Robot Tool Changers Market Size, Share, Growth, and Industry Analysis by Type (Manual Robot Tool Changers, Automatic Robot Tool Changers), By Application (Automotive Industry, Electrical and Electronics, Machinery, Rubber, Plastics and Chemicals, Food and Beverage, and Others), Regional Insights, and Forecast To 2031

Robot Tool Changers Market Report Overview

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The global robot tool changers market size is estimated to be USD 370.8 million in 2021 and is projected to touch USD 1374.87 million by 2031, exhibiting a CAGR of 14.0% during the forecast period.

A robot tool changer is an end effector designed to lock or couple together. They have a master side and tool side, which enables them to carry a payload, carry electric signals, pneumatics, water, etc. Robot tool changers add flexibility in any automated process to vary the tools and carry various utilities. The master-side is mounted to a robot, CNC machine and so on. The tool side is mounted to grippers, welders or deburring tools.

Robotic tool changer is also referred to as Quick-Change device [QC], automatic tool changer [ATC], robot coupler, robotic connector. They have proved beneficial in several aspects. They are able to swap out their end effectors quickly without wasting time. Robotic tool changers are fail-safe- decreasing the downtime required for manually changing tools. They are versatile to support complex applications in automation. Moreover, one time investment proves beneficial for a variety of applications.

COVID-19 Impact: Versatility of the Product Boosted Application in Clinical Trials

The global COVID-19 pandemic has been unprecedented and staggering, with global robot tool changers market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the robot tool changers market growth and demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 had a life changing impact globally. The global robot tool changers market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the global robot tool changers market experienced a major boost.

There was a global usage of robots during the pandemic to enhance the treatment of patients and leverage the load of the medical systems. As robots were immune to the infection and easy to disinfect; they played a vital role in the war against the novel corona virus. With the increasing usage and demand for robots, so did the demand for robotic tool changers rise. Robots were deployed to contain the spread of the virus, patient health monitoring, disinfection and so on. This boosted the global robot tool changers market share.

A research paper published by PubMed Central exclaimed about a device built used to assist in obtaining samples. It integrates UR5 manipulator, robot tool changers, visual subsystems and so on. This robot assisted with the oropharyngeal swabbing to prevent the frontline medical faculty from being infected. It has strength in intrinsically safe and high repeat positioning accuracy. The global robot tool changers market saw a boost in the market share owing to their pivotal role in the battle against COVID-19.

Robot Tool Changers Market Segmentation

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• By Type

Based on type, the market is divided into Manual Robot Tool Changers, and Automatic Robot Tool Changers. Manual segment is expected to capture maximum share through 2028.

• By Application

Based on application, the market is bifurcated into Automotive Industry, Electrical and Electronics, Machinery, Rubber, Plastics and Chemicals, Food and Beverage, and Others. Automotive Industry segment is anticipated to hold notable share during 2022-2028.

LATEST TRENDS

"Continuous R&D to Benefit Market Prospects"

An article published by Science Direct identified a robotic ultrasound device based on 5G powered technology using MGI robot tool changers. This benefited to carry out ultrasound scanning in a feasible and safe method. Based on the telerobotic system, the sonographer could operate the system from a distance. However, very few tests have been conducted to test this device. The tests have provided an 81% success rate.

The global robot tool changers market growth is anticipated to increase owing to recent technological advancements. A conference paper published on ResearchGate, speak of a robotic tool changer for aa robotic arm. Using CAD/CAM systems, wood was transformed using CNC routers. These 3 axis CNC routing machines were made more flexible. These articulated robots were built using the light end-effector which proves to be more economic for those who wish to acquire at a small investment.

DRIVING FACTORS

"Remunerative Opportunities to Boost Market Demand"

Over the course of the forecast period, it is predicted that the global market for robotic tool changers would generate lucrative prospects in the automation industry. Robotic tool changer in both established and emerging nations will increase productivity and aid in closing the economic gap in the potential economies. Since robotic tool changer technology is being used at such a rapid rate, advanced economies will see a drop in the working population. It is projected that the economic gap would close soon in these countries as a result of the reducing number of working populations.

"Proliferation Industry 4.0 to Increase Market Share"

The robotic tool changer market is anticipated to expand at a stable rate due to a number of industry-impacting factors. On the back of ongoing industry 4.0, growing reliance on automation, and rising rivalry across manufacturing sectors, the market for robotic tool changers keeps expanding .Growing industrialization in both developed and developing nations, the incorporation of robotic technologies into end-use industries and an increase in enterprise spending on robotic tool changer technology are some of the markets influencing factors.

RESTRAINING FACTORS

"Reduced Employment Opportunities to Restrict Market"

As advanced technology is being developed each day, the need for man power is reducing. Robot tool changers enable the machine to operate by itself without the need for human assistance. Researchers from MIT Sloan School have found that for every robot added per 1,000 workers in the U.S.; wages decline by 0.42%. Also, the employment-to-population ratio goes down by 0.2% points. This indicates towards loss of 400,000 jobs. This will result in a major population being unemployed which would cause a massive decline in the economy.

Robot Tool Changers Market Regional Insights

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"North America to Stay Frontrunner in the Global Market"

North America countries have had their major focus on development for over a decade now. The advancement of technology in these countries makes them a major shareholder for the global robot tool changers market. The developing countries in the North America region have incorporated robot tool changers in multiple industries owing to their multiple features. Considering the consistent efforts put into the market, the market is bound to grow over the forecast period.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP ROBOT TOOL CHANGERS COMPANIES

• ATI Robotics [U.S.]
• Staubli [Switzerland]
• Schunk [Germany]
• Nitta [India]
• Destaco [U.S.]
• Applied Robotics [U.S.]
• Rourkela Steel Plant [India]
• AGI [Canada]
• Pascal Industrial Equipment’s Manufacturing and Consultancy Private Limited [India]
• Carl Kurt Walther [Germany]
• OBARA Corporation [Japan]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. The studies also offer a detailed analysis by identifying factors such as segmentation, advancements in the industry, growth, size, share and constraints. These analytics are subject to change if the key players and probable analysis of market dynamics changes.