The global robot end-effector market was valued at US$ 3,125.59 million in 2020 and is projected to reach US$ 9,664.68 million by 2028; it is expected to grow at a CAGR of 15.6% during 2021–2028.
The robot end-effectors market is broadly segmented into five major regions?North America, Europe, APAC, MEA, and SAM. The market is highly fragmented with the presence of a substantial number of players in several major countries together with multiple players with a small and regional presence. These companies provide different robot end-effectors and hardware depending on the applications, including arc handling, assembly, welding, processing, and dispensing. The mounting adoption of automation across various industries for working in hazardous conditions drives the demand for robot end-effectors. Subsequently, the leading verticals of robot end-effectors, such as automotive, food & beverages, and electronics, have witnessed considerable increase in requirement of robot end-effectors across major regions. In 2020, North America held considerable market share in the global robot end-effectors market due to the growing demand for industrial robotics in the US and Canada. In recent years, there is a massive adoption of industrial automation in the region due to its benefits such as reduced direct human labour costs, delivery of high-quality products, increased productivity, and optimized consistency of products. The US is rapidly undergoing a digital transformation, which, in turn, is boosting the use of robot end-effectors in various sectors.
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.
APAC is likely to register the highest CAGR during the forecast period in the global robot end-effector market, owing to the presence of the largest electronic fabrication plants and automotive manufacturing plants. Several major countries in APAC have larger robot density compared to the global average amount. Several government initiatives promoting the adoption of robot end-effectors are fueling the growth of the market.
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.
Overall size of the robot end-effector market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the robot end-effector mera market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the robot end-effector market. ABB Ltd.; ATI Industrial Automation, Inc.; DESTACO (Dover Corporation); Festo AG and Co. KG; Schmalz GmbH; KUKA AG; Piab AB; Robotiq Inc.; SCHUNK GmbH and Co. KG; and ZIMMER GROUP GmbH are among the players profiled during this market study.