With rising demand for robotics technology in the automotive manufacturing sector, the global modular robotics market is set to experience steady growth. Fortune Business Insights shares a comprehensive market analysis through its report, titled “Modular Robotics Market Size, Share and Global Trend By Robot Type (Articulated Modular Robots, Parallel Modular Robots, SCARA Modular Robots, Spherical Robots, Cartesian Modular Robots, Cylindrical Robots, Collaborative Modular Robots), By Industry Vertical (Automotive, Chemical, Metals and Machinery, Food & Beverages, Precision Engineering and Optics, Pharmaceuticals and Cosmetics, Others), and Geography Forecast till 2026”.
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Modular robotics are essentially robots that are designed in such a way that their parts can be reconfigured to perform different tasks and to adapt to surroundings. In many instances, the robots can be programmed to reposition themselves autonomously using Artificial Intelligence (AI) technology. Advancing programming methods can be used to make these robots to carry out certain tasks without the need for human intervention.
- ABB Ltd.
- Acutronic Robotics
- KUKA AG
- Mitsubishi Electric Corp.
- FANUC Corporation
- Kawasaki Heavy Industries Ltd.
- Yaskawa Electric Corporation
- Denso Corporation
- Universal Robots
- Nachi-Fujikoshi Corp.
- Rethink Robotics
Increasing Demand for Intelligent Automation Systems to Fuel the Market
The global modular robotics market growth is expected to be fueled by the rapidly expanding manufacturing sector and the resultant demand for modular robotics. According to a survey conducted by HFS Research and KPMG in 2018, it was found that 53% of the participating organizations have either scaled-up their analytics structures or are entering into production stage. This trend is particularly observed in the fast-developing automotive sector, which is expected to boost the global modular robotics market revenue during the forecast period.
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Robotics-as-a-Service (RaaS) Model to Create Lucrative Opportunities in the Market
The RaaS model combines AI and cloud computing in its design, offering multiple benefits to businesses. For example, clients can lease robotic devices as cloud-based service platforms. While the cloud system stores the data, its collection is done by the robot. This allows for flexibility and efficiency in working and also cuts out the possibility of human errors. Furthermore, routine tasks that do not require decision-making can be done by robots, thereby eliminating the need to hire more workers. The global modular robotics market stands to gain as RaaS modules offer more attractive incentives to businesses, mainly increased productivity and cost-effectiveness.
1. By Robot Type
- Articulated Modular Robots
- Parallel Modular Robots
- SCARA Modular Robots
- Spherical Robots
- Cartesian Modular Robots
- Cylindrical Robots
- Collaborative Modular Robots
- Other modular Robots
2. By Industry Vertical
- Metals and Machinery
- Food & Beverages
- Precision Engineering and Optics
- Pharmaceuticals and Cosmetics
3. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Lack of Specialized Labor May Hinder Growth
Growth of the global modular robotics market may be hindered on account of certain disadvantages. For example, companies need to hire highly skilled staff to regulate the working of robots in factories and plants, which will be expensive. Moreover, installing robotic automation machines requires heavy investment upfront, which companies may not be willing to undertake. These factors can negatively impact the global modular robotics market in the coming decade.
Increasing Investment in R&D to Spur Competition in the Global Modular Robotics Market
Extensive research and development activities are characterizing the market competition in modular robotics. Major companies are engaged in innovating new products and technologies to up their game in the global modular robotics market. For example, retail giants such as Amazon and Walgreens are increasingly employing robots to enhance their packaging and shipping capabilities at their distribution centers. In 2017, DENSO Corporation launched its RC8A robot controller that will facilitate a more efficient human-robot interaction. These innovations will enhance the global modular robotics market potential till 2026.
Fortune Business Insights identifies some of the key players in the market, which include Kawasaki Heavy Industries Ltd., KUKA AG, Nachi-Fujikoshi Corp., Rethink Robotics, Yaskawa Electric Corporation, ABB Ltd., Universal Robots, Mitsubishi Electric Corp., DENSO Corporation, and others.
Asia-Pacific to Exhibit Highest Growth Rate; North America to Lead the Market with a Decent CAGR
“While North America is expected to own a significant portion in the global modular robotics market share, Asia-Pacific will register the fastest growth,” says a lead analyst at Fortune Business Insights. High adoption rate of robotics technology will propel the market in North America. Government-promoted investments into information and technology and AI in countries like India and China is anticipated to swell the global modular robotics market size.
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Key Market Driver –
- Increasing market of automated motor vehicles
- Rapid adoption of automated technology such as Artificial Intelligence and Machine Learning in manufacturing industries.
- Implementation of robotics-as-a-service model
Key Market Restraint –
- High complexity in designing robots, monitoring electronics parts and programming
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