Robot end-effector market projected to grow at a CAGR of 16.9%
NEW YORK, May 8, 2019 /PRNewswire/ -- Robot end-effector market projected to grow at a CAGR of 16.9% during 2019–2024
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. This scenario is observed in the consumer goods industry, specifically packaging where the shape, size, surface, or weight of the packaging is constantly changing. This shortens the life-cycle of an end-effector to 1 to 2 years and thereby increases the cost of replacement for the company. Modular end effectors have the capability to accommodate and handle a large variety of objects as required. Hence, growing demand for modular end-effectors is one of the key factors driving the market growth. However, high cost of deployment of industrial robots for SMEs or low volume production acts as a key restraining factor for the market growth.
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Robot end-effector market for grippers to grow at highest CAGR during forecast period
Until 2017, welding guns dominated the robot-effector market.However, from 2018 onward, grippers have the largest share owing to the growing popularity of electric grippers, collaborative grippers, soft grippers, and customized grippers and is expected to continue this trend carrying forward.
The advantage of the electric gripper is that they are fully programmable which enables them to have partially open and partially closed states.When programmed intelligently around the states of operation, they can reduce cycle time by a considerable amount.
Due to their programmable nature, they can be calibrated for the use of 3 fingers or more and can be fitted with different fingertips.
Market for handling application to grow at a significant CAGR from 2019 to 2024
Handling tasks mainly include pick and place, sorting, packaging, and palletizing.The grippers and suction cups are the best choices for performing these tasks.
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.They are preferred due to their low cost and modularity.
Various processing industries such as plastics, rubber, and chemicals; pharmaceutical and cosmetics; and e-commerce have now started adopting robots on a large scale for performing repetitive tasks with highest possible accuracy. Hence, the increasing rate of adoption of industrial robots in the processing industries for handling applications is a key factor fueling the market.
APAC to dominate the robot end-effector market during forecast period
APAC is expected to dominate the robot end-effector market during 2019–2024.Increasing investment in automation by the automotive, and electrical and electronics players, 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 modular robots by manufacturers has elevated the demand for modular robotics in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the robot end-effector marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
• By Designation: C-level Executives – 40%, Directors – 20%, and Others – 40%
• By Region: APAC – 40%, Europe – 30%, North America – 25%, and RoW – 5%
The report profiles key players in the robot end-effector market with their respective market ranking analysis. Prominent players profiled in this report are Zimmer Group (Germany), Schunk (Germany), Schmalz (US), Destaco (US), Robotiq (Canada), Applied Robotics (US), EMI Corp. (US), Festo (Germany), KUKA (Germany), Soft Robotics (US), Tünkers (Germany), ATI Industrial Automation (US), ABB (Switzerland), Weiss Robotics (Germany), Piab AB (Sweden), KUKA (Germany), FIPA (Germany), SMC (Japan), IPR (Germany), IAI (Japan), JH Robotics (US), Bastian Solutions (US), and RAD (US).
Research Coverage:
This research report categorizes the global robot end-effector market on the basis of type, application, industry, and geography.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the robot end-effector market and forecasts the same till 2024.
Apart from these, the report also consists analysis of impact of Porter's five forces on the robot end-effector ecosystem. It also includes life cycle analysis of the robot end-effector industry and pricing information about the various end-effectors.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the robot end-effector market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
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