Aerospace Robotics Market Worth $5,687 Billion by 2022 | Business Strategies, Technological Innovation, Trends & Top Players
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The aerospace robotics market growth is fueled by the enhanced need for automation for efficient aircraft production. In addition, an increase in the cost of labor worldwide. However, the 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.
The Objective of the “Global Aerospace Robotics Market” report is to depict the trends and upcoming for the Data Masking industry over the forecast years. Aerospace Robotics Market report data has been gathered from industry specialist/experts. Although the market size of the market is studied and predicted from 2019 to 2026 mulling over 2018 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.
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The aerospace robotics market in LAMEA region is estimated to grow at a significant rate during the forecast period, owing to the heavy inflow of investment by government to develop the aviation industry. Moreover, it is expected to witness significant growth in the emerging countries such as Africa, Brazil, Iran, and Saudi Arabia.
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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North America dominated the global aerospace robotics market in 2015. 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.
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Driving factors for the market
1. Increasing need of automation for efficient aircraft production
2. The growing use of robotics to handle aircraft order backlog
3. Increasing labor cost
Market Restraints and Opportunities:
1. Lack of skilled workforce
2. High initial cost
4. Technological advancements
5. High pace growth in the aerospace industry
6. Top impacting factors
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