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Inspection Robots Market by Type, End-user, and Geography - Forecast and Analysis 2021-2025

  • Published: Apr 2021
  • Pages: 129
  • SKU: IRTNTR40023
Technavio

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The inspection robots market share is expected to increase by USD 8.23 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 28.9%.

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 segmentations 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 Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., Mistras Group Inc., TechnipFMC Plc, and Teradyne Inc. among others.

What will the Inspection Robots Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Inspection Robots Market Size for the Forecast Period and Other Important Statistics

 

Inspection Robots Market: Key Drivers, Trends, and Challenges

The advantages of robotic inspection over manual inspection is notably driving the inspection robots market growth, although factors such as rising levels of unemployment due to use of robotics may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the inspection robots industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Inspection Robots Market Driver

The advantages 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. Robotic inspection enables a higher level of quality assurance and quality control than manual inspection. The concentration levels of quality inspection workers and staff usually decrease with time due to factors such as the repetitiveness of tasks, which are monotonous; 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. Robotic inspection also streamlines processes, as inspection robots 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 robotic inspection will continue to drive the growth of the global inspection robots 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 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 2021-2025.

Parent Market Analysis

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.

Who are the Major Inspection Robots Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • Cognex Corp.
  • Eddyfi NDT Inc.
  • Ensign-Bickford Industries Inc.
  • FARO Technologies Inc.
  • General Electric Co.
  • Groupe Gorgé
  • IPG Photonics Corp.
  • Mistras Group Inc.
  • TechnipFMC Plc
  • Teradyne Inc.

 

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.

Product Insights and News

  • Cognex Corp.- The company offers robot guided valve inspection to verify the proper placement of valve bridges during assembly.

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.

Inspection Robots Market Value Chain Analysis

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.

The value chain of global industrial machinery market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

 

Which are the Key Regions for Inspection Robots Market?

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40% 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 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.

What are the Revenue-generating End User Segments in the Inspection Robots Market?

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The inspection robots market share growth by 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 post COVID-19 impact on each segment.

 

Inspection Robots Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 28.9%

Market growth 2021-2025

$ 8.23 billion

Market structure

Fragmented

YoY growth (%)

24.92

Regional analysis

Europe, APAC, North America, MEA, and South America

Performing market contribution

Europe at 40%

Key consumer countries

US, Japan, China, Germany, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., Mistras Group 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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What are the Key Data Covered in this Inspection Robots Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive inspection robots market growth during the next five years
  • Precise estimation of the inspection robots market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the inspection robots industry across Europe, APAC, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of inspection robots market vendors

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Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Industrial machinery market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 15: End user - Market share 2020-2025 (%)
    • 5.2 Comparison by End user
      • Exhibit 16: Comparison by End user
    • 5.3 Oil and gas - Market size and forecast 2020-2025
      • Exhibit 17: Oil and gas - Market size and forecast 2020-2025 ($ million)
      • Exhibit 18: Oil and gas - Year-over-year growth 2020-2025 (%)
    • 5.4 Petrochemicals - Market size and forecast 2020-2025
      • Exhibit 19: Petrochemicals - Market size and forecast 2020-2025 ($ million)
      • Exhibit 20: Petrochemicals - Year-over-year growth 2020-2025 (%)
    • 5.5 Food and beverages - Market size and forecast 2020-2025
      • Exhibit 21: Food and beverages - Market size and forecast 2020-2025 ($ million)
      • Exhibit 22: Food and beverages - Year-over-year growth 2020-2025 (%)
    • 5.6 Others - Market size and forecast 2020-2025
      • Exhibit 23: Others - Market size and forecast 2020-2025 ($ million)
      • Exhibit 24: Others - Year-over-year growth 2020-2025 (%)
    • 5.7 Market opportunity by End user
      • Exhibit 25: Market opportunity by End user

