 of 20.49% during the forecast period and is expected to reach USD 7.78 billion by 2027.){kind=link}
The global aerospace robotics market is expected to gain impetus from the increasing adoption of artificial intelligence (AI) by companies for the maintenance of aircraft. According to a recent report by Fortune Business Insights™, the aerospace robotics market had a value of USD 2.66 billion in 2019. The report predicts that the market will expand at a compound annual growth rate (CAGR) of 20.49% during the forecast period and is expected to reach USD 7.78 billion by 2027.
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)
https://www.fortunebusinessinsights.com/aerospace-robotics-market-103324
Drivers & Restraints-
Investments in R&D Activities to Develop AI-based Robots will Aid Growth
Numerous countries worldwide, including the United States, China, France, Germany, Japan, and South Korea, are heavily investing in research and development to create innovative AI-powered robots. In 2017, the South Korean government announced a plan to invest around USD 450 million in the aerospace robotics industry to develop an intelligent robot. However, implementing robot automation projects can be difficult for small and medium-sized enterprises (SMEs), and operators must receive training to maintain and program these robots. These challenges may impede the growth of the aerospace robotics market in the near future.
Segment-
Hardware Segment to Show Rapid Growth Fueled by High Demand for Sensors & Controllers
Based on solution, the market is 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.
Regional Analysis-
High Expenditure to ModernizeAircraft Manufacturing Units in North America to Drive Growth
In 2019, North America procured USD 1.01 billion in terms of revenue. It is set to be the fastest-growing region throughout the forthcoming period backed by the presence of a large number of industry giants, such as Electro impact Inc. and Kawasaki Robotics in the region. Apart from that, the U.S. is experiencing high investments in the modernization programs to improve its aircraft manufacturing units. Europe, on the other hand, is likely to hold the second-largest position because of the higher adoption of Internet of Things (IoT)-based aerospace robotics solutions.
Competitive Landscape-
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 (B&R) to broaden its position in industrial automation.