Report : Robot End-Effector Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Welding Guns, Clamps, Grippers, Suction Cups, Tool Changers, and Others), Application (Handling, Assembly, Welding, Processing, Dispensing, and Others), Industry (Automotive, Metals and Machinery, Electrical and Electronics, Food and Beverages, and Others), and Geography
According to the new research report titled “Robot End-Effector Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 9664.7 million by 2028, registering a CAGR of 15.60% from 2021 to 2028.
Growing trend for automation of manufacturing processes to improve productivity and rising penetration of robots in various manufacturing industries are the considerable drivers for Cobots. At present, Cobots are the fastest-growing technology of industrial automation. As per a study by BMW, when robots and humans worked side by side, the collaboration reduced workers’ idle time by ~85%. Cobots are widely used in industries such as pharmaceuticals, aeronautics, food & beverages, plastic and polymers, metal and machining, and automotive. They are integrated to allow accurate collaborative operations, including power and force limiting, hand-guiding, speed, separation monitoring, and safety monitored stop. Cobots have a wide range of advanced gripper options designed to deal with high part mixes. Soft grippers, one of the cutting-edge innovations, enable robots to handle soft or hard parts by using a flexible material. Other advanced grippers use electro-adhesion for gripper guidance.
Governments across the world are taking several measures to implement Cobots in various industries. For instance, the National Robotics Initiative (NRI) -2.0 program was built in 2020 upon the original NRI program to support fundamental research in the US, which boosted the development and use of Cobots. Further, as per the Robotic Industries Association, collaborative robots are witnessing huge growth, and they are likely to experience robust growth over the next few years. In 2018, Cobots grew by ~60% year-on-year, reaching a value of ~US$ 600 million.
Robotiq declared that 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 partnered with Robotiq as part of this Plug&Play offering. Robotiq’s end-effectors are provided as plug-and-play grippers, and the addition of vacuum grippers adds to the functionality of Omron’s Cobots.
According to the latest situation report from World Health Organization (WHO), the US, India, Brazil, Russia, UK, France, Spain, and Italy are some of the worst affected countries due to the COVID-19 outbreak. The outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the globe. As of 18th March 2021, 121,209,510 confirmed COVID-19 cases registered globally, with 2,680,469 total deaths, and the number is growing at varying rates in different countries. The COVID-19 crisis affects the industries worldwide, and the global economy adversely affected in 2020 and likely in 2021. The pandemic has disturbed robot end-effector businesses and suppliers around the globe. Market players experienced disruptions to their operations, and it’s likely to have consequences till mid-2021. The factory shutdowns, travel bans, trade bans, and border lockdowns have adversely affected the robot end-effector industry.
Key Findings of Study:
The global robot end-effector market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), and South America (SAM). Asia Pacific held the largest share of the robot end-effector market in 2020, followed by Europe and North America. Further, Asia Pacific is projected to witness the highest growth rate during the forecast period.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, on March 2021, ATI Industrial Automation, Inc. developed a new standard robotic tool changing and storage solution called QC-7 robotic tool changer. This offered a variety of configuration options with ATI's pass-through utility modules and tool stand systems. An optional ML12 electrical module is attached easily to the QC-7 tool changer body, which also includes five pass-through air ports and lock/unlock air fittings. Moreover, in February 2021, DESTACO (Dover Corporation) introduced TC1 quick-install manual tool changer designed for a collaborative robot (cobot) pick & place and load & unload applications. The TC1 provides seamless integration for fast tool change operation, thereby expanding cobot flexibility and increasing return on cobot investment.