NEW YORK, June 24, 2020 (GLOBE NEWSWIRE) — With the Industry 4.0 revolution gaining ground, the global modular robotics market revenue is projected to reach $15,149.7 million by 2030, from $5,619.1 million in 2019, at a 9.9% CAGR during 2020–2030. The demand for automation solutions, smart sensors, and internet of things (IoT) devices is surging in the manufacturing sector. Industry 4.0 standards heavily focus on the use of robots, computers, and other forms of information technology (IT) to increase productivity.
The established and under-development smart factories are envisioned to have robots doing most of the work and internet-connected devices monitoring the activity. Manufacturers across industries, especially electronics and automotive, are focusing on increasing their production output and quality, while cutting down on operational costs and errors, by deploying robots. For instance, China’s spending on robots, including those deployed for industrial purposes, is set to touch $29 billion in 2020.
However, the modular robotics industry, presently, is subject to the ill-effects of the coronavirus pandemic, which has stalled the supply of components, such as manipulators, controllers, and drive modules. This has led to slower or no production at modular robot manufacturing plants, thereby leading to a stoppage in the shipments of the final product. Moreover, even the end-use industries have been hit hard, especially due to the lockdown initiated in numerous countries to check the virus spread, thereby resulting in a lower demand for modular robotic systems.
Modular Robotics Market Segmentation Analysis
The revenue generated for modular robotics firms by software is expected to experience the fastest surge till 2030, on the basis of offering. This is because sophisticated software is required to monitor the activities of modular robots in real time. Additionally, with the rapid deployment of IoT and artificial intelligence (AI) in manufacturing facilities, the requirement for software would rise further.
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In the coming years, the articulated modular robotics category, under segmentation by robot type, would hold the largest industry share, as these robots are finding wide application in automotive plants, for handling heavy vehicle components. Moreover, the metals and machinery industry also makes use of such robots for working with bulky metal components and sheets. In the same vein, these robots are utilized in the plastics, food & beverages, chemicals, and rubber sectors for automated processing applications.
In 2019, 60.1–225.0-kg robots, based on payload capacity, dominated the market, owing to their heavy usage for picking & placing, palletizing, material handling, part and component transferring, and machine tending applications, and in assembly lines, in electrical &electronics, automotive, and other heavy industries.
The industrial category, when segmented by end user, would experience the highest CAGR, of 10.0%, in the modular robotics market during the forecast period. This is attributed to the rising investments by manufacturers on the procurement of robotic systems, in order to achieve operational automation. From 2019, worldwide spending on robotic systems is expected to increase by 17.1%, reaching $112.4 billion in 2020.
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Asia-Pacific (APAC) has been the largest deployer of modular robots and associated software around the world, till now, and the same trend is predicted till 2030. Automotive and electrical & electronics manufacturers in South Korea, China, and India have been the most active adopters of conventional as well as collaborative modular robots. Due to urbanization and population boom, the electrical & electronics, plastics, and automotive sectors in APAC are expanding. The Plastics Europe Trade Association says that in 2018, Asia produced around 51% of the world’s plastic.
Product Launch Is Most Important Strategic Measure among Companies
To dominate the competition, companies offering modular robotic solutions are offering new products that:
- Have high rigidity and integrated cables
- Are equipped with machine learning (ML) and AI
- Can easily transport heavy automobile components
- Function in temperatures of up to 180 °C
- Can be controlled from a considerable distance, using 5G communication
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The most prominent companies in the global modular robotics market are KUKA AG, ABB Ltd., Nachi-Fujikoshi Corporation, Schneider Electric SE, Mitsubishi Electric Corporation, Kawasaki Heavy Industries Ltd., FANUC Corporation, Yaskawa Electric Corporation, Bender GmbH & Co. KG., and Universal Robots A/S.
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