According to a recent report published by Allied Market Research, titled, “inspection robots market by type, application, end user, and region: global opportunity analysis and industry forecast, 2021–2030,” the inspection robots market size was valued at $940.0 million in 2020, and is expected to reach $13.9 billion by 2030, registering a CAGR of 30.9% from 2021 to 2030. Inspection robots are used to monitor the processes carried out in manufacturing industries such as food quality as well as to detect failure in processes such as leakage in pipes. Inspection robots find application in oil & gas, electronics, food & beverages, and other industries where manufacturing is carried out at a large extent.
Ability of the inspection robots to reach places that are not visible to human eyes majorly drive the inspection robots market. In addition, use of inspection robots avoid workers to reach out to dangerous places just to inspect the equipment or the manufacturing process. Moreover, data collection and storage by inspection robots is faster and accurate than manual recording. These are the factors that lead to growth of the inspection robots market around the world. However, high cost of installation of robots acts as restraint to the market. In addition, abrupt failure of inspection robots with failure in operating system lead dangerous situations as well to losses in these industries, which propels growth of the market. Furthermore, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, which hinders growth of the market. However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.
On the contrary, adoption of Internet of Things (IoT) and Artificial Intelligence (AI) in inspection robots is expected to propel demand for these robots, which is expected to act as a major opportunity for the inspection robots market growth.
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).
Key Findings Of The Study
- By robot type, the mobile robots segment was the highest revenue contributor in 2020.
- By testing type, the non-destructive inspection segment was the highest revenue contributor in 2020.
- By end-user industry, the oil & gas segment dominated the market in 2020.
- By region, North America generated the highest revenue in 2020.
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.