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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Key Highlights:

• The report recognizes the following as some of the key players in the robotics end-of-arm tooling market: ASS Maschinenbau GmbH, Barnes Group Inc., Coval Vaccum Technology Inc., Dover Corp., Effecto Group S.p.A., EMI Corp., Festo SE and Co. KG, FIPA GmbH, IPR GmbH, Novanta Inc., OnRobot AS, Piab AB, Robotiq Inc., SCHUNK GmbH and Co. KG, Soft Robotics Inc., Toyota Industries Corp., RoboTool Inc., and Zimmer Group GmbH
• The Robotics End-Of-Arm Tooling Market is fragmented in nature.
• Market to observe 4.56% YOY growth in 2023.

Market Dynamics:

Major Trend

• The emergence of hybrid tooling is a major trend in the market.
• This involves combining multiple clamping technologies into a single end-of-arm tooling.
• More than that It is likely to receive significant demand from end users who want to avoid downtime associated with tool changes.
•  Additionally, the combination tool is designed to be modular, making it compatible with different system types and brands.
• Hybrid tooling has been widely used in high-speed and high-capacity applications such as press services.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• Limited adoption of industrial robots by SMEs is a significant challenge restricting market growth.
• The use of automation and robotics in the production process is increasing within SMEs in advanced economies, to maintain competitiveness.
• Robots are used in a wide range of industries including rubbers and plastics, chemicals, metalworks, food and beverage processing, neurotransmitters, and electronics.
• However, robotics adoption in the developing world is lagging and leads to a smaller-than-average return on investment for SMEs because of expensive start-up costs.
• In addition, the adoption of industrial robots with slower speed will be encouraged by SMEs, especially family firms, which face a threat from industrial robots to manual labor.
• Hence, these factors are expected to restrict market growth during the forecast period.

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Keg Segments:

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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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Email: [email protected]
Website: www.technavio.com

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