What Is The Current and Historic Market Size Analysis Of Inspection Robots Market?
The inspection robots market has seen considerable growth due to a variety of factors.
• In recent times, there has been an exponential expansion in the market size of inspection robots. This market, which is currently valued at $1.94 billion in 2024, is projected to increase to $2.5 billion in 2025, showcasing a compound annual growth rate (CAGR) of 29.2%.
The growth witnessed in the past can be traced back to factors such as the escalating need for automation in industrial inspections, a rise in the demand for enhanced safety and quality checks, increasing intricacy of infrastructure and manufacturing operations, legal mandates demanding regular inspections, and the considerable expense associated with manual inspection labor.
What are the Market Size and Expected Growth Rates for the Inspection Robots Market?
The inspection robots market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of inspection robots is set to experience rapid growth in the coming years, potentially rising to $6.9 billion by 2029 with a compound annual growth rate (CAGR) of 28.8%.
This projected growth during the forecast period can be linked to numerous factors such as the growth of smart manufacturing and Industry 4.0 initiatives, increasing use of IoT technology for real-time tracking, surging investment in infrastructure, growing demand for predictive maintenance, the necessity for improved inspection in dangerous work settings and an emphasis on decreasing downtime and operational expenditure. Key trends predicted for the forecast period in the inspection robots market involve the incorporation of AI and machine learning for enhanced inspection capabilities, autonomous drones and mobile robots, the creation of highly adaptable multi-functional robots, cloud-centric data analytics for remote supervision, and the uptake of collaborative robots that work alongside human workers.
What Main Forces Are Fueling Expansion In The Inspection Robots Market?
As the uptake of Industry 4.0 increases, it's anticipated that the inspection robots market will likewise witness substantial growth. The term "Industry 4.0" is used to refer to the fourth industrial revolution, noted for the seamless integration of state-of-the-art technologies like automation, data analysis, and artificial intelligence into manufacturing techniques. The fact that Industry 4.0 is increasingly being adopted is largely due to the need for maximized efficiency and productivity, customization and flexibility, budget conservation and resource preserves, an upgrade in product quality and safety features and a response to global competition and digital upheaval. The role of inspection robots in Industry 4.0 is paramount as they enhance the predictive maintenance, real-time tracking, safety in dangerous conditions, and overall effectiveness by incorporating breakthrough technologies like IoT, AI, and machine learning into industrial procedures. For instance, around December 2022, a Conexus Indiana study revealed that the US manufacturing industry had seen a remarkable 35% surge in the assimilation of smart manufacturing and Industry 4.0 technologies as opposed to 2021, simultaneously witnessing a 13% hike in the number of companies having both designated budgets for tech assimilation and tactical roadmaps. Furthermore, the most widely adopted were autonomous mobile robots, showing an uptake from 11% to 16%. Therefore, the mounting assimilation of Industry 4.0 fuels the expansion of the inspection robots market.
What Are The Key Segments Within The Global Inspection Robots Market?
The inspection robots market covered in this report is segmented –
1) By Type: Non-Autonomous, Semi-Autonomous, Fully Autonomous
2) By Technology: Aerial, Surface, Submersible
3) By Application: Visual Inspection, Ultrasonic Inspection, Photogrammetry, Laser Scanning, Thermal Inspection, Radiography Inspection, Alternating Current Field Measurement, Tangential Eddy Current Array, Other Applications
4) By End User: Automotive, Construction, Food And Beverages, Manufacturing, Oil And Gas, Power
Subsegments:
1) By Non-Autonomous: Manual-Controlled Inspection Robots, Remotely Operated Inspection Robots, Tethered Non-Autonomous Robots
2) By Semi-Autonomous: Semi-Autonomous Inspection Drones, Semi-Autonomous Ground Inspection Robots, Semi-Autonomous Underwater Inspection Robots
3) By Fully Autonomous: Fully Autonomous Inspection Drones, Fully Autonomous Ground Inspection Robots, Fully Autonomous Underwater Inspection Robots, Fully Autonomous Aerial Inspection Robots
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How Are New Trends Impacting The Size Of The Inspection Robots Market?
Key players in the inspection robots industry are concentrating on advancing remote and autonomous functionalities, such as AI-powered systems, to boost overall reliability and minimize downtime. AI-powered systems within inspection robots aid in precisely detecting abnormalities and conducting predictive maintenance through the analysis of complex sensor and imagery data. For instance, in February 2024, U.S energy services and utility firm Avangrid Inc. initiated a pilot project to evaluate the incorporation of robotics and AI in substation inspections. The projection involves using a robot named Spot to carry out visual and thermal examinations at two substations in Connecticut. Spot, armed with a high optical zoom and thermal cameras, will evaluate equipment and identify possible concerns. The project, in partnership with Levatas and Boston Dynamics, intends to improve efficiency, reliability, and investment targeting, starting with tests focused on reading speed and inspection capability, and exploring the possibilities of remote operation for the robot.
Who Are the Key Players in the Inspection Robots Market?
Major companies operating in the inspection robots market are include:
•Denso Corporation
• Mitsubishi Electric Corporation
• ABB Ltd.
• Omron Corporation
• Teledyne FLIR LLC
• KUKA AG
• QinetiQ Group plc
• Cognex Corporation
• MISTRAS Group Inc.
• AeroVironment Inc.
• FARO Technologies Inc.
• Eddyfi Technologies Inc.
• Blue Ocean Robotics A/S
• Hangzhou Shenhao Technology Co. Ltd.
• Honeybee Robotics LLC
• Boston Dynamics Inc.
• ANYbotics AG
• Cyberdyne Inc.
• Invert Robotics Limited
• Gridbots Technologies Private Limited
• JH Robotics Inc.
• Robotnik Automation S.L.
• PetroBot Technologies Private Limited
• International Climbing Machines Ltd.
• Metrologic Group S.A.
What are the Regional Insights into the Inspection Robots Market?
North America was the largest region in the inspection robots market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the inspection robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
