With 13.5% CAGR, Robot End Effector Market Growth to Surpass USD 4.3 billion

The global robot end effector market is expected to grow from USD 2.3 billion in 2023 to USD 4.3 billion by 2028, registering a CAGR of 13.5%. The substantial growth of collaborative robots (cobots) across various industries is one of the key factors driving the growth of the robot end-effector market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=251736819

The automotive industry accounted for the largest share of the surface inspection market in 2022. Due to traditional heavy-duty robot end effectors having a large-scale deployment in the automotive industry for decades, the industry accounted for the largest market size of the robot end effector market in 2022. Various applications are carried out in the automotive industry, such as welding, handling, and assembly. However, the automotive industry is now at a relatively mature stage; it will have a lower growth rate compared to other industries.

The market for collaborative industrial robots is expected to grow at the highest CAGR during the forecast period. The adoption of collaborative robots has proven to be a good option, especially for small and medium-sized companies, as it provides a faster return on investment (RoI) as compared to traditional industrial robots. With the growing adoption of cobots across all industries, many new use cases, such as remote monitoring and remote manufacturing, are being enabled. This factor is expected to propel the growth of the end effector market for collaborative industrial robots.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=251736819

Asia Pacific is expected to hold the largest share of the robot end effector market in 2023. The primary driving factor behind this is the surging investments in automation by the automotive and electrical & electronics industries, especially in countries like China, South Korea, and India. With mounting labor costs, manufacturers are turning to automation to maintain their competitive edge. Additionally, the increased adoption of collaborative robots across various sectors has spurred a surge in demand for robot end effectors in the region. As a result, the Asia Pacific region is expected to experience significant growth in collaborative end effectors, owing to the high demand for collaborative robots.

News also Covered: https://www.prnewswire.com/news-releases/robot-end-effector-market-worth-4-3-billion-by-2028---exclusive-report-by-marketsandmarkets-301776987.html

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.