How Does Adoption of Modular Robotic System Reduce Manufacturing Cost and Time?

 

Factors such as the spurring demand for collaborative modular robotic systems, or cobots, from the logistics industry and escalating need for automation in the manufacturing sector will fuel the modular robotics market growth at a CAGR of 9.9% during the forecast period (2020–2030). These factors are expected to increase the revenue of the market from $5.6 billion in 2019 to $15.1 billion by 2030. Moreover, the increasing application of the industrial internet of things (IIoT) is the key manufacturing trend, due to the ability of this technology to reduce operational costs and enhance productivity.

The application of cobots has redefined the relationship between humans and robots across the manufacturing and logistics industries. These robots are used in the logistics industry to carry and transport loads and inspect fragile items. While working with cobots, the operator provides the parts to the robot directly, to perform the pending task, thus leading to a reduction in cost, time, and floor space requirement. Moreover, the versatile nature of these modular robots allows them to take on various tasks with the help of suitable end-effectors.

Browse detailed report - Modular Robotics Market Analysis and Demand Forecast Report

Apart from this, cobots are also adopted in the automotive and electronics sectors due to the integration of machine vision and speech recognition in the end-effectors, including controllers and grippers. Additionally, the automobile sector also deploys articulated modular robots to handle heavy automotive parts. Similarly, these robots are adopted in the metal and machinery industry to handle heavy metal components and sheets. In addition to these modular robots, industries utilize parallel modular robots, cartesian modular robots, and selective compliance assembly robot arm (SCARA) modular robots.

Further, the offering segment of the modular robotics market is divided into software, hardware, and services. Till 2019, the software division displayed the highest growth rate due to the soaring demand for software to track the real-time functioning of molecular robots and the rising adoption of AI and IoT technologies. Under this segment, the hardware category is projected to generate the highest revenue in the forecast period. The category is further divided into sensor, driver module, controller, manipulator, and others. Among these, the demand for controllers will be the highest due to their use in industrial robots for point-to-point repetitive processes.

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How Does Adoption of Modular Robotic System Reduce Manufacturing Cost and Time?

 

Factors such as the spurring demand for collaborative modular robotic systems, or cobots, from the logistics industry and escalating need for automation in the manufacturing sector will fuel the modular robotics market growth at a CAGR of 9.9% during the forecast period (2020–2030). These factors are expected to increase the revenue of the market from $5.6 billion in 2019 to $15.1 billion by 2030. Moreover, the increasing application of the industrial internet of things (IIoT) is the key manufacturing trend, due to the ability of this technology to reduce operational costs and enhance productivity.

The application of cobots has redefined the relationship between humans and robots across the manufacturing and logistics industries. These robots are used in the logistics industry to carry and transport loads and inspect fragile items. While working with cobots, the operator provides the parts to the robot directly, to perform the pending task, thus leading to a reduction in cost, time, and floor space requirement. Moreover, the versatile nature of these modular robots allows them to take on various tasks with the help of suitable end-effectors.

Browse detailed report - Modular Robotics Market Analysis and Demand Forecast Report

Apart from this, cobots are also adopted in the automotive and electronics sectors due to the integration of machine vision and speech recognition in the end-effectors, including controllers and grippers. Additionally, the automobile sector also deploys articulated modular robots to handle heavy automotive parts. Similarly, these robots are adopted in the metal and machinery industry to handle heavy metal components and sheets. In addition to these modular robots, industries utilize parallel modular robots, cartesian modular robots, and selective compliance assembly robot arm (SCARA) modular robots.

Further, the offering segment of the modular robotics market is divided into software, hardware, and services. Till 2019, the software division displayed the highest growth rate due to the soaring demand for software to track the real-time functioning of molecular robots and the rising adoption of AI and IoT technologies. Under this segment, the hardware category is projected to generate the highest revenue in the forecast period. The category is further divided into sensor, driver module, controller, manipulator, and others. Among these, the demand for controllers will be the highest due to their use in industrial robots for point-to-point repetitive processes.

