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Robot End-Effector Global Market Size, Revenue, Growth, Industry Insights, Regional Analysis and Forecast Till 2033
Robot End-Effector Global Market
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According to The Business Research Company's, The robot end-effector market size has grown rapidly in recent years. It will grow from $4.34 billion in 2023 to $5.1 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to global manufacturing growth, focus on precision and accuracy, automotive industry demands, increased labor costs, focus on lightweight and compact designs, focus on safety.
The robot end-effector market size is expected to see rapid growth in the next few years. It will grow to $9.97 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The growth in the forecast period can be attributed to e-commerce and logistics growth, advances in material handling, rise of industry 4.0, increasing use of robotics in healthcare, increased focus on sustainability. Major trends in the forecast period include integration of sensing and vision systems, customization in manufacturing, rise of ai and machine learning, advancements in soft robotics, integration of magnetic and adhesive technologies.
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Market Drivers and Trends:
The growing automotive industry is expected to propel the growth of the robotics end-effector market going forward. The automotive industry refers to the collective network of companies, organizations, and activities involved in the design, development, manufacturing, marketing, and sale of motor vehicles. The integration of robotics end-effectors in the automotive industry offers improved precision and safety to increase productivity, cost savings, enhance accuracy, flexibility, adaptability, and optimal cycle times, ensuring efficient production processes. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. Therefore, the growing automotive industry is driving the growth of the robotics end-effector market .
Product Innovations are a key trend gaining popularity in the robotics end-effector market. Major companies operating in the robotics end-effector market are focused on developing new product solutions to strengthen their position in the market. For instance, in January 2021, Piab, a US-based company operating in robot end effectors introduced a soft gripper - or end effector - for industrial robots. piSoftGrip range is developed for the automation of the food and chocolate industry and extends the pi-SoftGrip family with a new pinch gripper. The vacuum-based soft gripper would grip sensitive and lightweight oblong objects with odd geometries and/or objects with an unusual surface. This developed product consists of two gripping fingers and a sealed vacuum cavity, made in one piece, resulting in a simple and robust product. The unique features are that it is not sensitive to dust and the gripping force is easily adjusted and controlled by the applied vacuum level.
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Major Key Players of the Market:
ABB Ltd, DESTACO a Dover Company, KUKA Aktiengesellschaft, Piab AB, Robotiq Inc., Zimmer Group Holding GmbH, SCHUNK GmbH & Co. KG, Schmalz GmbH, Millibar Inc., Festo AG & Co. KG, Weiss Robotics GmbH & Co. KG, TÜNKERS Maschinenbau GmbH, Soft Robotics Inc., JH Robotics Inc., TSD Manufacturing Inc., Bastian Solutions Inc., ATI Industrial Automation, Applied Robotics Inc., EMI Corp., FIPA GmbH, Grabit Inc., Intelligente Peripherien für Roboter GmbH, Mecademic Inc., Motion Controls Robotics Inc., New Scale Robotics Inc., OnRobot A/S, PHD Inc., Robot System Products AB, Robot Tooling & Automation Australia Pty Ltd, Robotunits GmbH
Robot End-Effector Market 2024 Key Insights:
• The robot end-effector market size is expected to see rapid growth in the next few years. It will grow to $9.97 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%.
• Collaborative Robots Fueling Surge In Robotics End-Effector Market
• Piab's Pisoftgrip Soft Gripper Revolutionizes Robotics End-Effector Market
• Asia-Pacific was the largest region in the robotics end-effector market in 2023
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