The global aerospace robotics market was valued at USD 2.66 billion in 2019 and is anticipated to reach USD 48.39 billion by 2032, growing at a CAGR of 25.0% over the forecast period. North America led the market in 2019, holding a 37.97% share.
Robots play a crucial role in enhancing various operations in the aerospace sector, from manufacturing components to delivering finished products to end-users. The increased adoption of the Internet of Things (IoT) in robotics has transformed the industry, particularly in aircraft component manufacturing, where IoT-enabled robotics help reduce labor costs and improve quality and precision in producing critical parts. With features like high precision, reliability, speed, and cost-effectiveness, robotics are well-suited to address challenges faced by aircraft manufacturers, including substantial aircraft backlogs and tight delivery schedules. Automation through robotics can shorten manufacturing turnaround times, helping manufacturers fulfill delivery commitments to airlines more efficiently.
Fortune Business Insights™ lists out the names of all the prominent key players in the Aerospace Robotics Market. They are as follows:
ABB Group (Switzerland)
Electroimpact Inc. (The U.S.)
Fanuc Corporation (Japan)
Gudel AG (Switzerland)
Kawasaki Robotics (The U.S.)
KUKA AG (Germany)
Oliver Crispin Robotics Ltd. (The U.K)
TAL Manufacturing Solutions Limited India (India)
Universal Robotics A/S (Denmark)
Yaskawa Electric Corporation (Japan)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/aerospace-robotics-market-103324
Drivers & Restraints-
Investments in R&D Activities to Develop AI-based Robots will Aid Growth
Several countries worldwide, such as Japan, Germany, South Korea, China, France, and the U.S. are extensively investing in research and development activities to develop novel AI-enabled robots. The South Korean government, for instance, planned to invest approximately USD 450 million in 2017 for the aerospace robotics sector. The main aim of this investment was to create an intelligent robot. However, for small and medium-sized enterprises (SMEs), a robot automation project can be challenging. Also, the operators must be trained to maintain and program these robots. These factors may hamper the aerospace robotics market growth in the near future.
Segment-
Hardware Segment to Show Rapid Growth Fueled by High Demand for Sensors & Controllers
Based on solution, the aerospace robotics market is segregated into services, software, and hardware. Out of these, the hardware segment generated 57.33% in terms of aerospace robotics market share in 2019. This growth is attributable to the increasing demand for sensors, arm processors, and controllers to accelerate the sales of aerospace robotics solutions.
Regional Analysis-
High Expenditure to ModernizeAircraft Manufacturing Units in North America to Drive Growth
In 2019, North America procured USD 1.01 billion in terms of revenue. It is set to be the fastest-growing region throughout the forthcoming period backed by the presence of a large number of industry giants, such as Electro impact Inc. and Kawasaki Robotics in the region. Apart from that, the U.S. is experiencing high investments in the modernization programs to improve its aircraft manufacturing units. Europe, on the other hand, is likely to hold the second-largest position because of the higher adoption of Internet of Things (IoT)-based aerospace robotics solutions.
Competitive Landscape-
Key Players Focus on Product Launches & Acquisition Strategies to Intensify Competition
The aerospace robotics market consists of numerous reputed organizations that are persistently striving to gain a competitive edge by introducing new aerospace robotics solutions equipped with the latest technologies. Some of the others are also engaging in acquisitions to expand their portfolios and geographical footprints. Below are two of the latest industry developments:
In July2021, Fanuc Corporation announced that it has started the production of 750,000th industrial robot, representing a record high point in the robotics industry. FANUC Corporation’s customer base covers a wide range of industries including automotive, aerospace, food and beverage, consumer goods, medical and pharmaceutical, warehousing, and many more.
In June 2021, Nexter group and other manufacturers invited by the GICAT a pioneer in the French defence and security innovation ecosystem will exhibit their solutions and products alongside the capabilities already in service with the French Army. The Army arranged this meeting to propose the VULCAIN project, a strategic vision of robotics for the years 2035-2040.