CHICAGO, May 1, 2019 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets, 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.
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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.
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.
Browse in-depth TOC on "Robot End-Effector Market"
69 - Tables
49 - Figures
170 - Pages
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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.
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