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Inspection and Maintenance Robot Market Overview
The Inspection and Maintenance Robot market size is estimated to reach $4,850 million by 2026 growing at a CAGR of 14.1% over the forecast period of 2021-2028.
The inspection and maintenance of the robot refer to intervene in robots under challenging areas or sites to reduce the risk associated with the lives of human resources and to optimize the work. Also, inspection and maintenance involve monotonous work and have repetitive operations. Thus, robots are used to reduce cost, fatigue, and improves the efficiency of the work. With the rapid development advancement in technology, personnel risk associated with dangerous areas, environmental and economic safety, and rising demand for automation is fuelling the market demand for inspection and maintenance robot market.
COVID 19 Impacts:
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SWOT Analysis:
The report is created based on comprehensive SWOT analysis and Porter’s five force analysis tools, the strengths, weaknesses, opportunities, and combination of key companies are extensively figured out in the report. Furthermore, every single prominent player in the global market is outlined with their associated details such as product types, market overview, marketing strategies, production base, applications, and other specifications.
Key Takeaways from Inspection and Maintenance Robot Market Report:
By product type, market for Autonomous to grow at the highest CAGR during the forecast period
During the forecast period, the market for autonomous is predicted to develop at the fastest rate of XX%. Autonomous robots are intelligent machines that do the job without human control. They are able to carry out work under difficult conditions in which there is a high risk of explosion and an inspection is required. This allows autonomous robots to collect information from the sensors and send images of instruments, temperatures, etc. as they move along the route shown on the facility's map. Autonomous robots are therefore also known as first-generation machines, can move autonomously and carry out the task without human intervention.
By End-use, Oil, Gas and Petrochemical is likely to hold the largest share during the forecast period
During the projection period, the Oil, Gas & Petrochemical predicted to hold the largest share in the forecast period. The oil gas & petrochemical segment has captured the largest market share in the global inspection and maintenance robot market for the year 2020. The industry being the most dangerous workplaces owing to the high chances of pressurized explosion and discharge of hazardous gases, especially owing to reasons such as opening and closing of the container lids during operations. Thus, the robots are intervened in the inspection and maintenance of the industries like oil gas and petrochemical as they have risk involve for human resources.
North America is likely to grow the fastest during the forecast period
Europe held largest share for Inspection and Maintenance Robot market in 2020 with global market share of 36%. The demand is higher in Europe owing to the high amount of spending by the region especially in machinery and automation. Europe holds major contribution to the development of technology, the adoption of robots due to high economic growth. Robots used in deep water for inspection and maintenance purposes; thus, the European region will fuel the market demand for the inspection and maintenance robot market in the forecast period from 2020-2027.
Market Dynamics
Driver: Growing demand for Cost-effective methods is attracting the market growth.
The adoption of robots not only reduces the workload from humans but also impacts positively on the operations and functions of the industry. For maintaining the regular and monotonous or repetitive features, it requires lots of costs and increases the chance of human error as well. Therefore, swapping robots with human resources will reduce the overall operations cost and enhance the efficiency and productivity of the work and improves safety too. Robots undergo easily in dangerous conditions and do inspection and maintenance of hazardous workplaces. Thus, it reduces the harmful effects on the environment and also minimizes the wastage and downtime of the machines.
Challenge: Frequent machinery failure at most facilities is hampering the growth
As, the maintenance practices within every industry have changed dramatically over recent decades. Most facilities are totally depending upon robots. Any small issue in the robot lead to total stoppage of industry and halt of business. In the petroleum industry, even the simplest maintenance operation can cost millions of dollars, and emergency work often proves even more expensive. Thus, the maintenance costs and direct implication of stoppage in work in case of failure is hindering the growth of the market in the forecast period.
Key Market Players:
Key Players in Inspection and Maintenance Robot Market consist of Cognex Group, GE inspection Robotics, Shell, FARO Technologies, Eddyfi, Oceaneering, Genesis Systems Group, Ensign Bickford Industries, Aetos Group, Gecko Robotics, ULC robotics, JH Robotics Inc, Superdroid Robots, LEO, Robotnik, among others
Recent Developments:
Report Coverage and Scope
The report “Inspection and Maintenance Robot Market”, by Research Informatics’ covers an in-depth detailed analysis for the following segment which are covered under scope.
By Product Type
By Component:
By End-user:
Geography
The Inspection and Maintenance Robot market size is estimated to reach $4,850 million by 2026 growing at a CAGR of 14.1% over the forecast period of 2021-2028.
The inspection and maintenance of the robot refer to intervene in robots under challenging areas or sites to reduce the risk associated with the lives of human resources and to optimize the work. Also, inspection and maintenance involve monotonous work and have repetitive operations.
Growing demand for Cost-effective methods is attracting the market growth. The adoption of robots not only reduces the workload from humans but also impacts positively on the operations and functions of the industry. For maintaining the regular and monotonous or repetitive features, it requires lots of costs and increases the chance of human error as well.
Cognex Group, GE inspection Robotics, Shell, FARO Technologies, Eddyfi, Oceaneering, Genesis Systems Group, Ensign Bickford Industries, Aetos Group, Gecko Robotics, ULC robotics, JH Robotics Inc, Superdroid Robots, LEO, Robotnik, among others
Europe held largest share for Inspection and Maintenance Robot market in 2020 with global market share of 36%. The demand is higher in Europe owing to the high amount of spending by the region especially in machinery and automation.
Published On:Jan 2021
Base Year:2020
Historical Data:2017 - 2019
No of Pages:250
Inspection and Maintenance Robot Market Size, Shar...
RD Code : MC22