender GmbH & Co. KG, ABB, Viper Innovations Ltd, Schneider Electric, Littelfuse, Inc., and HAKEL LTD. These players are focused on strategic collaborations and providing technologically advanced products to customers. In February 2019, Universal Robots A/S announced a partnership with Bharat Fritz Werner (BFW), a manufacturer of machine tools based in India. The partnership would carry the technology pertaining to collaborative robots on a modular platform to MSME shop floors. Furthermore, it would enhance the production efficiency of BFW.

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