Robot End Effector Market Business Strategies Drives By a CAGR of 16.9% by 2030
Robot end effectors majorly find their application in the automobile industry; thus, expansion of the automotive industry is expected to boost the growth.
WILMINGTON, DELAWARE, UNITED STATES, July 22, 2024 /EINPresswire.com/ -- In the world of robotics, the business end of a robot's arm is called an end effector. These versatile tools, also known as end-of-arm tooling (EOAT), come in many forms like grippers, sensors, and even specialized tools. They are attached to the robot's arm and perform the specific tasks the robot is programmed for, such as assembling parts, handling materials, and more.
The robot end effector market was valued at $3.3 billion in 2020, and is expected to reach $ 15.6 billion by 2030, registering a CAGR of 16.9% from 2021 to 2030.
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The rise of collaborative robots in industries has significantly driven the demand for end effectors. Additionally, the growing trend of automation in manufacturing and logistics has made robots with end effectors even more attractive, as they can perform tasks faster and more precisely. These factors are expected to contribute significantly to the growth of the global market for robot end effectors in the coming years.
Adoption of Internet of Things (IoT) in manufacturing is expected to propel the demand for robot end effectors, which is likely to act as a major opportunity for growth of the robot end effector market.
Key Segments:
The robot end effector market is segmented into type, application, end user, robot type, and region.
By type, the market is segregated into grippers, process tools, sensors, and tool changers. The applications covered in the study include handling, assembling, welding, and others.
On the basis of end user, the market is fragmented into automotive, electronics, food & beverage, metal & machinery, and others.
Depending on robot type, it is segregated into traditional industrial robots and collaborative robots. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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Top Players:
The major players profiled in the robot end effector market include ABB, Destaco (Dover Corporation), Kuka AG, Millibar, Inc., Piab AB, Robotiq, Schmalz, Toyota Industries Corporation (Bastian Solutions, LLC), Weiss Robotics GmbH & Co. KG, and Zimmer Group. Major companies in the market have adopted product launch as their key developmental strategy to offer better products and services to customers.
Key Findings Of The Study
By type, the grippers segment was the highest revenue contributor in 2020.
On the basis of application, the handling segment was the highest revenue contributor in 2020.
By end-user industry, the automotive segment dominated the market in 2020.
Depending on robot type, the traditional industrial robots segment acquired the leading position in 2020.
Asia-Pacific generated the highest revenue in 2020.
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