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The inspection robots market share is expected to increase by USD 5.27 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 18.88%.
This inspection robots market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers inspection robots market segmentation by end-user (oil and gas, petrochemicals, food and beverages, and others), type (ROVs and autonomous robots), and geography (Europe, APAC, North America, MEA, and South America). The inspection robots market report also offers information on several market vendors, including Blue Origin Enterprises LP, Cognex Corp., Cross Co., Cyberhawk Innovations Ltd, Eddyfi NDT Inc., FARO Technologies Inc., Flyability SA, GECKO ROBOTICS INC., General Electric Co, Genesis Systems, Groupe Gorge SA, Invert Robotics Group Ltd, IPG Photonics Corp., JH Robotics Inc, Mistras Group Inc., Robotic Automation Systems, SuperDroid Robots Inc., TechnipFMC plc, and Teradyne Inc. among others.
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The advantages of robotic inspection over manual inspection are notably driving the inspection robots market growth, although factors such as rising levels of unemployment due to the use of robotics may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the inspection robots industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Inspection Robots Market Driver
The advantage of robotic inspection over manual inspection is a major factor driving the global inspection robots market share growth. Semi-autonomous or fully autonomous inspection robots are more beneficial for quality inspection and scanning applications than manual inspection. A robotic inspection enables a higher level of quality assurance and quality control than a manual inspection. The concentration levels of quality inspection workers and staff usually decrease with time due to factors such as the repetitiveness of monotonous tasks; mental exhaustion; and a gradual decline in productivity. The use of inspection robots improves the levels of quality assurance and quality control and, consequently, product quality owing to the reduction of defects and errors. The robotic inspection also streamlines processes, as inspection robots are designed for repetitive tasks without compromising on accuracy. Additionally, it ensures the safety of the working environment, as inspection robots can work in hazardous and unstable conditions, which may not be safe for humans. The use of inspection robots also reduces downtime, maximizes organizational capacity, and decreases the economic impact of inspections. These advantages associated with a robotic inspection will continue to drive the growth of the global inspection robot market.
Key Inspection Robots Market Trend
Integration of IoT and AI to optimize inspection operations is another factor supporting the global inspection robots market share growth. Vendors that operate in the global inspection robots market are working to integrate machine learning and AI with process automation to improve quality levels, minimize process downtime, and maximize the productivity of organizations. The use of AI and IoT in robotic inspection has resulted in the advent of advanced visual inspection, acoustic inspection, and prescriptive repair solutions. AI, combined with IoT, acts as an eye for robots and empowers them to detect defects and issues through visual inspection. For instance, the integration of AI with IoT is enabling the sensors in inspection robots to detect changes in noise, vibration, or harshness (NVH). This helps provide acoustics insights, which may not be possible without the use of conventional inspection robots. AI-enabled inspection robots may help in predictive failure analysis by providing real-time health data of products or machines. This further leads to opportunities for the adoption of advanced repair guidance systems through prognostics. Therefore, the integration of IoT and AI in robotic inspection is expected to increase the adoption of process automation during the forecast period.
Key Inspection Robots Market Challenge
The rising levels of unemployment due to the use of robotics will be a major challenge for the global inspection robots market share growth during the forecast period. The adoption of new technologies and processes in the manufacturing sector has increased productivity, enabled economies of scale, and resulted in cost-effective manufacturing. The rising use of robots and robotic applications in the manufacturing sector has improved safety and quality and optimized processes. However, the wide use of robotics is creating concerns about unemployment. The use of robotics, in combination with machine learning (ML) and artificial learning (AI), improves manufacturing, transportation, finance, and energy management functions. However, the performance advantages of robots and robotic applications are resulting in the loss of white-collar and blue-collar jobs. The automation of workplaces is expected to cause income inequality and affect the employment skills of people. This is a concern for human skill development and results in loss of livelihood, as robots can replace human jobs. Essentially, the rising level of unemployment due to the use of robotics is expected to hinder the growth of the global inspection robots market.
This inspection robots market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global inspection robots market as part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the inspection robots market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the inspection robots market encompasses successful business strategies deployed by the key vendors. The inspection robots market is fragmented and the vendors are deploying growth strategies such as increasing the ease and operability of inspection robots to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The inspection robots market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the inspection robots market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market's growth will originate from Europe during the forecast period. Germany and UK are the key markets for inspection robots market in Europe. Market growth in this region will be faster than the growth of the market in other regions.
The consistent expansion of industries such as petrochemicals, oil and gas, automotive, and aerospace and defense will facilitate the inspection robots market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in 2020 adversely affected the regional economy as it impacted the growth of various industries, such as the automotive, and agriculture industries in Europe. The shutdown of various plants and factories in 2020 led to disruptions in the supply chain and logistics of the market in focus in France, Germany, and others for several months. During the last quarter of 2020, the lockdowns were lifted in most parts of the region. It led to the resumption of operations in the manufacturing units under various safety norms issued by the government to mitigate the risk of COVID-19. Therefore, the market is expected to recover from the downfall and grow steadily during the forecast period.
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The inspection robots market share growth in the oil and gas segment will be significant during the forecast period. The use of mobile automation and fully autonomous inspection technologies in the oil and gas industry has resulted in considerable improvements in the monitoring of key refinery systems and components. This has led to an increase in the overall production efficiency and a decrease in machinery downtime, which are contributing to the revenue generation of the global inspection robots market in the oil and gas industry.
This report provides an accurate prediction of the contribution of all the segments to the growth of the inspection robots market size and actionable market insights on the post-COVID-19 impact on each segment.
Inspection Robots Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.88% |
Market growth 2022-2026 |
$ 5.27 billion |
Market structure |
Fragmented |
YoY growth (%) |
16.99 |
Regional analysis |
Europe, North America, APAC, South America, and the Middle East and Africa |
Performing market contribution |
Europe at 38% |
Key consumer countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Blue Origin Enterprises LP, Cognex Corp., Cross Co., Cyberhawk Innovations Ltd, Eddyfi NDT Inc., FARO Technologies Inc., Flyability SA, GECKO ROBOTICS INC., General Electric Co, Genesis Systems, Groupe Gorge SA, Invert Robotics Group Ltd, IPG Photonics Corp., JH Robotics Inc, Mistras Group Inc., Robotic Automation Systems, SuperDroid Robots Inc., TechnipFMC plc, and Teradyne Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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