What are the Key Developments in the Inspection Robots Market?
Inspection robots can examine objects and locations humans cannot see with their natural eyes. Inspection robots can travel around machinery or vehicles and squeeze into tight places. They can also readily scale walls—the cost of inspection robots increases by integrating cameras, sensors, and other electronics with operational software. Furthermore, using Artificial Intelligence (A.I.), IoT usage in inspection robots can show progress and improve their effectiveness (A.I.). These developments build new business opportunities for the inspection robots market.
What is the Market Size of Inspection Robots in terms of Value?
The global inspection robots market is projected to increase at a significant CAGR of 30.10% in the coming years. In 2021, the global inspection robotics market was valued at USD 945.5 Million and was projected to reach a value of USD 4584.85 million by 2028. The demand for inspection robots will increase substantially in the coming years. It is presumed to generate revenue opportunities for the key industry players worth USD 3639.35 million during the forecast period between 2022 and 2028.
Interesting Facts about Inspection Robots Industry
Mobile service robots with cutting-edge vision sensors often assess vital and expensive infrastructure.
Robots used to assess infrastructure are showing advancement, which is an opportunity for market growth.
The advantages of robotic inspection over manual inspection drive the market's growth.
The presence of several offshore oil and gas enterprises in the Mexico basin and North America opens up significant growth potential for the producers of infrastructure inspection robots, which is projected to spur the inspection robots market growth during the forecast period.
The use of mobile automation and fully autonomous inspection technologies in the oil and gas sector has significantly improved the monitoring of critical refinery systems and components, a significant factor driving the market expansion in the coming years.
Who are the Top 10 players/companies in the inspection robot market regarding Value and volume?
The key players in the global inspection robot market in terms of Value and volume include Gecko Robotics, Inc., Eddyfi Technologies, Honeybee Robotics, Invert Robotics, J.H. Robotics, Inc., Genesis Systems (IPG Photonics), Shenzhen SROD Industrial Group Co., Ltd, Universal Robots, Montrose Technologies, and Waygate Technologies (Baker Hughes Company). These major firms are focusing on new product developments as well as technological innovation to gain competitive market share at a global level. For instance, in November 2020, the Aker BP and Cognite quadruped robot dog, an autonomous robotic system that will alter the industry through digitization, increased productivity, security, and sustainability at the North Sea offshore, has completed deployment. Furthermore, in January 2021, PETRONAS, a Malaysian oil and gas company, teamed up with ANYbotics to enable unmanned industrial inspections on its oil and gas sites. All these factors are projected to drive market growth.
Who are the Top 10 Countries in the Inspection Robots Market?
The major global inspection robot market countries are the US, Canada, Mexico, Brazil, Germany, France, Italy, Spain, China, and India. The U.S. has several significant producers, driving the market for inspection robots in the coming years. Furthermore, suppliers are investing heavily in research and development operations, and making quick technological strides is projected to drive the market's expansion. Therefore, regulatory agencies should maintain and inspect goods to the required standards.
Which is the Key Application Area in the Inspection Robots Market?
Even in remote or dangerous situations, mobile robots allow safe, dependable inspections for condition monitoring and predictive maintenance, which is anticipated to drive market growth during the forecast period. Moreover, maximizing uptime is simple, with regular remote monitoring of mobile robots being another driving factor in the market. These robotic inspections assist in determining the need for preventative maintenance and evaluating risk so that repair work can be prioritized. Conducting the risky checks more frequently and without downtime using a mobile robot is a significant factor spurring the market's growth. The industrial inspection robot runs an autonomous mission, allowing operators in a control room to concentrate on other duties rather than performing manual assessments. The operators can quickly review the results or receive real-time alerts if problems are detected.
What are the Major Driving Factors for Inspection Robot Market?
The worldwide inspection robotics market is expected to increase throughout the projected period due to the high ROI and output of superior quality. Their applications are based on improved production quality evaluation in applications crucial to the business, particularly aerospace and oil & gas exploration. Therefore, over the coming years, it is anticipated that demand for these applications with great accuracy will remain steady. Moreover, the global inspections robots market will have significant potential opportunities due to high return on investment (ROI), 24-hour working capacities, decreased residual trash generation, and fewer human intervention requirements.
What are the Major Restraints for Inspection Robot Market?
High initial capital costs and social rejection resulting from the significant loss of human jobs are anticipated to hamper the market growth. It is challenging for SMEs to hold these solutions due to their large initial one-time capital requirements. Another major factor hampering development will be the availability of low-cost labor in several rising economies, such as China, India, and Indonesia. In addition, the deployment of inspection robots is expected to be hampered by the need to adhere to legal requirements for the coexistence of a human and automated workforce, such as the Robot Ethics Charter in South Korea and the RoboLaw project in the E.U.
Which Region Dominated the World Inspection Robot Market?
The presence of several offshore oil and gas firms in the Mexico basin and North America will undoubtedly provide significant growth prospects for the producers of infrastructure inspection robots. In addition, the long-term advantage for consumers and developers, analytics is taking on a more substantial role in infrastructure inspection robots. Building a robust and adaptable infrastructure inspection robot has been made possible by advancements in sensing, mapping, actuation, locomotion, and control, which are anticipated to drive regional growth.
Segmentation of Global Inspection Robot Market-
Global Inspection Robots Market – By Robot Type
Stationary robotic arm
Mobile robots
Global Inspection Robots Market – By Testing Type
Automated metrology
Non-destructive inspection
Global Inspection Robots Market – By End-user Industry
Oil & gas
Food & beverage
Pharmaceutical
Electronics
Others
Frequently asked questions about the global Inspection Robot industry
The Covid-19 pandemic severely affected the R&D funding and manufacturing of inspection robots.
North America accounted for the highest share in the global inspection robot market regarding Value and volume.
The industry is gradually resuming average production and service. This is expected to continue the full capabilities of the inspection robot company, which are the major factors driving the market growth.
Mobile robots had a significant share in 2021 which is projected to witness the fastest growth.
Automated metrology had a significant share in the global market in 2021 and is projected to continue its dominance over the forecast period
