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Robot End-Effector Market Projected to reach $5.7 billion by 2024 | Key players include Zimmer Group, Schunk, Schmalz, Destaco and Robotiq

05-06-2019 09:15 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets™

MarketsandMarkets

MarketsandMarkets

The report "Robot End-Effector Market by Type (Welding Guns, Grippers, Suction Cups, Tool Changers), Applications (Handling, Assembly, Welding), Industry (Automotive, Electrical & Electronics, Food & Beverages, E-Commerce), and Geography - Global Forecast to 2024" The robot end-effector market is expected to grow from USD 2.6 billion in 2019 to USD 5.7 billion by 2024, at a CAGR of 16.9% during the forecast period. Due to the fast-changing nature of industries today, demand for modular end-effectors is increasing. Hence, growing demand for modular end-effectors is one of the key factors driving the growth of the robot end-effector market. Another driver for the robot end-effector market includes increasing adoption of collaborative robots (Cobots) owing to their benefits and features.

Browse 69 market data Tables and 49 Figures spread through 170 Pages and in-depth TOC on "Robot End-Effector Market - Global Forecast to 2024"
View detailed Table of Content here -
https://www.marketsandmarkets.com/Market-Reports/robot-end-effector-market-251736819.html

In terms of volume, welding guns to hold largest share of the robot end-effector market in 2019

The welding gun or welding torch is the most widely used robot end-effector in the industry. The use of welding guns, especially in the automotive sector, followed closely by the electrical and electronics industry, has helped welding guns retain the top spot with respect to the overall volume commissioned globally. As long as there is a thriving market for automobiles, welding guns will continue to see widespread use. Hence, the high rate of adoption of welding guns in the automotive industry is the key factor fueling the growth of the robot end-effector market for welding guns.

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Handling application to dominate robot end-effector market during forecast period

Material handling is automated using end-effectors in 3 cases: lifting heavy objects, performing redundant and unsafe tasks on the factory floor, and improving speed and precision of handling various objects or instruments. Suction cups or vacuum grippers have the largest share of use in this application due to their advantage of handling random objects with less change in its configuration. The increasing adoption of these end-effectors for handling tasks such as pelletizing, packing, picking, and unloading in the electrical and electronics industry is the key factor contributing to the growth of the robot end-effector market for handling application.

APAC to hold largest share of the robot end-effector market in 2019

APAC is expected to hold the largest share of the robot end-effector market in 2019 and is projected to dominate the market during the forecast period. Increasing investment in automation by automotive and electrical & electronics companies, especially in countries such as China, South Korea, and India, is expected to be the key driver for the market in APAC. Also, the increasing adoption of collaborative robots in industries such as wood and furniture, and metal and machinery is another key trend, which has fueled the demand for robot end-effectors in APAC.

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Major players in the robot end-effector market include Zimmer Group (Germany), Schunk (Germany), Schmalz (US), Destaco (US), Robotiq (Canada), Applied Robotics (US), EMI Corp. (US), Festo (Germany), KUKA (Germany), and Soft Robotics (US). Apart from these, OnRobot (Denmark) and IPR (Germany) are few of the emerging companies in the robot end-effector market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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