Modular Robotics Market is Projected to Record a CAGR of 18% through 2034 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Modular Robotics are Shaping the Future of Smart Factories and Intelligent Manufacturing Processes. FMI Projects a US$ 66.42 billion Market Valuation by 2034.
NEWARK, Del, June 30, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights, the modular robotic market is poised for significant growth, with its size expected to increase from US$ 12.69 billion in 2024 to US$ 66.42 billion by 2034. Over the next decade, an extraordinary 18.0% CAGR in the demand for modular robotics is projected to drive the expansion, which had seen a CAGR of 16.3% between 2019 and 2023.
Increasing demand for automation across industries is driving the adoption of modular robotics. Companies seeking adaptability and connectivity in their operations are increasingly turning to modular robotics for streamlined and smart manufacturing. Modular robotic systems' scalability fosters responsive smart factories and allows businesses to adapt to surfacing market demands swiftly.
Technological advancements in sensors and AI are enhancing the performance and adaptability of modular robots. Moreover, the cost-effectiveness of modular robotic systems compared to traditional automation solutions is attracting more businesses.
Growing emphasis on safety in manufacturing environments is prompting the adoption of modular robots for hazardous tasks. The scalability of modular robotic systems allows businesses to expand their automation capabilities as needed easily.
“The rapid expansion of Japan and China in modular robotics is causing concern for the current frontrunners. They are facing challenges because these two countries are quickly catching up in the market. They are investing heavily in research and development, leading to innovative advancements in modular robotics.” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways
The United States is set to exhibit continuous growth in the modular robotic industry, with a projected 16.70% CAGR from 2024 to 2034, driven by a surge in technological advancements and increased demand for automation solutions.
China's modular robotic industry is projected to boom consistently, with an estimated 21.80% CAGR through 2034, attributed to the country's robust manufacturing sector and robust government support for the advancement of robotics.
The modular robotic market in South Korea is likely to show a 20.20% CAGR between 2024 and 2034, influenced by its reputation as a global leader in technology and innovation and government initiatives aimed at promoting automation.
Japan's modular robotic industry is projected to develop at a 22.25% CAGR through 2034, propelled by its longstanding tradition of precision engineering and strategic partnerships between industry leaders.
The Germany modular robotic industry is likely to exhibit a 19.80% CAGR from 2024 to 2034, impacted by its status as an engineering powerhouse and a hub for advanced manufacturing.
Key Players’ Strategies for Success in the Modular Robotic Market
Here are some key strategies that players in the modular robotic industry employ for success:
Continuous innovation in modular designs
Collaboration with researchers for cutting-edge technology
Customization options to satisfy diverse needs
Streamlined manufacturing processes for efficiency
Resilient focus on quality control and consistency
Constructing strategic partnerships with suppliers and distributors
Investment in research and development for future advancements
In July 2022, Beckhoff unveiled the ATRO (Automation Technology for Robotics) Modular Robot. This DIY robot tech is modular, customizable, and opens up exciting possibilities for end users, system integrators, and OEMs when it comes to robotic automation.
In May 2021, OhmniLabs shared news about their new Ohmni Modular Robotics Platform, which makes creating mobile robots faster. With this platform, customers can easily design their own robots using a set of preselected components.
Key Segments in the Modular Robotics Global Market Report
By Product Type:
SCARA Modular Robots
Articulated Modular Robots
Cartesian Modular Robots
Parallel Modular Robots
By Hardware Design:
Chain-based
Lattice-based
Strut-based
By Configuration:
Auto-Configuration
Manual Configuration
By End Use Industry:
Automotive
Electronics & Electrical
Chemical
Food & Beverages
Pharmaceutical
Others
By Region:
North America
Latin America
Asia Pacific
Europe
MEA
Explore wide-ranging Coverage of FMI's Industrial Automation Market Insights Landscape
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
