"Improving Operational Efficiency Remains Prominent Factors for Inspection Robots Market Growth"

Inspection robots market was valued at US$ 1,679.5 Mn in 2020 and expected to grow at a CAGR of 17.3% during the forecast period from 2021 to 2029. The fact that robotic inspection has proved to be significantly advantageous over current methods of inspection has led to its increasing adoption across various applications. The ability to operate in harsh, hazardous & dirty environment and to assist human inspectors 24/7 supports the aforementioned statement. For instance, inspection robots are finding wide application in the petrochemical industry for the purpose of inspection of assets. The huge potential of robotics in the petrochemical industry has benefited inspection robots to become an integral part of inspection and maintenance strategies.

Increasing focus towards generating positive cash flow in the long run is one of the most prominent factors complimenting the demand growth for inspection robots. Robotic implementation enable businesses to achieve better return on investment as they greatly minimize labor costs and at the same time helps to achieve higher operational efficiency. Moreover, the fact that, availability of skilled labor is becoming an issue of concern and process of hiring, training and retaining such employees involves high cost, further aids the adoption of inspection robots in order to achieve a higher profit margin.

"With Operational Costs Cutting Deep Into Profits, Oil and Gas Companies Are Adopting Automation Technology"

End-user industries such as automotive and food & beverages across the world in order to maintain operational efficiency are opting for automation of critical applications. Earlier, the tasks that were carried out through manual inspection are increasingly inspected through robotic inspections. For instance, industries such as petrochemical, oil & gas and food & beverages are extensively deploying inspection robots in order to improve detection and minimizing of anomalies and deviations in the existing processes. Therefore, to facilitate smooth and efficient processes and ensure products to meet quality standards, the demand for inspection robots expected to remain high in the years to come.

In 2020, the oil & gas segment led the overall inspection robots market worldwide, contributing to more than 50% of the overall market value in 2020. The inspection of critical components such as pipes, reactors, columns, pressure vessels, tank boilers is of prime importance in the oil and gas industry. The application of inspection robots in the oil and gas industry has brought considerable improvements in monitoring the condition of key components. In the oil and gas industry, each structure over the period of its operational life is exposed to harsh environments, such as high pressure, extreme temperatures and corrosive chemicals thus becoming prone to heavy wear and tear. This in turn might cause cracks, leakages and dents. Thus, the function of inspection robots in this context becomes immensely important in order to avert any disasters that may occur otherwise.

"Increasing Focus towards Inspection of Critical Components across Industries in North America to Drive Demand In The Region"

The global inspection robots market is dominated by North America accounting for more than 30% of the overall market value in 2020. The region is further expected to continue its dominance throughout the forecast period. One of the most prominent factors aiding the demand for inspection robots in the region can be attributed to its high adoption across end-use industries such as oil & gas, petrochemical and utilities industry.  Moreover, the fact that the oil and gas industry is expected to recover in near future will further influence the demand for inspection robots in the region.

"R&D Activities Directed Towards Product Enhancements"

Research and development is one of the most common strategies amongst players in the inspection robots market. These research and development activities are directed towards improving the existing products and developing new robots with enhanced functionalities and improved efficiency. For instance, recently, Mitsubishi Electric Corporation introduced a 19.9 mm thin inspection robot capable of inspecting power generators. The small size of the robot enables it to pass through the narrow gap between stator and the rotor, thereby eliminating the need to remove the rotor. The robot greatly improves the reliability and reduces cost and time of inspections. Similarly, in March 2021, Hydro-Québec unveiled a functional prototype of its power line inspection robots, the LineRanger. The new robot facilitates efficient inspection of conductor bundles on high-voltage transmission lines.

Key players profiled in the report include General Electric Company, Aetos Group, Inuktun Services Ltd., Honeybee Robotics, Universal Robots A/S, Genesis Systems Group, Alstom Inspection Robotics, JH Robotics, Inc., LEO Robotics and Superdroid Robots, Inc. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Inspection Robots market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Inspection Robots market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Inspection Robots market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Inspection Robots market?
• Which is the largest regional market for Inspection Robots market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Inspection Robots market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Inspection Robots market worldwide?