DUBLIN--(BUSINESS WIRE)--The "Airport Robots Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Application (Landside/Valet Parking and Terminal)" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is expected to reach US$ 2,108.29 million by 2028, registering a CAGR of 22.4% from 2021 to 2028.
With the rise in real and perceived threats to the national security, continuous efforts are being taken to come up with innovative active interrogation approaches to identify these threats. The most instant perceived threats and their essential materials comprise conventional explosives, weapons, chemical agents, and contraband. With an intent to prevent uncertain events, authorities worldwide are actively focusing on the deployment of advanced systems, including robots, to strengthen security at airports. The robots used for security application at airports are integrated with features such as facial recognition systems, sensors, and cameras to measure pulse rate remotely, which allows them to detect suspicious persons, currencies, weapons and explosives, abandoned objects, and other illicit material without disturbing the operations or flow of passengers at airports. Furthermore, the governments of various countries are investing in the development of their transport infrastructure, including building of new airports. For instance, the Chinese government plans to construct additional 215 airports by 2035. Furthermore, the Indian government plans to build 100 new airports across the country by 2024.
The global airport robots market is segmented by application. Based on application, the market is segmented into landside/valet parking and terminal. The terminal segment dominated the market in 2020. The terminal segment is sub-segmented into airport security and cleaning, boarding pass scanning, airport baggage system, and passenger guidance. The airport security and cleaning segment led the market in 2020.
The airport robots market is experiencing significant growth owing to increasing importance for security at airports. However, the high cost of robots hampers their adoption, especially at small airports in developing or under-developed countries. Meanwhile, the number of air passengers worldwide has increased due to surge in business travel and leisure travel. With the growing footfall at airports, the airport authorities are investing significantly in advance technologies, including robotics, for streamlining their operations. According to a survey conducted by the Air Transport IT Insights, ~32% of airports in the world are in the favor of increasing robotics involvement in their operations.
Various big construction projects, including airport modification and expansion were halted due to COVID-19, specifically in countries such as the US and Canada. For instance, Raleigh-Durham International Airport was on pace to expand its Terminal 1 from nine gates to as many as 22 and proceed with a new security checkpoint and a consolidated rental car facility. The projected expansion was halted due to the pandemic. Similarly, an infrastructure project at Vancouver International Airport has been terminated due to the COVID-19 crisis. Due to stoppage in such big project (expanded till quarter 3 of 2020), airport robots manufacturers lost several potential clients/projects, which impacted their overall cash flow. The impact was not only from the demand side, but also from the supply side.
As manufacturing facilities in the region were not operational for months, the supply chain was disrupted and the procurement of raw material was interrupted. Due to this, OEMs saw prominent challenges in keeping up with the quarterly revenue. Airports also witnessed the importance of robots and other machinery because of reduction of human touch. Moreover, the analysis states that the FY2021 would bring additional demand for airport robots, as airport development projects resume and airport authorities prepare to focus significantly on health and safety of passengers.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global airport robots market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global airport robots market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
Market Dynamics
Drivers
- Construction of New Airports and Exigency for Robust Airport Security
- Increase in Demand for Advanced Robots
Restraints
- Cost Associated with Procuring and Maintaining Advanced Robots
Opportunities
- High Potential in Developing Countries
Future Trends
- Enhanced Sanitation Programs and Procedures at Airports
Companies Mentioned
- YUJIN ROBOT Co., Ltd.
- Avidbots Corp.
- CYBERDYNE INC.
- SoftBank Robotics
- Stanley Robotics SAS
- SITA
- ABB Ltd
- ECA Group
- LG Electronics
- UVD ROBOTS
For more information about this report visit https://www.researchandmarkets.com/r/1ukulp