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 26: Type - Market share 2020-2025 (%)
    • 6.2 Comparison by Type
      • Exhibit 27: Comparison by Type
    • 6.3 ROVs - Market size and forecast 2020-2025
      • Exhibit 28: ROVs - Market size and forecast 2020-2025 ($ million)
      • Exhibit 29: ROVs - Year-over-year growth 2020-2025 (%)
    • 6.4 Autonomous robots - Market size and forecast 2020-2025
      • Exhibit 30: Autonomous robots - Market size and forecast 2020-2025 ($ million)
      • Exhibit 31: Autonomous robots - Year-over-year growth 2020-2025 (%)
    • 6.5 Market opportunity by Type
      • Exhibit 32: Market opportunity by Type

    7 Customer landscape

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 34: Market share by geography 2020-2025 (%)
    • 8.2 Geographic comparison
      • Exhibit 35: Geographic comparison
    • 8.3 Europe - Market size and forecast 2020-2025
      • Exhibit 36: Europe - Market size and forecast 2020-2025 ($ million)
      • Exhibit 37: Europe - Year-over-year growth 2020-2025 (%)
    • 8.4 APAC - Market size and forecast 2020-2025
      • Exhibit 38: APAC - Market size and forecast 2020-2025 ($ million)
      • Exhibit 39: APAC - Year-over-year growth 2020-2025 (%)
    • 8.5 North America - Market size and forecast 2020-2025
      • Exhibit 40: North America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 41: North America - Year-over-year growth 2020-2025 (%)
    • 8.6 MEA - Market size and forecast 2020-2025
      • Exhibit 42: MEA - Market size and forecast 2020-2025 ($ million)
      • Exhibit 43: MEA - Year-over-year growth 2020-2025 (%)
    • 8.7 South America - Market size and forecast 2020-2025
      • Exhibit 44: South America - Market size and forecast 2020-2025 ($ million)
      • Exhibit 45: South America - Year-over-year growth 2020-2025 (%)
    • 8.8 Key leading countries
      • Exhibit 46: Key leading countries
    • 8.9 Market opportunity by geography
      • Exhibit 47: Market opportunity by geography ($ million)

    9 Drivers, Challenges, and Trends

    • 9.1 Market drivers
      • 9.2 Market challenges
        • Exhibit 48: Impact of drivers and challenges
      • 9.3 Market trends

        10 Vendor Landscape

        • 10.1 Overview
          • Exhibit 49: Vendor landscape
        • 10.2 Landscape disruption
          • Exhibit 50: Landscape disruption
          • Exhibit 51: Industry risks

