CHICAGO, March 21, 2023 /PRNewswire/ -- 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% according to a new report by MarketsandMarkets. Increasing demand for modular end effectors and the growing adoption of collaborative robots due to the fast-changing nature of industries are among a few major factors driving the growth of the robot end effector market.
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Grippers is expected to register a higher CAGR during the forecast period.
The market for grippers is largely driven by their handling application in a wide range of workpieces considering their various shapes and size. The increasing application of soft grippers and vacuum grippers in different varieties of handling and assembly applications across several industries would present several growth opportunities to players operating in the gripper segment.
Collaborative industrial robots to record the highest CAGR during the forecast period.
Robot end effector market for collaborative industrial robots is to grow at the highest CAGR during the forecast period. This is due to the adoption of collaborative robots, especially for small and medium-sized companies, to easily adapt to different tasks and enable a faster return on investment (ROI). These robots are witnessing widespread adoption in small and medium-sized enterprises and large-scale, traditional industries such as automotive. With the growing adoption of cobots in 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.
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China is expected to account for the largest market share in Asia Pacific market from 2023 to 2028.
China accounted for the largest share of the robot end effector market in Asia Pacific in 2022 and is expected to remain the largest market throughout the forecast period. As many Asian countries are highly populated, and the geriatric population is becoming a concern for the future, the aging population, especially in China, is prompting companies toward automation and industrial robots to reduce costs. With the rise in industrial robots for automation, the demand for their associated end effectors is also expected to increase.
Key players operating in the robot end effector market include Schunk (Germany), Schmalz (Germany), Zimmer Group (Germany), Tünkers (Germany), and Destaco (US) are the top five players in the robot end effector market.
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