The new inspection robots market research from Technavio indicates Neutral and Inferior growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Inspection Robots Market 2020-2024 (Graphic: Business Wire)
“One of the primary growth drivers for this market is the benefits of robotic inspection,” says a senior analyst for the industrials sector at Technavio. Inspection robots offer a high level of quality assurance and quality control compared to manual inspection. They improve productivity by reducing the number of defects and errors. Inspection robots also help streamline processes and eliminate repetitive tasks without compromising on accuracy. Moreover, they ensure the safety of workers as they can be deployed in hazardous and unstable conditions. Many such advantages offered by inspection robots are increasing their adoption among end-users. As the markets recover Technavio expects the inspection robots market size to grow by USD 3.72 billion during the period 2020-2024.
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Inspection Robots Segment Highlights for 2020
- The inspection robots market is expected to post a year-over-year growth rate of 16.99%.
- Oil and gas segment led the growth of the inspection robots market in 2019.
- The rising adoption of advanced inspection technologies such as ultrasonic testing or phased array ultrasonic testing (PAUT) by companies in this industry will increase the usage of inspection robots in the oil and gas sector.
- The inspection robots market share growth by the petrochemicals segment will be significant during the forecast period.
- 38% of the growth will originate from the European region.
- Factors such as the rapid industrialization in the region that is driving the growth of the oil and gas, automotive, and aerospace and defense sectors will significantly drive inspection robots market growth in this region over the forecast period.
- The UK, France, and Spain are key markets for inspection robots in North America. Market growth in this region will be faster than the growth of the market in North America, APAC and MEA.
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- The inspection robots market size is expected to accelerate at a CAGR of almost 19% during the forecast period.
- The inspection robots market is segmented by geography (APAC, Europe, MEA, North America, and South America), type (ROVs and autonomous robots), and end-users (oil and gas, petrochemicals, food and beverages, and others).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., MISTRAS Group Inc., TechnipFMC Plc, and Teradyne Inc.
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