The global robot end effector market is expected to grow from USD 2.3 billion in 2023 to USD 4.3 billion by 2028, registering a CAGR of 13.5%. The substantial growth of collaborative robots (cobots) across various industries is one of the key factors driving the growth of the robot end-effector market.
The automotive industry accounted for the largest share of the surface inspection market in 2022.
Due to traditional heavy-duty robot end effectors having a large-scale deployment in the automotive industry for decades, the industry accounted for the largest market size of the robot end effector market in 2022. Various applications are carried out in the automotive industry, such as welding, handling, and assembly. However, the automotive industry is now at a relatively mature stage; it will have a lower growth rate compared to other industries.
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The market for collaborative industrial robots is expected to grow at the highest CAGR during the forecast period.
The adoption of collaborative robots has proven to be a good option, especially for small and medium-sized companies, as it provides a faster return on investment (RoI) as compared to traditional industrial robots. With the growing adoption of cobots across all industries, many new use cases, such as remote monitoring and remote manufacturing, are being enabled. This factor is expected to propel the growth of the end effector market for collaborative industrial robots.
Asia Pacific is expected to hold the largest share of the robot end effector market in 2023.
The primary driving factor behind this is the surging investments in automation by the automotive and electrical & electronics industries, especially in countries like China, South Korea, and India. With mounting labor costs, manufacturers are turning to automation to maintain their competitive edge. Additionally, the increased adoption of collaborative robots across various sectors has spurred a surge in demand for robot end effectors in the region. As a result, the Asia Pacific region is expected to experience significant growth in collaborative end effectors, owing to the high demand for collaborative robots.