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Global Robot End Effector Market Report 2023: Sector is Expected to Reach $4.2 Billion by 2028 at a CAGR of 12.6%DUBLIN, May 15, 2023 /PRNewswire/ -- The "Global Robot End Effector Market Size, Share & Industry Trends Analysis Report by Type, Vertical, Robot Type, Application, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering. The global robot end effector market size is expected to reach $4.2 billion by 2028, rising at a market growth of 12.6% CAGR during the forecast period. Key Market Players
Robot end effectors are mechanical devices attached to the end of robotic arms that respond to the robot's environment. It includes selecting and positioning objects, putting product components together, and stacking boxes and packages. The process tools, grippers, and sensors work with the robot end effectors fixed to the robot arm. Robot end effectors are sometimes called end-of-arm tooling (EOA), robot tools, end-of-arm devices, robotic peripherals, robotic tooltips, and robot tools. Market Growth Factors Rising installation of the robot end effectors across numerous industries Automation, AI & ML, IIoT, and other emerging technologies have greatly broadened the use cases for robots, which has resulted in a considerable increase in demand for robotics in recent years. The robotics business has also been impacted by technological development, which has made it possible to create creative, affordable robots. Investment in robotics is further fueled by the growing adoption of digital technologies in commercial, residential, and industrial end-user sectors. Also, advantageous market conditions are being created for the development of the robotics and end-effector markets by supportive government policies and programs like 'Industry 4.0'as well as Smart Cities. Hence, throughout the projection period, the demand for robot end effectors is expected to rise, which will promote market growth. Growing demand for increased automation as well as worker efficiency Robot end effectors effectively boost labor productivity while improving machine productivity. Automating a manufacturing process speeds up output and increases worker productivity. As a result, more is produced per hour of work. An increase in worker productivity has a substantial positive impact on the business because labor costs have been steadily growing in industrialized nations worldwide recently. In addition, most of the monotonous jobs that humans formerly performed are now being replaced by machines, demanding the use of robots. Robotic technology also aids in reducing the effects of a labor shortage concurrently. Market Restraining Factor High implementation and maintenance costs, particularly for SMEs Investing in industrial robotics and automation is still prohibitively expensive. The expense of installing robotic end effectors is a commercial restraint. The businesses spend less on new investments. They have less capital than the automotive and other major sectors. Few SMEs nowadays, like glass polishing businesses, are required to automate their operation. Additionally, robot end effectors are extremely vulnerable to damage when used in heavy sectors, where repair or maintenance can be expensive. All these factors significantly hinder the growth of the market. Scope of the Study By Type
By Vertical
By Robot Type
By Application
For more information about this report visit https://www.researchandmarkets.com/r/wp1hqq About ResearchAndMarkets.com Media Contact: Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg View original content:https://www.prnewswire.com/news-releases/global-robot-end-effector-market-report-2023-sector-is-expected-to-reach-4-2-billion-by-2028-at-a-cagr-of-12-6-301824786.html SOURCE Research and Markets |