by The global inspection robotics market is estimated to be valued at US$3.89 Bn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Inspection robotics are advanced robotic systems used to perform non-destructive testing and inspection of industrial products and processes. They help automate visual, ultrasonic, and radiographic inspection processes in industries such as oil & gas, automotive, aviation, and power generation. Inspection robots reduce production costs, enhance operational efficiency, and provide higher accuracy and inspection throughput compared to manual inspection. Their non-contact operation allows inspection of hard-to-reach or dangerous areas in industrial facilities.
Market key trends:
The growing automation and digitization trend across process industries is fueling the adoption of inspection robotics. Key players are developing advanced robotics platforms integrated with Artificial Intelligence (AI) and machine vision capabilities for autonomous inspection. Some major trends in the inspection robotics market include increasing demand for collaborative robots that can work safely alongside human workers, development of lightweight and modular inspection robot designs for flexible deployment, and incorporation of IoT and cloud connectivity in robotics solutions for predictive maintenance applications. Growing acceptance of non-destructive testing, stringent quality control, and safety standards are also driving the need for automated inspection systems like robotics.
Porter’s Analysis
Threat of new entrants: The inspection robotics market requires high R&D investment and compliance with stringent regulations. These barriers make market entry difficult for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated quality of products offered by various vendors.
Bargaining power of suppliers: A few large technology companies control supply for core components like cameras, sensors etc giving them significant influence on pricing.
Threat of new substitutes: Technological advancements in AI, IoT, computer vision and drones pose threat of substitution to conventional inspection robots.
Competitive rivalry: The global market is consolidated with few large multinational players dominating. Intense competition exists based on product quality, features, pricing and service.
Key Takeaways
The global inspection robotics market is expected to witness high growth, exhibiting CAGR of 20.% over the forecast period, due to increasing demand for automation and remote inspection in manufacturing and oil & gas industries. The market size for 2023 is projected to reach US$3.89Mn.
Regional analysis: The Asia Pacific region is expected to dominate the market owing to large manufacturing sector and growing emphasis on industrial automation in major economies like China and Japan. Significant opportunities also exist in European nations due to initiatives for adoption of advanced technologies by small and medium enterprises.
Key players: Key players operating in the inspection robotics market include AETOs, GE Inspection Robotics, Honeybee Robotics, Inuktun Services, and Universal Robots. AETOs and GE Inspection Robotics hold majority share due to their diverse product portfolio and global sales network. Other prominent players are expanding through partnerships with end users to foster innovation. _______________________________________________________________________
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
