According to a new report by Fortune Business Insights™, the global aerospace robotics market is set to witness substantial growth, driven largely by the rising adoption of artificial intelligence (AI) in aircraft maintenance. Valued at USD 2.66 billion in 2019, the market is projected to reach USD 7.78 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 20.49% during the forecast period.
The integration of AI technology in the aerospace industry has significantly enhanced the efficiency and effectiveness of aircraft maintenance processes. Aerospace robotics, equipped with AI capabilities, facilitate automated and intelligent operations, leading to increased productivity and minimized downtime. These advancements are expected to fuel the demand for aerospace robotics solutions in the coming years.
Fortune Business Insights™ lists out the names of all the prominent manufacturers in 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)
Information Source: 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- Aerospace Robotics Market
Hardware Segment to Show Rapid Growth Fueled by High Demand for Sensors & Controllers
Based on solution, the 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- Aerospace Robotics Market
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:
August 2019: Epson Robots declared the launch of its AutomateEliteSM Authorized System Integrator Program. It was put under the Epson Advantage Partner Program. It would help them in surging its business through the sales of their robots. At the same time, it would enable customers to easily search for the most effective system integrators for their automation projects.
July 2017: ABB successfully acquired Bernecker + Rainer Industrie-Elektronik GmbH (B&R) to broaden its position in industrial automation.