Modular robotics market expected to reach $10.76B by 2023

LONDON—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.Modular robotics market for collaborative modular robots to grow at highest CAGR during 2018–2023The 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 periodThe 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 periodAPAC 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.

PR Newswire has the complete article