Robot End Effector Market Witness Highest Growth in Near Future Hits a CAGR of 16.9% bn 2030
The growth of the robot end effector market is majorly driven by rise in adoption of automation in industrial manufacturing.
PORTLAND, OR, UNITED STATES, July 20, 2023/EINPresswire.com/ — The robot end effector market was valued at $3.3 billion in 2020, and is expected to reach $ 15.6 billion by 2030, registering a CAGR of 16.9% from 2021 to 2030.
Robot end effectors are also known as tool tips, robotic accessories, robot tools, end-of-arm tooling (EOA), robotic peripherals, or end-of-arm devices. These tools are equipped on the tip of the robot arm and respond to the operations that are carried out by the robotic arm. The robotic arm can be a gripper, sensor, or process tool. The robot end effector can be used with the robot that carries out operations such as assembling, material handling, and similar tasks.
Increase in applications of collaborative robots and adoption of automation in manufacturing industries drive the growth of the global robot end effector market. On the other hand, high cost of the robots impedes the growth to some extent. Nevertheless, integration of Internet of Things is expected to create lucrative opportunities in the industry.
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The grippers segment to dominate by 2030-
By analysis type, the grippers segment held the major share in 2020, holding more than two-fifths of the global robot end effector market. This is owing to rise in use of these effectors for material handling purposes. The sensors segment, on the other hand, is anticipated to portray the fastest CAGR of 18.0% during the forecast period. Surge in use of robot end effectors in collaborative robots fuels the growth of the segment.
The handling segment to maintain the dominant share-
By application, the handling segment had the lion’s share in 2020, holding more than two-fifths of the global robot end effector market. This is due to increase in use of robot end effectors in the material handling industry across the world. The assembling segment, however, is expected to manifest the fastest CAGR of 17.8% throughout the forecast period.
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Asia-Pacific, followed by Europe and North America, garnered the major share in 2020-
By region, the market across Asia-Pacific dominated the market in 2020, generating more than three-fifths of the global robot end effector market. Large scale use of robot end effectors in the manufacturing industry, majorly in China fuels the market growth in the province. Simultaneously, the market across LAMEA is expected to showcase the fastest CAGR of 17.9% from 2021 to 2030. This is due to increase in adoption of robotic system in the manufacturing industries across the region.
Key players in the industry-
• Kuka AG
• Destaco (Dover Corporation)
• Piab AB
• ABB
• Millibar, Inc.
• Robotiq
• Schmalz, Zimmer Group
• Weiss Robotics GmbH & Co. KG
• Toyota Industries Corporation (Bastian Solutions, LLC)
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Key Findings Of The Study
• By type, the grippers segment was the highest revenue contributor in 2020.
• On the basis of application, the handling segment was the highest revenue contributor in 2020.
• By end-user industry, the automotive segment dominated the market in 2020.
• Depending on robot type, the traditional industrial robots segment acquired the leading position in 2020.
• Asia-Pacific generated the highest revenue in 2020.
David Correa
Allied Analytics LLP
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