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Aerospace Robotics Market by 2023: Growth Drivers and Future Scenarios

02-13-2019 07:16 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied Market Research

Aerospace Robotics Market by 2023: Growth Drivers and Future

The global aerospace robotics market is expected to reach $5,687 million by 2022, growing at a CAGR of 17.2% from 2016 to 2022. The articulated robot segment is expected to dominate the global market during the forecast period. North America is expected to generate the maximum revenue in the global market by 2022.

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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.

The key players profiled in the report include 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, and AV&R Vision & Robotics Inc.

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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