Press release
How will aerospace robotics market expected to hit $56.87 billion by 2022: Growth Drivers and Trends
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The robotics technology is used in aerospace industry for variety of applications during the manufacturing of aircraft components including welding, drilling, painting, material handling, cutting, assembly automation, and fabrication of engines. The aerospace robotics market offers automation, precision, and accuracy in repetitive tasks done in the manufacturing procedure,
The aerospace robotics market growth is fueled by enhanced need of automation for efficient aircraft production. In addition, increase in cost of labor worldwide. However, high installation cost of robotics technology hampers the growth of the aerospace robotics industry. The adoption of advanced technologies in the aircraft manufacturing industry including Internet of Things (IoT), 3D vision technology, artificial intelligence, and cloud computing is expected to present numerous opportunities to the global aerospace robotics industry.
In 2015, the drilling application segment generated the maximum revenue in the global market, owing to utilization of robotics technology for drilling holes in aircraft components with high precision. The inspection application segment is expected to grow at the highest CAGR during the forecast period, owing to the implementation of new technologies such as ultrasonic technology, 3D imaging technology, and other non-destructive methods used in the inspection process of aircrafts. The collaborative technology segment is anticipated to witness the highest growth rate, registering a CAGR of 19.8% from 2016 to 2022. The articulated type segment is expected to generate the highest revenue throughout the forecast period. The other (cylindrical, spherical, SCARA, and parallel) type is anticipated to grow at the highest rate during the study period.
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In 2015, North America dominated the global aerospace robotics market. Asia-Pacific is expected to grow at the highest rate during the forecast period on account of the surge in the number of air passengers and continuous economic development in various countries such as India, Malaysia, China, and Singapore.
Competitive Analysis of Leading Industry Players:
•ABB Group
•KUKA AG
•Fanuc Corporation
•Yaskawa Electric Corporation
•Mitsubishi Electric Corporation
•JH Robotics Inc.
•Oliver Crispin Robotics Limited
•Electroimpact Inc.
•Universal Robots A/S
•AV&R Vision & Robotics Inc.
Analyst Review:
The aerospace industry uses robotics technology to manufacture aircraft components. Aerospace robots are used for various manufacturing process such as welding, drilling holes, inspection, painting, material handling, assembly automation, and others. The robotic devices offer automation, efficiency, and ability to accurately perform intricate tasks. Technologically advanced collaborative robots are used in the aerospace industry owing to increase in investment for automation among aircraft manufacturing companies and adoption of advanced technologies including Internet of Things (IoT), 3D technology, nanotechnology, and cloud computing. For instance, in November 2016, the Boeing Company announced to implement automated machines and robots for aircraft manufacturing in its 777X Composite Wing Center.
The growth of the aerospace robotics industry is hampered by high installation cost for implementing robots. However, rapid growth in the aerospace industry is expected to drive the aerospace robotics market. Leading players in the market have collaborated with other companies to expand their product portfolio and increase their market potential. North America generated the maximum revenue in the global aerospace robotics industry, owing to rapid technological advancements and heavy government expenditure for the development of the aerospace and defense industry.
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