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The rising concerns for inspecting ferromagnetic structures in nuclear and energy applications is a primary factor driving the product demand. The integration of advanced vision sensors provide more comprehensive inspections at critical and high-value infrastructure and avoid putting human beings in precarious situations. For instance, in November 2020, Aker BP and Cognite completes deployment of quadruped robot dog, a autonomous robotic solution to transform the industry through digitalization, improved efficiency, safety, and sustainability at North Sea offshore. Similarly, in January 2021, PETRONAS, a Malaysia oil & gas platforms partnered with ANYbotics to enable unmanned industrial inspections on its oil & gas platforms. In addition to this, major manufacturers are aiming to bring advanced intuitive technologies embedded in robots mainly cutting-edge AI, edge compute and connectivity technologies to meet the growing customer demand. Also, key suppliers are emphasizing on expanding its product and service portfolios to enhance customer productivity and competitiveness. For instance, in November 2020, Waygate Technologies (WT) announced its robotic expansion unit to unlock future long term strategies and strengthen its automated data capture capabilities and stay competitive in the global market. However, the coronavirus pandemic has created turmoil all around the world and brought economies to a standstill. The sudden lockdown announced across the nations has led the robotic suppliers to a stagnant position for a short span of time. Nevertheless, Covid19 disruption has further accelerate digitization and usage of automation and robotics to perform a variety of functions on the production line in manufacturing plants.
Key Market Driver -
• Demand from oil & gas and petrochemicals industries is fueling the product demand • Introduction of intelligent and technologically advanced robotics solutions
Key Market Restraint -
• High cost of procurement and installation at initial stage is hindering market growth
Some of the key competitors in the inspection robots market include Aetos, GE, Honeybee Robotics, Universal Robots, Mitsubishi Electric Corporation, Fanuc Corp, Inuktun Services, JH Robotics, Inc., LEO Robotics, Superdroid Robotics, ABB and others.
Asia Pacific holds a dominant position in the inspection robots market owing to rising penetration of such robots across various industries mainly automobile, food & beverages, oil & gas and other industries. Also, presence of major countries namely China, Japan, India, South Korea wherein manufacturing industries are integrating automated solutions to increase production and inspection capacity further fueling the product demand. Also, emergence of smart factories and Industry 4.0 are other potential factors likely to grow this market
Following Asia Pacific, North America and Europe are anticipated to grow at a high rate in the coming years owing to presence of major manufacturers operating in this region. Also, rapid technological advancements and massive investments by suppliers in research & development activities is likely to fuel the product penetration in this region. Also, involvement of various regulatory bodies to maintain and inspect product and commodities as per the standard norms is fueling the market growth.
The Middle East and Africa and South America is anticipated to showcase steady growth owing to rising oil & gas, construction, and other major industries. Also, government focus to provide massive funding to shift from manual to automated and smart factories is creating a potential impact on the market growth.
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