At a CAGR of 18.00 %, the Modular Robotics Market is anticipated to increase from USD 4.70 billion in 2018 to USD 10.76 billion by 2023.
Due to its advantages and features, collaborative modular robots are becoming more and more popular, which is a factor driving the growth of the Modular Robotics Market.
By 2018, Articulated Modular Robots will command the biggest market share.
By 2018, articulated modular robots are anticipated to account for the largest portion of the modular robotics market due to their rapid acceptance in the metal and machinery and automotive industries for handling heavy metal components and sheets, respectively.
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Metals and machinery markets will experience the largest CAGR growth from 2018 to 2023.
The metals and machinery industry's modular robotics market is anticipated to develop at the highest CAGR during the projection period. This industry has experienced a recent rise in the demand for automation and has quickly responded by gradually substituting robotics for manual or less flexible automated operations in addition to other technologies like motion control and machine learning.
APAC will have the highest CAGR for the Modular Robotics Market throughout the forecast period.
During the projected period, the Modular Robotics Market in APAC is anticipated to develop at the highest CAGR. The primary factor driving the market in APAC is anticipated to be the rising investment in automation by the automotive, electrical, and electronics players, particularly in nations like China, South Korea, and India.
Key Players
Some of the major players in the Modular Robotics Market include ABB Ltd. (ABB, Switzerland), KUKA AG (KUKA, Germany), Mitsubishi Electric Corp. (Mitsubishi, Japan), FANUC Corporation (Fanuc, Japan), Kawasaki Heavy Industries Ltd. (Kawasaki Heavy Industries, Japan), and Yaskawa Electric Corporation (Yaskawa, Japan).
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