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I AgreeAnalysis of Inspection Robot Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The inspection robot market is estimated to reach valuation of US$ 1,087.0 Million in 2023 and will top US$ 2,435.1 Million by 2033, growing with a CAGR of around 8.4% from 2023-2033.
In 2023, the global robot market is estimated to be valued around US$ 38,654 million. Inspection robot is an important segment of the total robot market. In terms of value, sales of inspection robots accounted for nearly 2.8% share of the global robot market at the end of 2022.
Report Attributes |
Details |
Inspection Robot Market Size (2022A) |
US$ 995.7 Million |
Estimated Market Value (2023E) |
US$ 1,087.0 Million |
Forecast Market Value (2033F) |
US$ 2,435.1 Million |
Global Market Growth Rate (2023-2033) |
8.4% CAGR |
North America Market Share (2023) |
19.2% |
North America Market Value (2023) |
US$ 208.7 million |
Europe Market Share (2023) |
23.4% |
Europe Market Value (2023) |
US$ 254.4 million |
China Market Share (2023) |
30.5% |
China Market Value (2023) |
US$ 331.5 million |
Market Share of Top 3 Countries |
54.9% |
Key Companies Profiled |
|
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Inspection robots can inspect objects and places that are invisible to the human eye. Inspection robots can drive around machines and vehicles and squeeze into tight spaces. It can also easily climb walls and hence provides a vertical or inverted view of the industrial processes.
Inspection robot costs increase with the integration of components such as sensors, cameras, and other electronics and operating software. These developments create new business opportunities in the inspection robot market.
It is hardly surprising that mobile robots are just now beginning to appear at construction, processing, and energy industry sites. These surroundings consist of intricate buildings with narrow passageways and steep steps that are unsafe for people to enter.
A robotic inspection solution must function autonomously and offer the sensors and intelligence systems associated with it to find flaws in the infrastructure or the equipment. Such dynamic features offered by the inspection robots will lead to the exponential growth of the market.
From 2018 to 2022, the global market for inspection robot registered a CAGR of 6.2%. Fact.MR, a market research and competitive intelligence provider, reveals that the market will exhibit growth at 8.4% CAGR between 2023 and 2033.
Market share analysis of inspection robot based on region and axes is provided in the above image. Under the axes, 4 axis and below sub-segment dominates with 45.3% market share in 2023.
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“Autonomous robots entering the industries for inspection purpose to increase revenue opportunities”
Efficient and effective industrial operations depend on having access to current, accurate data on the condition of the equipment. Inspection data is gathered, analyzed, and used to inform remedial actions that will improve operational uptime, performance, and quality. This process is known as condition monitoring.
Full inspection coverage cannot be achieved, even with IoT devices, as fixed-installed sensors eventually hit their scaling limits in terms of both installation time and device cost. For this reason, manufacturing plant employees manually do many rounds of daily inspections, frequently in unpleasant or potentially dangerous circumstances.
Fortunately, recent advancements in robotics technology have made it possible to offer an automated, entirely digital inspection solution. The introduction of this technology in all industries will drive the demand of the market.
“Increase in the accuracy of the inspection processes to provide opportunities for market growth”
Robots consistently and repeatedly follow precise processes and predefined workflows to minimize deviations, providing optimal conditions for research and analysis. It takes lots of human effort and superhuman skill to do the same tasks and movements for hours with the same precision always.
Automating quality inspections to improve measurement consistency and maintain high product quality is one key feature of the inspection robot. Freeing the employees from repetitive tasks and increasing the consistency of the quality inspection process will lead to the use of inspection robots.
Quickly and easily adapting quality inspection robots to new processes gives the flexibility to automate almost any manual task, including small batches and quick changeovers. Robots can be reused for different programs of regular tasks periodically.
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“High initial investments in the robots to hinder market growth”
Market growth is expected to be hindered by high initial capital costs and social exclusion due to significant job losses. SMEs find these solutions difficult to manage due to their large one-time initial capital requirements.
Another major factor hindering development is the availability of cheap labor in several emerging economies such as China, Indonesia, and India. In addition, the adoption of inspection robots is expected to be hindered by the need to meet legal requirements for the coexistence of human and automated workforces.
