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2021
Inspection Robots Market

Inspection Robots Market

by Robot Type (Stationary Robotic Arm and Mobile Robots), Testing Type (Automated Metrology and Non-destructive Inspection) and End-user (Oil & Gas, Food & Beverages, Pharmaceuticals, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Update Available On-Demand

Report Code: A08254
Pages: 228
Aug 2021 | 4411 Views
Author(s) : Digvijay Pawar
Tables: 121
Charts: 55
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COVID-19

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Inspection Robots Market Outlook- 2030

The inspection robots market size was valued at $940.0 million in 2020, and is projected to reach $13,942.5 million by 2030, growing at a CAGR of 30.9% from 2021 to 2030. Inspections are a crucial part of operations of many industrial sectors. Conducting regular thorough examinations help to ensure reliable equipment performance, worker safety and more in the manufacturing, piping, transportation, and other industries. Inspection robots are used to detect faults or failure in the manufacturing process, quality of products, leakage through pipelines, transportation of products and several other activities that are carried out in industries. In addition, these inspection robots can be stationary or mobile, depending on nature of their operations.

The COVID-19 pandemic affected the new R&D and manufacturing of inspection robots therefore hampering the Inspection Robots Market. However, the market started recovering by the start of 2021.

Major driving factors of the inspection robots market are that it can inspect things and places that a human cannot inspect though naked eyes. Inspection robots can fit into small spaces, easily climb up walls, and move around machinery or vehicles. This can make inspections more thorough and simpler to perform. In addition, it can inspect things using infrared imaging as well as can scan outer layer and can inspect objects inside packaging. In addition, use of inspection robots in the manufacturing industry ensures safety of workers. Inspection robots allows workers to avoid potentially dangerous inspection sites by enabling them to conduct inspections remotely. Workers can also avoid heavy manufacturing equipment, underwater components of offshore drilling pads, and other potentially hazardous locations. Moreover, inspection robots improve data organization and helps in lowering cost of operations. However, cost of installation of inspection robots can be relatively high. Integration of cameras, sensors, and other electronics with operating software boosts cost of inspection robots. In addition, robots can fail to operate and response in situations and can cause hazardous situations. Moreover, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and transport industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of inspection robots as well as their demand in the market, thereby restraining the inspection robots market growth. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of inspection robots companies at their full-scale capacities, which is likely to help the inspection robots market to recover by end of 2021.

Inspection-Robots-Market[1]

Furthermore, adoption of IoT in inspection robots can make them more advanced and increase their efficiency by integrating Artificial Intelligence (AI). Such advancements are anticipated to open new avenues for the inspection robots market.

The inspection robots market is segmented into type, application, end user, and region. By type, the market is segregated into stationary robotic arm and mobile robots. The testing type covered in the study include automated metrology and non-destructive inspection. On the basis of end user, the market is divided into oil & gas, food & beverages, pharmaceutical, electronics, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Inspection Robots Market
By End-user Industry

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Pharmaceutical segment is projected to grow at a significant 31.9% CAGR

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On the basis of robot type, in 2020, the mobile robots segment dominated the inspection robots market, in terms of revenue, whereas the stationary robotic arm segment is expected to witness growth at the highest CAGR during the forecast period. By testing type, the non-destructive inspection segment led the market in 2020, in terms of revenue; however, the automated metrology segment is anticipated to register highest CAGR during the forecast period. Depending on end user, the oil & gas segment led the market in 2020, in terms of revenue. Conversely, the pharmaceutical segment is anticipated to exhibit the highest CAGR in the coming years. Region wise, the North America segment garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.

Inspection Robots Market
By Robot Type

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Stationary robotic arm segment is expected to grow at a significant rate during the forecast period.

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Competition analysis

The major players profiled in the Inspection Robots market include Eddyfi Technologies, Gecko Robotics, Inc., Genesis Systems, Honeybee Robotics, Invert Robotics, JH Robotics, Inc., Montrose Technologies Inc., Shenzhen SROD Industrial Group Co., Ltd., Universal Robots, and Waygate Technologies. Major companies in the market have adopted product launch, business expansion, and partnership as their key developmental strategy to offer better products and services to customers in the inspection robots market.

Inspection Robots Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

North America holds a dominant position in 2020 and Asia-Pacific is expected to grow at a highest rate during the forecast period.

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Key Benefits For Stakeholders

  • The report provides an extensive analysis of the current trends, future estimations, and dynamics of the inspection robots market. 
  • In-depth inspection robots market analysis is conducted by estimations for the key segments between 2021 and 2030. 
  • Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
  • A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
  • The inspection robots market forecast analysis from 2021 to 2030 is included in the report.
  • The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the inspection robots industry.

Inspection Robots Market Report Highlights

Aspects Details
BY ROBOT TYPE
  • Stationary robotic arm
  • Mobile robots
BY TESTING TYPE
  • Automated metrology
  • Non-destructive inspection
BY END-USER INDUSTRY
  • Oil & gas
  • Food & beverage
  • Pharmaceutical
  • Electronics
  • Others
BY REGION
  • North America  (US, Canada, Mexico)
  • Europe  (Germany, France, Italy, Spain, rest of Europe)
  • Asia-Pacific  (China, Japan, South Korea, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Eddyfi Technologies, Gecko Robotics, Inc., Genesis Systems (IPG Photonics), Honeybee Robotics, Invert Robotics, JH Robotics, Inc., Montrose Technologies, Shenzhen SROD Industrial Group Co.,Ltd, Universal Robots, Waygate Technologies (Baker Hughes Company)
 

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The inspection robots market size was valued at $940.0 million in 2020, and is projected to reach $13,942.5 million by 2030, growing at a CAGR of 30.9% from 2021 to 2030. Growth of the inspection robots market is majorly driven by its ability to monitor things and places that a human eye cannot. In addition, it assures safety of workers working in the industry or at the site. Moreover, organizations of data help in further analysis and record keeping of manufacturing industries, thus acting as a key driving force of the market.

However, high initial setup cost of inspection robots and failure to respond in adverse condition acts as a major restraint of the inspection robots market. On the contrary, rapid integration of IoT and AI in manufacturing industries is expected to create opportunities for growth of the inspection robots during the forecast period.

Major companies in the market have adopted strategies such as product launch, business expansion, and partnership to offer better services to customers in the inspection robots market.

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FREQUENTLY ASKED QUESTIONS?

A. What is the total market value of the global inspection robots market report?

A. The forecast period considered for the global inspection robots market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.

A. To get latest version of global inspection robots market report can be obtained on demand from the website.

A. The base year considered in the global inspection robots market report is 2020.

A. The top companies holding the market share in the global inspection robots market report include Eddyfi Technologies, Gecko Robotics, Inc., Genesis Systems (IPG Photonics), Honeybee Robotics, Invert Robotics, JH Robotics, Inc., Montrose Technologies Inc., Shenzhen SROD Industrial Group Co., Ltd, Universal Robots and Waygate Technologies (Baker Hughes Company).

A. The top ten market players are selected based on two key attributes - competitive strength and market positioning

A. By robot type, the mobile robots segment dominated the global inspection robots market, in terms of revenue and is expected to maintain this trend during the forecast period.

A. By end-user industry, the oil & gas segment is the highest share holder of global inspection robots market.

A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

A. The market value of the global inspection robots market is $1,237.1 million in 2021.

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