Electric Gripper Market Is Expected To Reach USD 5.02 Billion By 2032.

Posted 2023-10-12 12:09:28

Market Summary: The global electric gripper market reached a valuation of USD 2.31 billion in 2022 and is anticipated to achieve USD 5.02 billion by 2032, displaying a robust compound annual growth rate (CAGR) of 9% over the forecast period. This significant growth can be attributed to increasing demand for automation in manufacturing processes, the widespread adoption of collaborative robots, and advancements in sensor technology. Electric grippers, also known as robotic end effectors, play a crucial role in automating tasks such as gripping and moving objects, benefiting various industries including automotive, electronics, and food and beverage by enhancing precision and efficiency.

Furthermore, the automotive sector's rapid expansion is a key driver of market growth, as electric grippers are extensively utilized by automakers to improve manufacturing efficiency and precision. Their versatility in handling various objects, including delicate ones, makes them a preferred choice in the automotive industry.

Recent innovations in sensor technology have further boosted market growth. Sensors enable electric grippers to offer enhanced grip force and sensitivity, improving safety features and making them more suitable for collaborative robot applications.

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The increasing use of collaborative robots, or "cobots," is another growth factor, as they enhance productivity and safety in diverse industries. Electric grippers are integral to cobots, enabling them to perform tasks like pick-and-place operations. High initial costs and the need for specialized training, however, could impede market growth.

Government Regulations: Various international and regional standards have been established to ensure the safe use of robots and automation in industrial settings. These include ISO 10218-2:2011, the European Commission's Machinery Directive 2006/42/EC, standards from the National Fire Protection Association, Occupational Safety and Health Administration (OSHA) guidelines, and American National Standards Institute (ANSI) standards.

Key Insights:

Type Breakdown: The electric gripper market is segmented into parallel, angular, and other types. The parallel gripper, known for its strong gripping force and versatility, was a significant contributor to market revenue in 2022, particularly in industries like consumer goods, electronics, and automotive. Angular grippers are gaining momentum, especially in sectors with irregularly shaped objects like aerospace and pharmaceuticals. The "other" category, encompassing unique gripper features like three-finger, vacuum, and magnetic grippers, is expected to experience substantial growth.
End-Use Industries: The automotive industry led the electric gripper market in 2022 due to their use in precision manufacturing processes. However, the electronics sector is poised for the fastest revenue growth, driven by the high-speed and precision capabilities of electric grippers, which are well-suited for the industry's automation needs. The food and beverage sector is also expected to grow due to the demand for safe and efficient food processing equipment.
Regional Dominance: In 2022, the Asia Pacific region held the largest share of the global electric gripper market, with China, Japan, and South Korea serving as key manufacturing hubs. The region's growing adoption of automation in various sectors and the development of e-commerce platforms are propelling demand for electric grippers.
Competition: The global electric gripper market is highly competitive, with both major and smaller players contributing to its revenue. Key companies in this market include SMC Corporation, SCHUNK GmbH & Co. KG, Festo AG & Co. KG, Parker Hannifin Corporation, Zimmer Group, IAI Corporation, ABB, Robotiq Inc., and OnRobot. These companies are employing strategies like mergers and acquisitions, partnerships, and product launches to gain a competitive edge.
Strategic Developments: Major players have made strategic moves to strengthen their market position. For instance, OnRobot acquired Purple Robotics to expand its electric gripper product offerings. Other companies have launched new electric gripper lines with advanced features to cater to various industry needs.
Segmentation: The report provides detailed segmentation based on product type, end-use industry, and region, offering comprehensive insights into the electric gripper market's growth dynamics.

Please note that the figures mentioned here are subject to change based on the evolving market conditions and industry developments. The report provides in-depth analysis and forecasts to support informed decision-making.

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