The modular robotics market is expected to grow from USD 4.70 billion in 2018 to USD 10.76 billion by 2023, at a CAGR of 18.00% during the forecast period. Factors driving the growth of the modular robotics market include growing investment in industrial automation and increasing adoption of collaborative modular robots owing to their benefits and features.
ABB (Switzerland), Fanuc (Japan), Yaskawa (Japan), Kuka (Germany), and Kawasaki Heavy Industries (Japan) dominated the modular robotics market in 2017. Product launches, partnerships, and collaborations were the key strategies adopted by the top market players to capture a major share of the modular robotics market.
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Top 2 players in the modular robotics market:
FANUC has concentrated its efforts on attaining stability and prosperity in its business, along with strengthening the trust of customers in its products and services. Its efforts in product developments are in line with its slogan Reliable/Predictable/Easy to Repair which enables it to reduce the downtime and improve operability for its customers. Due to relatively slow growth in the automotive industry in China, Japan, and European countries, FANUC has come up with the strategy of establishing business divisions for each product line consisting of factory automation (FA), robots, and RoboMachines. FANUC has a consistent focus on R&D to maintain its competitive edge. In 2015, it introduced new products, such as CR-35Ia, M 710iC/12L, and M- 710iC/45M. It continues to enhance its productivity in manufacturing through robotization; i.e., it manufactures all of its products in highly automated factories.
ABB has promising business prospects owing to the constantly changing industrial automation space. The development in communications technology, processing power, and new sensors enable ABB to remotely control its offshore oil & gas platforms; this remote control allows it to have a unified control over its direct service operations for thousands of robots across the world. ABB is focusing on a new era of industrial automation and looking forward to growing holistically. In 2017, ABB collaborated with IBM; as part of this collaboration, ABB would merge its expertise in the industrial automation industry with the IBMs (IoT) cognitive capabilities to help its customers in utilities, industry, transport, and infrastructure sectors, among others, to adopt artificial intelligence. The increasing awareness regarding the efficiency and safety of manufacturing units in industries and the growing demand for industrial automation solutions to improve efficiency and productivity are the key factors expected to provide growth opportunities to the company in the coming years.
Modular Robotics Market by Robot Type (Articulated Modular Robots, SCARA Modular Robots and Collaborative Modular Robots), Industry (Automotive, Electrical and Electronic, Plastic, Rubber and Chemicals) and Geography - Global Forecast 2023
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