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Booming Elderly Population Propelling Personal Robot Demand

 

The World Bank estimates that the population of women aged 65 years and above in Japan and Germany increased from 19,949,469 in 2019 to 20,150,701 in 2020 and 10,065,399 in 2019 to 10,132,696 in 2020, respectively. It also states that the number of men aged 65 years above in Germany and Japan surged from 7,851,701 in 2019 to 7,920,048 in 2020 and 15,407,952 in 2019 to 15,583,297 in 2020, respectively. The rising geriatric population, especially in developed countries, will, therefore, facilitate the adoption of personal robots in the forthcoming years. 

In addition, the burgeoning demand for mobile robots and the reducing prices of robotic systems will drive the personal robots market at a CAGR of 7.8% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $21.5 billion in 2019, and it will reach $51.5 billion by 2030. This growth can also be credited to the booming demand for home automation and the surging public awareness regarding different types of robots. In contemporary times, the emergence of artificial intelligence (AI)-enabled personal robots has become a prominent market trend. 

Browse detailed report - Personal Robots Market Analysis and Demand Forecast Report

In the upcoming years, companion robots will be adopted in enormous numbers due to the surging need for companions in the solitary lives of people, majorly in developed countries. Furthermore, cleaning robots will be adopted in the highest number due to the declining prices of such household robotic systems and the increasing need for assistance in the busy lives of people around the world. Additionally, customers are also opting for educational robots, entertainment and toy robots, security robots, personal transportation robots, and handicap assistance robots to ease their daily chores.  

In recent years, players operating in the personal robots market have engaged in product development to meet the evolving needs of customers. Additionally, the market players, such as Neato Robotics Inc., Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., Ecovacs Robotics Inc., ZMP Inc., iRobot Corporation, F&P Robotics AG, Sony Corporation, GeckoSystems International Corporation, and Segway Inc., are also involved in partnerships to develop technologically improved and efficient products and gain a competitive edge in the industry.  

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Booming Elderly Population Propelling Personal Robot Demand

 

The World Bank estimates that the population of women aged 65 years and above in Japan and Germany increased from 19,949,469 in 2019 to 20,150,701 in 2020 and 10,065,399 in 2019 to 10,132,696 in 2020, respectively. It also states that the number of men aged 65 years above in Germany and Japan surged from 7,851,701 in 2019 to 7,920,048 in 2020 and 15,407,952 in 2019 to 15,583,297 in 2020, respectively. The rising geriatric population, especially in developed countries, will, therefore, facilitate the adoption of personal robots in the forthcoming years. 

In addition, the burgeoning demand for mobile robots and the reducing prices of robotic systems will drive the personal robots market at a CAGR of 7.8% during the forecast period (2020–2030). According to P&S Intelligence, the market revenue stood at $21.5 billion in 2019, and it will reach $51.5 billion by 2030. This growth can also be credited to the booming demand for home automation and the surging public awareness regarding different types of robots. In contemporary times, the emergence of artificial intelligence (AI)-enabled personal robots has become a prominent market trend. 

Browse detailed report - Personal Robots Market Analysis and Demand Forecast Report

In the upcoming years, companion robots will be adopted in enormous numbers due to the surging need for companions in the solitary lives of people, majorly in developed countries. Furthermore, cleaning robots will be adopted in the highest number due to the declining prices of such household robotic systems and the increasing need for assistance in the busy lives of people around the world. Additionally, customers are also opting for educational robots, entertainment and toy robots, security robots, personal transportation robots, and handicap assistance robots to ease their daily chores.  

In recent years, players operating in the personal robots market have engaged in product development to meet the evolving needs of customers. Additionally, the market players, such as Neato Robotics Inc., Samsung Electronics Co. Ltd., Honda Motor Co. Ltd., Ecovacs Robotics Inc., ZMP Inc., iRobot Corporation, F&P Robotics AG, Sony Corporation, GeckoSystems International Corporation, and Segway Inc., are also involved in partnerships to develop technologically improved and efficient products and gain a competitive edge in the industry.  

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