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Modular Robotics Market Worth $10.76 Billion by 2023
October 25, 2018 | PRNewswireEstimated reading time: 1 minute
The modular robotics market is expected to grow from $4.70 billion in 2018 to $10.76 billion by 2023, at a CAGR of 18%.
The growth of the modular robotics market is driven by factors such as growing investment in industrial automation and increasing adoption of collaborative modular robots owing to their benefits and features.
Articulated Modular Robots to Hold Largest Share of Market by 2018
Owing to 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 expected to hold the largest share of the modular robotics market by 2018.
Market for Metals and Machinery to Grow at Highest CAGR during 2018-2023
The modular robotics market for the metals and machinery industry is expected to grow at the highest CAGR during the forecast period. This industry presents an increasing demand for automation in the recent years and has responded quickly by gradually replacing manual or less flexible automated processes with robotics, in addition to other technologies, such as motion control and machine learning.
Modular Robotics Market in APAC to Grow at Highest CAGR During Forecast Period
The modular robotics market in APAC is expected to grow at the highest CAGR during the forecast period. 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.
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