Portland, OR -- (SBWIRE) -- 09/21/2017 -- Aerospace Robotics Market Report, published by Allied Market Research, projects that 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.
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Global Aerospace Robotics industry has witnessed rapid growth in the recent years, owing to growing need of automation for the efficient aircraft production. In addition, increasing labor cost across the world contributes to the market growth. However, lack of skilled workforce and high installation cost of robotic devices hamper the market growth. Moreover, upsurge in IoT (Internet of Things) trends in aircraft manufacturing companies and high paced growth in aerospace industry globally are expected to create numerous opportunities for the market during the forecast period.
The global aerospace robotics market is segmented on the basis of type, technology, application, and geography. Based on type, the market is divided into articulated, cartesian, and others (cylindrical, spherical, SCARA, and parallel). Based on technology, the market is further categorized into traditional and collaborative. The market is segmented on the basis of application as drilling, welding, painting, inspection, others (cutting, assembly automation, and material handling). The aerospace robotics market is segmented based on four regions, which include North America, Europe, Asia-Pacific, and LAMEA.
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The key players profiled in the report include ABB Group, KUKA AG, Fanuc Corporation, Yaskawa Electric Corporation, Mitsubishi Electric Corporation, JH Robotics, Inc., Oliver Crispin Robotics Limited, Electroimpact Inc., Universal Robots A/S, and AV&R Vision & Robotics Inc.
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%.