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.
The increase in the adoption of modular end-effectors is one of the key factors driving the growth of the robot end-effector market. Apart from this, growing awareness about benefits and features of collaborative robots (cobots) is also a key factor fueling the market growth.
Additive manufacturing or 3D printing is becoming more widespread throughout the industry, whether it be building prototypes or making the final product. Additive manufacturing allows low-volume, customized parts to be fabricated at a lower cost. This technology will have a large impact on the industry by enabling a leaner manufacturing process.
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The market in APAC is expected to grow at the highest CAGR during 2019–2024.
This growth can be attributed to the increasing demand for robot end-effectors in China, Japan, and South Korea, mainly for industries such as food & beverages and e-commerce. Because of technological and economic advancements, overall demand for robot end-effectors is expected to increase across the aforementioned countries. Furthermore, government initiatives to strengthen the robotics industry in China and Japan are expected to fuel the growth of the robot end-effector market in APAC during the forecast period.
The robot end-effector market for processing application is expected to grow at a significant rate between 2019 and 2024.
The growing adoption of industrial robots in food & beverages, plastics, rubber, and chemicals industries for automatization of the processing task is the key factor expected to propel the growth of the robot end-effector market for processing application during the forecast period. Hence, along with handling function, players may consider catering to this application for gathering high revenues and strengthening their position in the robot end-effector market.
The robot end-effector market for the food & beverages industry is expected to grow at the highest CAGR during the forecast period.
Currently, secondary or end-of-line packaging and palletizing are the most common operations where end-effectors have seen the bulk of growth in the food & beverages industry, as there is less chance for contamination, and food grade components are not mandatory. Soft grippers have shown promising results that are relevant for the food industry. Unlike traditional grippers that are made of rigid materials, these end effectors are fabricated from soft and flexible components.
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