DUBLIN, December 08, 2021--(BUSINESS WIRE)--The "Global Modular Robotics Market by Type, Payload Capacity, End-user, and Geography - Opportunities and Forecast 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Modular Robotics Market was valued at USD 5.56 billion in 2020 and is predicted to reach USD 16.73 billion by 2030 with a CAGR of 12% from 2021-2030.
Market Dynamics and Trends
Integration of artificial intelligence, industrial edge computing, internet of things (IoT) have enabled modular robots to significantly improve organizational productivity. Large part of the work in the automotive industry, such as welding, assembly, and handling among others, are mostly done by modular robots, as they provide numerous benefits over the traditional robotic solutions in terms of reusability, reconfigurability and ease in manufacturing. Also, these robots can meet the rising demands in the field of automation, space exploration, consumer products and others. These are some of the major factors propelling the growth of the modular robotics market.
However, modular robotics industry is currently being affected by the COVID-19 pandemic, resulting in the stagnation of the supply of components such as manipulators, controllers, and drive modules. This leads to a slowdown in the modular robot manufacturing plants, which leads to an interruption in the transportation of the final products. In addition, even the end-user industry has been hit hard, especially because many countries had implemented lockdowns to control the spread of the virus, which has reduced the demand for modular robotic systems in 2020.
On the other hand, the custom product industry is significantly accepting modular robotics technology to keep its product line constantly changing in a cost-effective manner, which in turn opens up numerous opportunities for the modular robotics market players in the coming future.
North America holds the lion share of modular robotics market during the forecast period due to high adoption rate of autonomous and advanced robots across the region. In addition, innovations in gripping systems and related technologies have also promoted the growth of modular collaborative robots market in this region.
However, Asia-Pacific is expected to dominate the modular robotics market during the forecast period. It is estimated that the increasing adoption of robots in the electronics and automotive industries will create profitable growth opportunities for the modular robot market in this region. Also, East Asia is designated as an attractive region for the modular robot market due to the increased adoption of factory automation. Moreover, factors such as increased IT investment supported by various government programs in developing countries such as China, Singapore, India and South Korea are expected to drive growth in the region.
The modular robotics market comprises of various market players such as ABB Ltd., KUKA AG, Advanced Intelligent Systems, Mitsubishi Electric Corp., FANUC Corp., Motiv, Kawasaki Heavy Industries Ltd., Yaskawa Electric Corp., Universal Robots, Denso Corp., Rethink Robotics and Nachi-Fujikoshi Corp. Strategic alliances, acquisitions and innovations along with various R&D activities are the key strategies used by the market players to maintain their dominance in the market.
For instance, in June 2021, Advanced Intelligent Systems introduced a modular UV light disinfection robot. This robot was developed to offer critical support for hospitals, senior care facilities as well as healthcare workers dealing with safety issues during or after the COVID-19 pandemic, thereby eliminating human intervention. Also, in May 2020, Motiv launched xLink robotic arm system, a compartmentalized modular robotic arm that sets new standards for capacity and affordability, and takes robotic arm functions to a whole new category of tasks.
Key Topics Covered
1.1. Report Description
1.2. Research Methodology
2. Market Snapshot, 2019-2030 Million USD
2.1. Market Snapshot
3. Porter's Five Force Model Analysis
4. Market Dynamics
4.1. Growth Drivers
5. Global Modular Robotics Market, by Type
5.2. Scara Modular Robots
5.3. Articulated Modular Robots
5.4. Collaborative Modular Robots
5.5. Cartesian Modular Robots
5.6. Parallel Modular Robots
5.7. Others (Spherical and Cylindrical)
6. Global Modular Robotics Market, by Payload Capacity
6.5. More Than 225 Kg
7. Global Modular Robotics Market, by End-user
7.3. Aerospace & Defense
7.5. Food & Beverages
7.6. Automotive & Transportation
7.7. Media & Entertainment
8. Global Modular Robotics Market, by Region
8.2. North America
8.5. Rest of World
9. Company Profiles
9.1. ABB Ltd.
9.2. Kuka AG
9.3. Advanced Intelligent Systems
9.4. Mitsubishi Electric Corp.
9.5. Fanuc Corp.
9.7. Kawasaki Heavy Industries Ltd.
9.8. Yaskawa Electric Corp.
9.9. Universal Robots
9.10. Denso Corp.
For more information about this report visit https://www.researchandmarkets.com/r/95gxfl
View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005821/en/
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