The globalaerospace robotics marketis expected to gain impetus from the increasing adoption of artificial intelligence (AI) by companies for the maintenance of aircraft. This information is given byFortune Business Insightsin a new report. The report further mentions that the aerospace robotics market size wasUSD 2.66 billionin 2019 and is projected to reachUSD 7.78 billionby 2027, exhibiting a CAGR of 20.49% during the forecast period.
Investments in RD Activities to Develop AI-based Robots will Aid Growth
Several countries across the globe, including Japan, Germany, South Korea, China, France, and the United States, are making significant investments in research and development endeavors to create advanced AI-enabled robots. In 2017, the South Korean government, for example, planned to allocate around USD 450 million to the aerospace robotics sector with the primary objective of developing intelligent robots. Nevertheless, the implementation of robot automation projects poses challenges for small and medium-sized enterprises (SMEs). Additionally, operators must undergo training to effectively maintain and program these robots. These factors could potentially impede the growth of the aerospace robotics market in the foreseeable future.
Fortune Business Insights lists out the names of all the prominent aerospace robotics manufacturers operating in the global 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)
Hardware Segment to Show Rapid Growth Fueled by High Demand for Sensors Controllers
Based on solution, theAerospace Robotics Marketis 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.
High Expenditure to ModernizeAircraft Manufacturing Units in North America to Drive Growth
In 2019, North America generated revenue amounting to USD 1.01 billion, establishing itself as the leading region in terms of growth rate for the foreseeable future. This can be attributed to the presence of numerous industry giants, including Electro impact Inc. and Kawasaki Robotics, which contribute to the region's rapid advancement. Moreover, the United States is witnessing substantial investments in modernization programs aimed at enhancing aircraft manufacturing facilities. Meanwhile, Europe is expected to hold the second-largest position in the aerospace robotics market due to its increased adoption of Internet of Things (IoT)-based solutions in this sector.
Key Players Focus on Product Launches Acquisition Strategies to Intensify Competition
The 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 (BR) to broaden its position in industrial automation.