Robotics End-Of-Arm Tooling Market is to grow by USD 992.39 million from 2022 to 2027, Rise in demand for modular end-of-arm-tooling to drive the growth - Technavio
NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The robotics end-of-arm tooling market is expected to grow by USD 992.39 million from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.96% during the forecast period. The market is segmented by application (material handling, assembly line, welding and soldering, surface treatment and finishing, and others), end-user (automotive, semiconductor and electronics, food and beverage, industrial machinery, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The increase in demand for robotic end-of-arm tooling from the food and beverage industry is a key factor driving market growth. Industry has made a significant shift towards automation and robotics, rather than relying on traditional mechanized equipment. This is because recent trends such as omnichannel fulfillment and large stock-keeping unit (SKU) counts are now common. The main goal is to introduce end-of-arm robotic tooling capable of handling a wide range of products of different sizes, shapes, and weights. These robots must also meet selectivity and speed requirements. Additionally, the robotic arm market is expected to witness significant growth due to advancements in vacuum grippers and adaptive grippers, which are now integrated into composite robots. Hence, these factors are expected to drive market growth during the forecast period.
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The market share growth by the material handling segment will be significant during the forecast period. This is because there has been a growing demand for applications that include picking and placement, case removal, unloading, press service, packaging, casting of dies, forged parts, or forming. For the optimization of factory floor space, end users' industries are choosing these robots. Moreover, to perform repetitive and sensitive tasks while meeting quality and reliability standards, suppliers are now offering more flexible and precise robots in their product portfolios. Integrating industrial robots with hand tools is becoming increasingly popular in factories because most of these devices can handle heavy materials, have long reach, and can perform multiple tasks. Hence, these factors are expected to drive segment growth during the forecast period.
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The robotics system integration market size is estimated to grow at a CAGR of 9.89% between 2022 and 2027. The market size is forecast to increase by USD 4,752.09 million.
The Robotics Market size is estimated to grow at a CAGR of 7.71% between 2022 and 2027 and the size of the market is forecast to increase by USD 22,269.7 million.
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