The revenue of the market will rise from $5.6 billion to $15.1 billion from 2019 to 2030, with the market demonstrating a CAGR of 9.9% from 2020 to 2030.
The rising requirement for automation in manufacturing and warehouse operations is pushing up the global demand for collaborative modular robotics systems. This is, in turn, boosting the sales of modular robotics systems all over the world, which is causing the surge of the global modular robotics market.
A key market driver is the rising usage of collaborative modular robotics systems or cobots as they are sometimes called, in the logistics industry. With the adoption of these robots, the operators can hand over the parts to the robots for performing the rest of the tasks, which results in faster production processes, lesser expenditure, and lesser floor space requirements. These robots are also being used for load carrying and transporting tasks, because of their versatility.
Another factor fueling the progress of the market is the rising requirement for automation in manufacturing processes. The increasing requirements for faster manufacturing times, high efficiency in production processes, and higher manufacturing outputs are augmenting the need for automation in industries. As a result, modular robotics systems are being increasingly used in various operations in factories and warehouses. When offering is taken into consideration, the modular robotics market is classified into software, hardware, and services.
Out of these categories, the software category is predicted to exhibit the fastest growth in the market in the future years, mainly due to the burgeoning requirement for software for checking the real-time functioning of a modular robotics system and the growing integration of IoT and AI in these robots. However, despite this factor, the highest market growth will be demonstrated by the hardware category, under the offering segment, in the upcoming years.
According to the forecast of the market research company this category will hold the highest revenue share in the market in the future. Depending on robot type, the market is divided into SCARA (selective compliance assistance robot arm) modular robotics systems, collaborative modular robots, cartesian modular robots, parallel modular robots, and articulated modular robotics systems, out of which, the articulated modular robotics system division will register the highest growth in the market in the forthcoming years.
Historically, the modular robotics market exhibited the highest growth in the Asia-Pacific (APAC) region and this trend will continue in the coming years as well, primarily because of the ballooning investments being made in electricals, electronics, and automotive industries, especially in the regional nations such as China, South Korea, and India. In addition to this, the rising usage of collaborative modular robotics systems in manufacturing operations is massively propelling the sales of these robots in the region.
Hence, it can be inferred from the above paragraphs that the sales of modular robotics systems will rise steeply throughout the world in the coming years, mainly because of the growing requirement for automation in factory, warehouse, and logistics operations and the rising usage of collaborative modular robotics systems in various industries.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Assumptions for the Study
2.7 Notes and Caveats
2.8 Impact of COVID-19 Outbreak
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Offering
188.8.131.52.2 Driver module
4.1.2 By Robot Type
184.108.40.206 Articulated modular robots
220.127.116.11 Cartesian modular robots
18.104.22.168 SCARA modular robots
22.214.171.124 Parallel modular robots
126.96.36.199 Collaborative modular robots
4.1.3 By Payload Capacity
188.8.131.52 1-16.0 Kg
184.108.40.206 16.1-60.0 Kg
220.127.116.11 60.1-225.0 Kg
18.104.22.168 More Than 225.0 Kg
4.1.4 By End User
22.214.171.124.2 Electrical & electronics
126.96.36.199.3 Plastics & rubber
188.8.131.52.4 Metals & machinery
184.108.40.206.5 Food & beverages
4.2 Value Chain Analysis
4.3 Market Dynamics
220.127.116.11 Penetration of IIoT in industrial manufacturing
18.104.22.168 Surging demand for automation in manufacturing industry
22.214.171.124 Growing demand for collaborative modular robots
126.96.36.199 Impact analysis of drivers on market forecast
188.8.131.52 Complexity in design of modular robots
184.108.40.206 Impact analysis of restraints on market forecast
220.127.116.11 Use of artificial intelligence to improve productivity