        11 Vendor Analysis

        • 11.1 Vendors covered
          • Exhibit 52: Vendors covered
        • 11.2 Market positioning of vendors
          • Exhibit 53: Market positioning of vendors
        • 11.3 Cognex Corp.
          • Exhibit 54: Cognex Corp. - Overview
          • Exhibit 55: Cognex Corp. - Business segments
          • Exhibit 56: Cognex Corp. - Key news
          • Exhibit 57: Cognex Corp. - Key offerings
        • 11.4 Eddyfi NDT Inc.
          • Exhibit 58: Eddyfi NDT Inc. - Overview
          • Exhibit 59: Eddyfi NDT Inc. - Product and service
          • Exhibit 60: Eddyfi NDT Inc. - Key news
          • Exhibit 61: Eddyfi NDT Inc. - Key offerings
        • 11.5 Ensign-Bickford Industries Inc.
          • Exhibit 62: Ensign-Bickford Industries Inc. - Overview
          • Exhibit 63: Ensign-Bickford Industries Inc. - Product and service
          • Exhibit 64: Ensign-Bickford Industries Inc. - Key offerings
        • 11.6 FARO Technologies Inc.
          • Exhibit 65: FARO Technologies Inc. - Overview
          • Exhibit 66: FARO Technologies Inc. - Business segments
          • Exhibit 67: FARO Technologies Inc. - Key offerings
          • Exhibit 68: FARO Technologies Inc. - Segment focus
        • 11.7 General Electric Co.
          • Exhibit 69: General Electric Co. - Overview
          • Exhibit 70: General Electric Co. - Business segments
          • Exhibit 71: General Electric Co. - Key news
          • Exhibit 72: General Electric Co. - Key offerings
          • Exhibit 73: General Electric Co. - Segment focus
        • 11.8 Groupe Gorgé
          • Exhibit 74: Groupe Gorgé - Overview
          • Exhibit 75: Groupe Gorgé - Business segments
          • Exhibit 76: Groupe Gorgé - Key news
          • Exhibit 77: Groupe Gorgé - Key offerings
          • Exhibit 78: Groupe Gorgé - Segment focus
        • 11.9 IPG Photonics Corp.
          • Exhibit 79: IPG Photonics Corp. - Overview
          • Exhibit 80: IPG Photonics Corp. - Business segments
          • Exhibit 81: IPG Photonics Corp. - Key offerings
        • 11.10 Mistras Group Inc.
          • Exhibit 82: Mistras Group Inc. - Overview
          • Exhibit 83: Mistras Group Inc. - Business segments
          • Exhibit 84: Mistras Group Inc. - Key news
          • Exhibit 85: Mistras Group Inc. - Key offerings
          • Exhibit 86: Mistras Group Inc. - Segment focus
        • 11.11 TechnipFMC Plc
          • Exhibit 87: TechnipFMC Plc - Overview
          • Exhibit 88: TechnipFMC Plc - Business segments
          • Exhibit 89: TechnipFMC Plc – Key News
          • Exhibit 90: TechnipFMC Plc - Key offerings
          • Exhibit 91: TechnipFMC Plc - Segment focus
        • 11.12 Teradyne Inc.
          • Exhibit 92: Teradyne Inc. - Overview
          • Exhibit 93: Teradyne Inc. - Business segments
          • Exhibit 94: Teradyne Inc. - Key news
          • Exhibit 95: Teradyne Inc. - Key offerings
          • Exhibit 96: Teradyne Inc. - Segment focus

        12 Appendix

        • 12.1 Scope of the report
          • 12.2 Currency conversion rates for US$
            • Exhibit 97: Currency conversion rates for US$
          • 12.3 Research methodology
            • Exhibit 98: Research Methodology
            • Exhibit 99: Validation techniques employed for market sizing
            • Exhibit 100: Information sources
          • 12.4 List of abbreviations
            • Exhibit 101: List of abbreviations

          Research Framework

          Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

          TechnavioINFORMATION SOURCES

          Primary sources

          • Manufacturers and suppliers
          • Channel partners
          • Industry experts
          • Strategic decision makers

          Secondary sources

          • Industry journals and periodicals
          • Government data
          • Financial reports of key industry players
          • Historical data
          • Press releases
          Technavio

          TechnavioDATA ANALYSIS

          Data Synthesis

          • Collation of data
          • Estimation of key figures
          • Analysis of derived insights

          Data Validation

          • Triangulation with data models
          • Reference against proprietary databases
          • Corroboration with industry experts
          Technavio

          TechnavioREPORT WRITING

          Qualitative

          • Market drivers
          • Market challenges
          • Market trends
          • Five forces analysis

          Quantitative

          • Market size and forecast
          • Market segmentation
          • Geographical insights
          • Competitive landscape
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          The inspection robots market market growth will increase by $$ 8.23 bn during 2022-2025.
          The inspection robots market market is expected to grow at a CAGR of 28.9% during 2022-2025.
          Technavio has segmented the inspection robots market market 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).
          Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., Mistras Group Inc., TechnipFMC Plc, Teradyne Inc. are a few of the key vendors in the inspection robots market market.
          Europe will register the highest growth rate of 40% among the other regions. Therefore, the inspection robots market market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
          The key factors driving the inspection robots market market growth are:
          • advantages of robotic inspection over manual inspection
          • Advances in robotic inspection
          The inspection robots market market vendors should focus on grabbing business opportunities from the oil and gas segment as it accounted for the largest market share in the base year.
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