The aerospace robotics market in LAMEA region is estimated to grow at a significant rate during the forecast period, owing to the heavy inflow of investment by government to develop the aviation industry. Moreover, it is expected to witness significant growth in the emerging countries such as Africa, Brazil, Iran, and Saudi Arabia.
Portland, OR -- (SBWIRE) -- 06/25/2018 -- The global aerospace robotics market is expected to reach $5,687 million by 2022, growing at a CAGR of 17.2% from 2016 to 2022. The articulated robot segment is expected to dominate the global market during the forecast period. North America is expected to generate the maximum revenue in the global market by 2022.
The robotics technology is used in aerospace industry for variety of applications during the manufacturing of aircraft components including welding, drilling, painting, material handling, cutting, assembly automation, and fabrication of engines. The aerospace robotics market offers automation, precision, and accuracy in repetitive tasks done in the manufacturing procedure.
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The aerospace robotics market growth is fueled by enhanced need of automation for efficient aircraft production. In addition, increase in cost of labor worldwide. However, high installation cost of robotics technology hampers the growth of the aerospace robotics industry. The adoption of advanced technologies in the aircraft manufacturing industry including Internet of Things (IoT), 3D vision technology, artificial intelligence, and cloud computing is expected to present numerous opportunities to the global aerospace robotics industry.
In 2015, the drilling application segment generated the maximum revenue in the global market, owing to utilization of robotics technology for drilling holes in aircraft components with high precision. The inspection application segment is expected to grow at the highest CAGR during the forecast period, owing to the implementation of new technologies such as ultrasonic technology, 3D imaging technology, and other non-destructive methods used in the inspection process of aircrafts. The collaborative technology segment is anticipated to witness the highest growth rate, registering a CAGR of 19.8% from 2016 to 2022. The articulated type segment is expected to generate the highest revenue throughout the forecast period. The other (cylindrical, spherical, SCARA, and parallel) type is anticipated to grow at the highest rate during the study period.
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In 2015, North America dominated the global aerospace robotics market. Asia-Pacific is expected to grow at the highest rate during the forecast period on account of the surge in the number of air passengers and continuous economic development in various countries such as India, Malaysia, China, and Singapore.
Key Market Players Profiled in the Report
-Yaskawa Electric Corporation
-Mitsubishi Electric Corporation
-JH Robotics, Inc.
-Oliver Crispin Robotics Limited
-Universal Robots A/S
-AV&R Vision & Robotics Inc.
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Key Findings of the Aerospace Robotics Market:
-In 2015, the articulated robot segment dominated the global aerospace robotics industry, in terms of revenue, and is projected to grow at a CAGR of 15.4% during the forecast period.
-Traditional technology segment is projected to grow at a CAGR of 15.4%.
-Inspection application segment is estimated to show highest growth rate, in terms of revenue, during the study period.
-In 2015, the drilling application segment generated the highest revenue of around 32%.
-In 2015, North America dominated the global market with a market share of 37%.