Inspection Robots Market - Actionable Research on COVID-19 | Benefits of Robotic Inspection to Boost the Market Growth | Technavio

LONDON–(BUSINESS WIRE)–Oct 5, 2020–

The global inspection robots market size is poised to grow by USD 3.72 billion during 2020-2024, progressing at a CAGR of almost 19% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Inspection Robots Market 2020-2024 (Graphic: Business Wire)

Robotic inspection enables a higher level of quality assurance and quality control. It ensures the safety of the working environment as they can work in hazardous and unstable conditions. Moreover, the use of inspection robots also reduces downtime, maximizes organizational capacity, and decreases the economic impact of inspections. These benefits of robotic inspection will significantly influence inspection robots market growth over the forecast period.

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Report Highlights:

The major inspection robots market growth came from oil and gas industry segment. Robotic inspection helps in the minimization of outages at refinery plants or facilities. Moreover, these robots can easily navigate through narrow spaces within structures without being opened or disassembled. Such advantages have led to an increase in their application in the oil and gas industry. However, market growth in this sector will be slower than the growth of the market in the petrochemicals, food and beverages, and other sectors.
Europe is one of the largest markets for inspection robots. The rapid industrialization in the region that is driving the growth of the oil and gas, automotive, and aerospace and defense sectors, will increase the demand for inspection robots.
The global inspection robots market is fragmented. Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., MISTRAS Group Inc., TechnipFMC Plc, and Teradyne Inc. are some of the major market participants. To help clients improve their market position, this inspection robots market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global inspection robots market 2020-2024 is expected to have Neutral and Inferior. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

Read the full report here:https://www.technavio.com/report/report/inspection-robots-market-industry-analysis

Integration of AI and IoT to Optimize Operations will be a Key Market Trend

To improve quality and maximize productivity, vendors in the market are focusing on optimizing inspection operations. This led to the integration of AI and machine learning with process automation. The use of AI and IoT in robotic inspection has resulted in the emergence of acoustic inspection, advanced visual inspection, and prescriptive repair solutions. AI-enabled inspection robots will provide real-time health data of machines, which will help in predictive failure analysis. This will, in turn, lead to the adoption of advanced repair guidance systems. The integration of AI and IoT to optimize operations is one of the critical inspection robots market trends that will gain traction.

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Inspection Robots Market 2020-2024: Key Highlights

CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist inspection robots market growth during the next five years
Estimation of the inspection robots market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the inspection robots market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of inspection robots market vendors

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PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

Preface
Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

Market ecosystem
Value chain analysis
Market characteristics
Market segmentation analysis

PART 04: MARKET SIZING

Market definition
Market sizing 2019
Market Outlook
Market size and forecast 2019-2024

PART 05: FIVE FORCES ANALYSIS

Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market condition

PART 06: MARKET SEGMENTATION BY TYPE

Market segmentation by type
Comparison by type
ROVs – Market size and forecast 2019-2024
Autonomous robots – Market size and forecast 2019-2024
Market opportunity by type

PART 07: CUSTOMER LANDSCAPE

PART 08: MARKET SEGMENTATION BY END-USER

Market segmentation by end-user
Comparison by end-user
Oil and gas – Market size and forecast 2019-2024
Petrochemicals – Market size and forecast 2019-2024
Food and beverages – Market size and forecast 2019-2024
Others – Market size and forecast 2019-2024
Market opportunity by end-user

PART 09: GEOGRAPHIC LANDSCAPE

Geographic segmentation
Geographic comparison
Europe – Market size and forecast 2019-2024
North America – Market size and forecast 2019-2024
APAC – Market size and forecast 2019-2024
South America – Market size and forecast 2019-2024
MEA – Market size and forecast 2019-2024
Key leading countries
Market opportunity

PART 10: DECISION FRAMEWORK

PART 11: DRIVERS AND CHALLENGES

Market drivers
Market challenges

PART 12: MARKET TRENDS

Advances in robotic inspection
Integration of IoT and AI to optimize inspection operations
Advances in mobile robots

PART 13: VENDOR LANDSCAPE

Overview
Landscape disruption
Competitive scenario

PART 14: VENDOR ANALYSIS

Vendors covered
Vendor classification
Market positioning of vendors
Cognex Corp.
Eddyfi NDT, Inc.
Ensign-Bickford Industries Inc.
FARO Technologies Inc.
General Electric Co.
Groupe Gorgé
IPG Photonics Corp.
MISTRAS Group Inc.
TechnipFMC Plc
Teradyne Inc.

PART 15: APPENDIX

Research methodology
List of abbreviations
Definition of market positioning of vendors

PART 16: EXPLORE TECHNAVIO

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View source version on businesswire.com:https://www.businesswire.com/news/home/20201005005580/en/

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SOURCE: Technavio Research

PUB: 10/05/2020 06:15 PM/DISC: 10/05/2020 06:16 PM