The use of robots has begun and their popularity is not dependent on the future. Several industries around the world already use them for fast and efficient work. In South Korea, the robotics industry has grown to US$ 4.5 billion in 2021. Products in this industry can be categorized into two types: robots designed for use in services or industry. Business support both of these products offered by the robotic industry.
Many global organizations such as Boston Dynamics and Hyundai already use robots to produce precision products. The pandemic epidemic of 2019 worked as a catalyst for the desire of the service sector to work with robots.
Robots turn out to be stronger, more resistant to disease, and take less time to refresh than humans. Since the robot's abilities are controlled by the user, all their movements can be known in advance, and are programmable at certain times. Hence the South Korea is poised at providing a valuation of US$ 57.5 million in 2023 and to grow at an impressive CAGR during forecast period.
The automation sector in China is driven by labor shortages, rising wages, and also an attempt to maintain a high industrial value chain. The production and use of robots in China will continue to increase rapidly due to both market forces and government policies.
The production and adoption of robot technology in China have accelerated rapidly in recent years, overtaking Japan, the United States, South Korea, and Germany. The Chinese market for inspection robots is poised to grow and capture a market share of 71.8% in the East Asia region.
The electronics and automotive industries use robots on a large scale. Over the past few years, China's annual car production has exceeded that of the United States and Japan combined. And today, over 70% of the world's computers and electronics are also manufactured in China. These industries will likely continue to expand, and so will the use of robots in China will also expand over the forecast period.
Oil and gas, nuclear, hydro, steam, and wind power systems are machined with incredible precision and durability that can survive in unpredictable and hostile environments on land or at sea. A pipe inspection robot is used to solve the problem of pipe blockages, cracks, leaks, etc.
Inspection of sewer pipes is carried out by a video inspection robot. The application of pipe inspection technology makes it easier for the maintenance workers to check the problems of the sewer pipes rather than visiting the sewer pipe in person, which effectively improves the level of supervision of sewer pipes.
The emergence of such type of pipe inspection device has changed or upgraded the conventional manual inspection mode. This device not only provides a convenient solution for pipeline inspection but also helps to detect pipe leaks. This pipeline inspection through robots is widely used in the oil and gas industry to detect any type of leakages in the system. Inspection robots will be valued at US$ 145.7 million on the back of oil and gas industry.
Aging infrastructure is a costly and dangerous problem in many parts of the U.S. Inspection robots provide close-up views of difficult-to-reach places, such as under bridges, while capturing high-quality images that are used to assess structural damage. Remotely operated mobile inspection robot can provide infrared and 3D models of bridges and identify areas of abrasion, corrosion, and cracking.
The use of inspection robots in bridge inspections brings great benefits such as better worker safety, easier and faster inspections, lower costs, and more detailed data collection. This technology of robotic inspection will have a bright future owing to the advantages mobile orientation of the robots and the market will have a revenue share of 46.7% in 2023.
Fact.MR profiled the following top companies in inspection robot market in its report. Those companies are AC-CESS, ANYbotics AG, FANUC America Corporation, Fiberscope, Gridbots Technologies Private Limited, Hangzhou Shenhao Technology Co., Ltd., Hibot, International Climbing Machines, Metrologic Group, Shandong Guoxing Intelligent Technology Co.,Ltd, SuperDroid Robots, Teledyne FLIR LLC, Universal Robots, Waygate Technologies Robotics, Wuhan Easy-Sight Technology Co., Ltd
Currently, technology has created a number of intelligent robotics, intelligent monitoring, and intelligent controlling products with autonomous intellectual property rights that might be utilized in the chemical & oil and gas industry industries, rail transportation, etc.
The companies can offer efficient inspections and monitoring for clients by the use of unmanned or less-staffed and intelligent management systems to address the challenges faced by customers.
Fact.MR has provided detailed information about the price points of key manufacturers of inspection robot positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
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The market is likely to reach a valuation of US$ 2,435.1 Million by the end of forecast period.
The mobile sub-segment of orientation segment is likely to reach a valuation of around US$ 508.1 Million in 2023.
Singapore market for inspection robot is expected to capture a market share of 24.8% in the South Asia & Oceania region in 2023.
East Asia region holds the leading market share of around 42.5% in 2023 and presumed to increase in same growth curve by the end of 2033.