From $9.32 trillion in 2009, the manufacturing output, value-added, rose sharply to $13.672 trillion in 2019, as per the World Bank. This reflects both the burgeoning demand for every type of product, on account of the booming population, and the continuous advancements the manufacturing industry is undergoing to meet it.

One of the best ways to boost productivity is automation, as it speeds up the process and makes it almost non-stop. Thus, with the Industrial 4.0 revolution sweeping across the world, P&S Intelligence expects the market of modular robotics revenue to grow from $5.6 billion in 2019 to $15.1 billion by 2030, at a 9.9% CAGR between 2020 and 2030. Most large factories have robots to handle repetitive and critical processes, which also helps reduce companies’ operational expenditure.

Robots are precise, can work throughout the day, and do not require salaries and fixed off days. However, since a factory may need an array of robots for different tasks, industrial automation can increase the initial capital investments. As a result, manufacturers have begun integrating modular robots into their operations, as these systems can change their shape and size automatically, by changing the position of their individual active and passive components, much like in the Transformers movies.

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Thus, one robot can function in an array of settings within a factory, by reconfiguring itself, which could help companies save on capital expenditure and make the overall manufacturing process cheaper. This, in turn, would help industrialists reduce the prices of their end products and gain a wider consumer base.

This market research report provides a comprehensive overview of the market

* Future potential of the market through its forecast for the period 2020– 2030
* Major factors driving the market and their impact during the short, medium, and long terms
* Market restraints and their impact during the short, medium, and long terms
* Recent trends and evolving opportunities for the market participants
* Historical and the present size of the market segments and understand their comparative future potential
* Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings