Global Modular Robotics Market was valued US$ XX Bn in 2019 and is expected to reach US$ 14.8 Bn by 2027, at a CAGR of around XX % during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
The major factors driving the growth of modular robotics are growing adoption of collaborative modular robots because of their advanced features and benefits and increasing investments in industrial automation. Additionally, the growing adoption of the robotics-as-a-service model by various industries is anticipated to provide growth opportunities over the next few years. However, high complexity in robots' design and controlling electronics is restraining the growth of modular robotics market globally.
The major challenge for the players in the modular robotics market is the interoperability issues and difficulty in integration of different robotic frameworks into current facilities and addressing the need for safe handling of industrial-grade operations. The report provides detailed, dynamics and segmentation of the global modular robotics market and categorizes it at various levels, thereby providing valuable insights at micro and macro levels.
The automotive segment is expected to grow at a XX % rate of CAGR in the global modular robotics market during the forecast period. Since the inception of modular robotics, the automotive industry has made exhaustive use of these robotics systems. In the automotive industry, new capabilities of modular robotics have responded to changing demands more efficiently and cost-effectively. Moreover, the new levels of speed, precision, accuracy, flexibility, and agility achieved through modular robotics have improved competitiveness, quality, and productivity of the manufacturing processes.
Articulated modular robots segment to hold the largest share of the market in 2026. Because of the high rate of adoption of articulated modular robots in the automotive industry for handling heavy automotive parts and in the metal and machinery industry for handling heavy metal sheets and components, these robots are likely to hold the largest share of the modular robotics market by 2018.
The APAC held XX% share in the modular robotics market in terms of revenue in 2018. Thanks to growth in the prominent economies such as China, South Korea, Japan, and India, and presence of well-established players market growth of APAC is expected to keep momentum in the forecast period.