Acumen Research and Consulting, recently published report “Modular Robotics Market - Global Industry Analysis, Market Size, Share and Forecast, 2019 - 2026”
LOS ANGELES, May 08, 2019 (GLOBE NEWSWIRE) -- The global Modular Robotics Market is estimated to grow at CAGR above 13.5% over the forecast time frame 2019-2026 and reach the market value around USD 25 billion by 2026.
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This report suggests that increasing the use of modular robots across several vertical industry lines is likely to increase demand for modular robotics from 2019 to 2027, with a view to reducing production costs and increasing use of modular cobots (collaborative robots) worldwide. Because the key players in developed markets such as North America, Europe, and Asia-Pacific are implementing innovative modular robots, these regions are likely to account for a important share of the global modular robotics market during the projected period. Growing electronics and the automotive sector and increasing automation trend are expected to boost the Asia Pacific modular robotics market from 2019 to 2026, particularly in emerging markets such as China, Japan, South Korea and India.
Issue of system integration can hinder the modular robotics market
A large number of modules connected with each other form a single robotic system, consist of model robotic systems. Modular. However, in some cases a modular robot is very difficult to produce since hardware modules are owned and sometimes incompatible by several producers. The system integration process becomes complex due to this incompatibility. Several manufacturers (including Acutronic Robotics Technology) create common integration platforms to simplify integration of modular robotics systems.
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Modular Robotics in Automotive And Electronic Industries Are Used Significantly And Led The Market In 2018
The global market for modular robotics is divided into residential, commercial and industrial applications. The industrial segment consists of automobiles, electronics, pharmaceutical, rubber and plastics, food and beverages, metals and machinery, etc. Industrial automation adoption grows in many industries worldwide, and in the car and electronic industries it is significant. For example, the World Robots 2018 International Federation of Robots Industrial Report states that industrial robots are used considerably in the automobile and electronic industries worldwide. Several manufacturers in both industries adopt industrial automation to boost their output and meet the growing demands of consumers. In order to increase their production with low investment, they adopt modular industrial robotic systems. Manufacturers can flexible production lines using modular robots as an operator can change the set-up of any modular robot according to manufacturing requirements. Furthermore, modular robots offer a longer lifetime and are able to increase productivity as they can be adjusted for ever-changing production lines. In addition, various industries have modular robotics systems in place with high product turnover to increase production production productivity and integrity.
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Regional Snapshots
Asia Pacific has a major share in the global modular robotics market in terms of revenues. The largest proportion of this region is due to the strong presence across the region, especially in prominent economies such as Japan, China, South Korea and India, of leading well-established players and the dominance of highly automated industries, such as automobile and electronics. Mitsubishi Electric Corp., Kawasaki Heavy Industries, Ltd., and FANUC are the well established players. In addition, Asia Pacific is driving the market with the presence of a large electronics industry, increased sales of local robot suppliers and increasing industrial automation across the region.
Key Players & Strategies
This report includes profiles of renowned players in the global market for modular robotics. The focus of the players is on strategic collaboration and technologically advanced products to clients. KK, ABB, Viper Innovations Ltd; Schneider Electric, Littelfuse, Inc. and HAKEL LTD. Universal Robots A / S announced in February 2019 its partnership with the manufacturer of India-based machine tools, Bharat Fritz Werner (BFW). The partnership will bring the collaborative robots technology to the MSME shop floors via a modular platform. In addition, it would improve BFW's productivity.
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