The Modular Robotics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Modular Robotics Global Market Report 2024, The modular robotics market size has grown rapidly in recent years. It will grow from $8.12 billion in 2023 to $9.47 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to demand for customization, cost-efficiency and scalability, evolving industrial needs, focus on lean manufacturing, diversity of applications, training and education initiatives, increased safety standards, government initiatives and funding..
The modular robotics market size is expected to see rapid growth in the next few years. It will grow to $16.97 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to emergence of small and medium-sized enterprises (smes), focus on rapid prototyping, customization in consumer electronics manufacturing, global resilience in supply chain management, demand for lightweight and portable robotics, focus on user-friendly interfaces.. Major trends in the forecast period include collaborative and cooperative robotics, rapid advances in robotic arm technologies, integration of artificial intelligence (ai), focus on scalability, application diversity across industries, evolving simulation and digital twin technologies, human-robot collaboration in warehouse automation..
The increasing adoption of robots in the electronics and automotive industries is driving the modular robotics market going forward. Robots are being adopted by the automotive and electronics industries for automation. By increasing automation in a factory, modular robotics decreases costs and improves efficiency in the automotive industry. Modular robots are also used in electronics manufacturing for lean production time and reducing costs. For instance, in 2022, according to the International Federation of Robotics, a Germany-based professional non-profit organization, there were 34,987 new robot installations in the United States in 2021, an increase of 14%. The automotive industry was the largest adopter, with 9,782 robot units installed. Similarly, in 2020, according to research conducted by Massachusetts Institute of Technology economists, in the United States, 4 manufacturing industries accounted for 70% of robots, among which, the highest percentage (38%) of robots are used by automakers. Thus, the increasing adoption of robots in the electronics and automotive industries is driving the modular robotics market.
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The modular robotics market covered in this report is segmented –
1) By Product Type: SCARA Modular Robots, Articulated Modular Robots, Cartesian Modular Robots, Parallel Modular Robots, Other Robots
2) By Hardware Design: Chain-based, Lattice-based, Strut-based
3) By Configuration: Auto-Configuration, Manual Configuration
4) By End Use Industry: Automotive, Electronics and Electrical, Chemical, Food and Beverages, Pharmaceutical, Other End Use Industries
Advanced technology is a key trend gaining popularity in the modular robotics market. Major companies operating in the modular robotics market are advancing toward the use of cost-effective technologies to gain a competitive edge in the market. For instance, in May 2021, OhmniLabs Inc., a US-based manufacturer of service robots, launched the Ohmni Modular Robotics Platform. The Ohmni Modular Robotics Platform is a powerful new tool that can help companies develop and deploy mobile service robots quickly and easily. The ultra-lean development and manufacturing processes help to reduce the time and cost of developing and deploying robots. The Ohmni Modular Robotics Platform enables new designs to be fabricated in a matter of hours at OhmniLabs’ 3D printing facility.
The modular robotics market report table of contents includes:
- Executive Summary
- Modular Robotics Market Characteristics
- Modular Robotics Market Trends And Strategies
- Modular Robotics Market – Macro Economic Scenario
- Global Modular Robotics Market Size and Growth
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- Global Modular Robotics Market Competitive Benchmarking
- Global Modular Robotics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Modular Robotics Market
- Modular Robotics Market Future Outlook and Potential Analysis
- Appendix
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