LONDON--(BUSINESS WIRE)--The global inspection robots market size is poised to grow by USD 3.72 billion during 2020-2024, progressing at a CAGR of almost 19% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Robotic inspection enables a higher level of quality assurance and quality control. It ensures the safety of the working environment as they can work in hazardous and unstable conditions. Moreover, the use of inspection robots also reduces downtime, maximizes organizational capacity, and decreases the economic impact of inspections. These benefits of robotic inspection will significantly influence inspection robots market growth over the forecast period.
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- The major inspection robots market growth came from oil and gas industry segment. Robotic inspection helps in the minimization of outages at refinery plants or facilities. Moreover, these robots can easily navigate through narrow spaces within structures without being opened or disassembled. Such advantages have led to an increase in their application in the oil and gas industry. However, market growth in this sector will be slower than the growth of the market in the petrochemicals, food and beverages, and other sectors.
- Europe is one of the largest markets for inspection robots. The rapid industrialization in the region that is driving the growth of the oil and gas, automotive, and aerospace and defense sectors, will increase the demand for inspection robots.
- The global inspection robots market is fragmented. 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. are some of the major market participants. To help clients improve their market position, this inspection robots market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global inspection robots market 2020-2024 is expected to have Neutral and Inferior. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/inspection-robots-market-industry-analysis
Integration of AI and IoT to Optimize Operations will be a Key Market Trend
To improve quality and maximize productivity, vendors in the market are focusing on optimizing inspection operations. This led to the integration of AI and machine learning with process automation. The use of AI and IoT in robotic inspection has resulted in the emergence of acoustic inspection, advanced visual inspection, and prescriptive repair solutions. AI-enabled inspection robots will provide real-time health data of machines, which will help in predictive failure analysis. This will, in turn, lead to the adoption of advanced repair guidance systems. The integration of AI and IoT to optimize operations is one of the critical inspection robots market trends that will gain traction.
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Inspection Robots Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist inspection robots market growth during the next five years
- Estimation of the inspection robots market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the inspection robots market
- 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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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Value chain analysis
- Market characteristics
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market Outlook
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY TYPE
- Market segmentation by type
- Comparison by type
- ROVs - Market size and forecast 2019-2024
- Autonomous robots - Market size and forecast 2019-2024
- Market opportunity by type
PART 07: CUSTOMER LANDSCAPE
PART 08: MARKET SEGMENTATION BY END-USER
- Market segmentation by end-user
- Comparison by end-user
- Oil and gas - Market size and forecast 2019-2024
- Petrochemicals - Market size and forecast 2019-2024
- Food and beverages - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by end-user
PART 09: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 12: MARKET TRENDS
- Advances in robotic inspection
- Integration of IoT and AI to optimize inspection operations
- Advances in mobile robots
PART 13: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 14: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- 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.
PART 15: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 16: EXPLORE TECHNAVIO
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