Key Players
The major players operating in the global inspection robots market are:
- Gecko Robotics, Inc.
- Eddyfi Technologies
- Genesis Systems (IPG Photonics)
- Invert Robotics
- Honeybee Robotics
- JH Robotics, Inc.
- Montrose Technologies
- Shenzhen SROD Industrial Group Co.,Ltd
- Universal Robots
- Waygate Technologies (Baker Hughes Company)
Market Dynamics
The inspection robots market is driven by several key factors. One major factor is the ability of these robots to inspect areas and objects that are inaccessible to the human eye. Due to their small size and agility, inspection robots can maneuver through tight spaces, climb walls, and move around machinery or vehicles, making inspections more comprehensive and easier to perform.
Furthermore, inspection robots can use advanced technologies such as infrared imaging and scanning to examine the outer layer and internal components of objects, even those that are packaged.
Another advantage of using inspection robots is their ability to improve worker safety in manufacturing environments. By allowing inspections to be conducted remotely, workers can avoid potentially dangerous sites, such as those with heavy machinery, underwater components, or offshore drilling platforms. This can help to reduce the risk of injury or accidents. Additionally, the use of inspection robots can improve data organization and contribute to lower operational costs.
It should be noted that the cost of installing inspection robots can be relatively high due to the integration of cameras, sensors, and other electronics with operating software. This can increase the overall cost of these robots. Additionally, there is the possibility that robots may fail to operate and respond in certain situations, which could result in hazardous situations.
Furthermore, the outbreak of the COVID-19 pandemic has had a significant impact on the construction, manufacturing, hotel, and transport industries, among others. Manufacturing activities were halted or restricted, and construction and transportation activities, along with their supply chains, were disrupted globally. As a result, there was a decline in the manufacturing of inspection robots as well as a decrease in their demand in the market, which has restrained the growth of the inspection robots market. However, as industries gradually resumed their regular manufacturing and services the inspection robots market recovered from 2022.
Additionally, the utilization of Internet of Things (IoT) technology in inspection robots has the potential to enhance their capabilities and improve their effectiveness by incorporating Artificial Intelligence (AI). These developments are expected to create fresh opportunities for growth in the inspection robots industry.
While the inspection robots market is expected to witness significant growth in the coming years, there are also several restraints that may hinder market growth. One of the primary challenges is the high cost of inspection robots, which can limit their adoption across small and medium-sized businesses. The need for skilled technicians to operate these robots is another significant restraint, which can increase the cost of implementing these solutions.
Moreover, the lack of standardization across different industries can pose a challenge for inspection robots as different industries may require different types of robots and testing methodologies. Additionally, safety concerns associated with the use of inspection robots in hazardous environments can impede their adoption in certain industries.
Furthermore, the complex nature of inspection robots can limit their ease of use and maintenance, requiring specialized training and support from manufacturers, which can further add to the cost of implementation. Lastly, the limited operational range of inspection robots can also limit their applicability in certain industries and environments, especially where human intervention is still required.
Segment Analysis
By Robot Type
The inspection robots market was dominated by the mobile robots segment in 2022, in terms of revenue, based on the type of robot used. However, the stationary robotic arm segment is expected to experience the highest compound annual growth rate (CAGR) during the forecast period.
By Testing Type
In terms of testing type, the non-destructive inspection segment held the highest revenue share in 2022, but the automated metrology segment is expected to grow at the highest CAGR during the forecast period.
By End-user Industry Type
As for end users, the oil & gas industry held the highest revenue share in 2022, but the pharmaceutical segment is projected to exhibit the highest CAGR in the coming years.
Regional Analysis
The Asia Pacific region is currently leading the inspection robots market, primarily due to the increasing adoption of these robots across various industries, such as automobile, food & beverages, and oil & gas. Moreover, major countries in the region, including China, Japan, India, and South Korea, are witnessing a surge in the integration of automated solutions to enhance their production and inspection capabilities, thereby driving the demand for inspection robots. Additionally, the rise of smart factories and Industry 4.0 is expected to further stimulate market growth in the region.
After Asia Pacific, North America and Europe are expected to experience significant growth in the inspection robots market due to the presence of major manufacturers in these regions. Additionally, rapid technological advancements and substantial investments in research and development by suppliers are likely to fuel the adoption of inspection robots in these markets.
Furthermore, the involvement of various regulatory bodies in maintaining and inspecting products and commodities in accordance with standard norms is driving market growth.
The Middle East and Africa, as well as South America, are predicted to exhibit steady growth in the inspection robots market, propelled by the expansion of oil and gas, construction, and other major industries. Additionally, government initiatives to provide substantial funding for the transition from manual to automated and smart factories are expected to have a significant impact on market growth in these regions.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
Recent Developments
- In January 2023, Invert Robotics teamed up with amotec AG, a Swiss-based company that specializes in plant and pipeline construction, to improve non-destructive testing (NDT) inspections and repairs in the food and beverage, chemicals, and pharmaceutical industries.
- In October 2022, Gecko Robotics, a pioneer in using cutting-edge robotics and enterprise software to enhance the accessibility, dependability, and sustainability of vital infrastructure, entered into a three-year partnership with Siemens Energy's European Field Service division to offer and market sophisticated ultrasonic robotic inspection services throughout Europe.
- In October 2022, Eddyfi Technologies supplied Shell with robotic solution for safer Autogas tank inspection as an alternative to manned inspection.
