DUBLIN--(BUSINESS WIRE)--The "North America Airport Robots Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Landside/Valet Parking and Terminal)" report has been added to ResearchAndMarkets.com's offering.
According to the study, the market is expected to reach US$ 428.4 million by 2028 from US$ 103.08 million in 2021. The market is estimated to grow at a CAGR of 22.6% from 2021 to 2028.
The growing construction of new airports and exigency for robust airport security and rise in demand for advanced robots are the major factor driving the growth of the North America airport robots market. However, high initial and maintenance cost hinders the growth of North America airport robots market.
Regarding COVID-19, North America is highly affected - especially the US. The federal government in the country did not impose nationwide lockdown in 2020; however, governors of few states decided to impose lockdown in their respective states. The lockdown hindered the operations of various industries, including manufacturing and IT. However, essential industries such as fast-moving consumer goods (FMCG) and pharmaceutical had to continue their operations.
Various big construction projects, including airport modification and expansion were also halted due to COVID-19, specifically in countries like 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 halt in such big project, (expanded till quarter 3 of the 2020), airport robots manufacturers lost lot of potential clients/project, which impacted their overall cash flow. The impact was not only from the demand side, but it was also from the supply side.
Since manufacturing facilities in the region were not operational for months, supply chain was disrupted, procurement of raw material was interrupted. Due to this, OEMs saw prominent challenge in keeping up with the quarterly revenue. But Airport also saw importance of robots and other machinery because of reduction of human touch in COVID-19. However, the analysis states that the financial year 2021 would bring additional demand for airport robots, as airport development project resumes and airport authorities prepare to focus significantly on health and safety of passengers.
The North America airport robots market is segmented into the application and country. Based on application, the North America airport robots market is segmented into landside/valet parking and terminal. The terminal segment led the North America airport robots market in 2020 and same segment is expected to be fastest growing during forecast period.
The terminal segment is further bifurcated into the airport security and cleaning, boarding pass scanning, airport baggage system, and passenger guidance. The airport security and cleaning segment led the North America airport robots market in 2020 and same segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the US, Canada, and Mexico.
ABB Ltd. Avidbots Corp. CYBERDYNE INC. LG Electronics, SITA, and SoftBank Robotics are among the leading companies in the North America airport robots market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, SITA announced that it has completed the installation of its next-generation passenger processing infrastructure at Vaclav Havel Airport Prague, setting the path for a future passenger journey that is fully touch less and mobile.
Key Topics Covered
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Airport Robots Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. North America Airport Robots Market - Key Market Dynamics
5.1 Key Market Drivers
5.1.1 Growing Construction of New Airports and Exigency for Robust Airport Security
5.1.2 Rise in Demand for Advanced Robots
5.2 Key Market Restraints
5.2.1 High Initial and Maintenance Cost
5.3 Key Market Opportunities
5.3.1 Surging Potential in Several Countries
5.4 Future Trends
5.4.1 Enhancement in Sanitation Programs and Procedures at Airports
5.5 Impact Analysis of Drivers and Restraints
6. Airport Robots Market - North America Analysis
6.1 North America Airport Robots Market Overview
6.2 North America Airport Robots Market Revenue Forecast and Analysis
7. North America Airport Robots Market Revenue and Forecast to 2028 - By Application
7.1 Overview
7.2 North America Airport Robots Market, By Application (2020 and 2028)
7.3 Landside/Valet Parking
7.4 Terminal
8. North America Airport Robots Market - Country Analysis
9. North America Airport Robots Market - COVID-19 Impact Analysis
10. Industry Landscape
10.1 Overview
10.2 Market Initiatives
11. Company Profiles
11.1 Avidbots Corp.
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 CYBERDYNE Inc.
11.3 SoftBank Robotics
11.4 SITA
11.5 ABB Ltd.
11.6 LG Electronics
For more information about this report visit https://www.researchandmarkets.com/r/ek5445
