Modular robotics market is expected to reach USD 10.76 billion by 2023 from USD 4.70 billion in 2018, growing at a CAGR of 18%
Market research analysts are expecting the modular robotics market to reach USD 10.76 billion by 2023 from USD 4.70 billion in 2018, growing at a CAGR of 18% during the forecast period.
In a report published in Reportbuyer, research analysts cited growing investment in industrial automation and increasing adoption of collaborative modular robots, as key factors driving the growth of the modular robotics market.
However, they said, complexity of modular robots with respect to their designs and controlling electronics act as major restraint for this market.
The report also predicted the modular robotics market for collaborative modular robots (co-bots) to grow at the highest CAGR during the forecast period.
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).
Automotive industry to hold largest share of the market
The automotive industry is expected to hold the largest share of the modular robotics market during the forecast period, according to the report.
The report revealed that 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 the market
During the forecast period, APAC is expected to dominate the modular robotics market.
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.