New York, July 28, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “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” The global robot end-effector market growth is driven by Prime trends such as digitalization, simplification, and human-robot collaboration are shaping the future and propelling further swift development of next-generation robots.
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| Market Size Value in | US$ 3.12 bllion in 2020 |
| Market Size Value by | US$ 9.66 billion by 2028 |
| Growth rate | CAGR of 15.6% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 214 |
| No. Tables | 83 |
| No. of Charts & Figures | 90 |
| Historical data available | Yes |
| Segments covered | Type , Application , Industry , and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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.
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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.
In Europe, the market is also growing, owing to the inclination toward automation and sustained advanced technical improvements in robot end-effectors. Besides, the increasing adoption of robots in performing numerous tasks, such as welding, machine handling, and household works, is a significant factor driving 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. In the first nine months, overhead costs, including expenses for sales, Research & Development (R&D), and administration of various providers fell adversely, due to severe measures taken in the course of the pandemic. Despite the effects of the global outbreak, earnings were improved primarily due to continuous optimization of the cost structure.
In the US, the first identified COVID-positive patient was held in an isolated room, which was built during the Ebola crisis. A robot integrated within a camera, a stethoscope, and a microphone enabled patient consulting without any physical contact between the doctor and the patient. At present, robotics technology potentially enables surgeries to occur remotely without the entrance of surgeon into the room. Thus, this leads to the market growth during the pandemic.
COVID-19 has had a severe impact on transportation, automotive, and trade activity. North America is a home for large number of manufacturing and technology companies. Thus, the impact of COVID-19 outbreak was quite severe in 2020 and likely in 2021 for the automotive and manufacturing sectors. However, the impact of COVID-19 is short-term and is likely to decrease in the coming years.
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