The robot end-effector market is expected to grow from USD 2.6 billion in 2019 to USD 5.7 billion by 2024, at a CAGR of 16.9% during the forecast period. The increase in the adoption of modular end-effectors is one of the key factors driving the growth of the robot end-effector market. Apart from this, growing awareness about benefits and features of collaborative robots (cobots) is also a key factor fueling the market growth.
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Additive manufacturing or 3D printing is becoming more widespread throughout the industry, whether it be building prototypes or making the final product. Additive manufacturing allows low-volume, customized parts to be fabricated at a lower cost. This technology will have a large impact on the industry by enabling a leaner manufacturing process. Adoption of 3D printing helps in reducing the cost of the end-effector. With the use of proper materials, end-effectors manufactured using 3D printing are more flexible and strong enough for its intended purpose. EMI (US) has been producing gripper parts from various materials such as nylon and composites to deliver custom end-effectors to its clients. Parts such as gripper fingers and mounting interfaces can be custom-made, and lead times can be drastically reduced when compared to machined parts. So, the adoption of 3D printing technology to manufacture fingers of robot grippers is a key trend observed in the market, which would fuel the growth of the 3D printing market and the robot end-effector market.
The robot end-effector market for processing application is expected to grow at a significant rate between 2019 and 2024. The growing adoption of industrial robots in food & beverages, plastics, rubber, and chemicals industries for automatization of the processing task is the key factor expected to propel the growth of the robot end-effector market for processing application during the forecast period. Hence, along with handling function, players may consider catering to this application for gathering high revenues and strengthening their position in the robot end-effector market.
The robot end-effector market for the food & beverages industry is expected to grow at the highest CAGR during the forecast period. Currently, secondary or end-of-line packaging and palletizing are the most common operations where end-effectors have seen the bulk of growth in the food & beverages industry, as there is less chance for contamination, and food grade components are not mandatory. Soft grippers have shown promising results that are relevant for the food industry. Unlike traditional grippers that are made of rigid materials, these end effectors are fabricated from soft and flexible components. Fruits or vegetables have varying sizes which makes soft grippers ideal due to their consistent clamping force irrespective of slight differences in size and shape. Hence, by investing in the development of soft grippers specifically for food & beverages can help the market players to broaden their revenue stream during the forecast period.
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The market in APAC is expected to grow at the highest CAGR during 2019–2024. This growth can be attributed to the increasing demand for robot end-effectors in China, Japan, and South Korea, mainly for industries such as food & beverages and e-commerce. Because of technological and economic advancements, overall demand for robot end-effectors is expected to increase across the aforementioned countries. Furthermore, government initiatives to strengthen the robotics industry in China and Japan are expected to fuel the growth of the robot end-effector market in APAC during the forecast period. Players in the robot end-effectors market may gather more revenue from APAC region if they start partnering with food & beverages and e-commerce companies in the region.
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