Robot end-effector market revenue will exceed $9.66 billion,
New York, July 28. Feb. 2, 2022 (GLOBE NEWSWIRE) — The Insight Partners has released the latest research study on “Robot End Effectors Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Type (Welding Guns, Pliers, Tongs, Suction Cups, Tool Changers and Others), Application (Handling, Assembly, Welding, Processing, Distribution and Others), Industry (Automotive, Metals and Machinery, Electrical and Electronics, Food and Beverages, and Others) and Geography” The growth of the global robot end-effectors market is driven by major trends such as digitalization, simplification, and human-robot collaboration that are shaping the future and propelling the rapid development of next-generation robots.
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|Market size Value in||US$3.12 billion in 2020|
|Market Size Value by||$9.66 billion by 2028|
|Rate of growth||CAGR of 15.6% from 2021 to 2028|
|Year of reference||2021|
|Number of pages||214|
|Number of tables||83|
|Number of graphs and figures||90|
|Historical data available||Yes|
|Segments Covered||Type, application, industry and geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
The growing trend of automating manufacturing processes to improve productivity and the increasing penetration of robots in various manufacturing industries are the considerable drivers of cobots. Currently, cobots are the fastest growing industrial automation technology. According to a BMW study, when robots and humans worked side-by-side, the collaboration reduced worker downtime by about 85%. Cobots are widely used in industries such as pharmaceuticals, aerospace, food, plastics and polymers, metallurgy and machining, and automotive. They are integrated to enable precise collaborative operations, including power and force limiting, manual guidance, speed, separation monitoring and safely monitored stopping. Cobots have a wide range of advanced gripping options designed to handle large-scale part mixes. Soft grippers, one of the leading innovations, allow robots to handle soft or hard parts using soft material. Other advanced grippers use electro-grip for gripper guidance.
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Governments around the world are taking several steps to implement cobots in various industries. For example, the National Robotics Initiative (NRI)-2.0 program was built in 2020 on the original NRI program to support basic research in the United States, which stimulated the development and use of Cobots. Additionally, according to the Robotic Industries Association, collaborative robots are experiencing tremendous growth, and they are expected to see robust growth over the next few years. In 2018, cobots grew by around 60% year-over-year, reaching a value of around $600 million.
Robotiq said its vacuum grippers are highly compatible with Omron Corporation’s TM series cobots. Omron Corporation has created a Plug&Play ecosystem of peripherals and software compatible with its Cobots. Omron has partnered with Robotiq on this Plug&Play offering. Robotiq’s end-effectors come as plug-and-play grippers, and the addition of vacuum grippers adds to the functionality of Omron’s Cobots.
In Europe, the market is also growing, owing to the trend towards automation and the advanced and sustained technical improvements of robotic effectors. Additionally, increasing adoption of robots in performing numerous tasks, such as welding, machinery handling, and housework, is an important driver for the growth of the robot end effector market in the region.
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COVID-19 has negatively impacted businesses in four critical areas, such as supply chain/operations, workforce, 2020 investments, and product offering. During the first nine months, general expenses, including sales, research and development (R&D) and administration expenses of various suppliers fell, due to the severe measures taken during the pandemic. Despite the effects of the global epidemic, profits were improved mainly thanks to the continuous optimization of the cost structure.
In the United States, the first identified COVID-positive patient was held in an isolated room, which was built during the Ebola crisis. A robot integrated with a camera, a stethoscope and a microphone made it possible to consult the patient without any physical contact between the doctor and the patient. Currently, robotic technology potentially allows surgeries to occur remotely without the surgeon entering the room. Thus, this leads to the growth of the market during the pandemic.
COVID-19 has had a severe impact on transportation, automotive, and business activity. North America is home to a large number of manufacturing and technology companies. So, the impact of the COVID-19 outbreak has been quite severe in 2020 and likely 2021 for the automotive and manufacturing sectors. However, the impact of COVID-19 is short-term and expected to lessen in coming years.
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