Global inspection robots market anticipated growing at a CAGR of 16.68% during the period 2017-2021. The report also includes details on market trends, drivers as well as challenges for the better understanding of the market.
Albany, NY -- (SBWIRE) -- 04/24/2017 -- Growing advancements in the industrial automation has created vast new applications for robot technology. With advanced capabilities, robots can help industries to minimize their labor cost and focus on achieving higher operational excellence. Currently, Robot-based inspections systems are an application whose time has come. To explore the global market scenario along with its future growth prospects, analysts have prepared a latest study titled "Global Inspection Robots Market 2017-2021", which has been now broadcasted to the vast repository of Market Research Hub (MRH). To calculate the market size, the report presents a comprehensive portrayal of the market by the way of study, synthesis and summation of data from varied sources.
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According to the analyst's estimation, the global inspection robots market anticipated growing at a CAGR of 16.68% during the period 2017-2021. For this growth, the report also includes details on market trends, drivers as well as challenges for the better understanding of the market. At present, one of the key drivers for this market is the rise in the focus of positive cash flow over a period of time.
In the first section, the buyers will be able to infer the details of the market overview of inspection robots. Today's inspection robots are capable of evaluating the condition of critical components in a very short time when compared to humans and also with higher accuracy. Inspection robots mainly belong to the family of industrial robots and will subsequently find a higher adoption in industries like the oil and gas, food & beverage, and petrochemical industries. Also, the semi-skilled labor shortage is becoming imminent with time, resulting in an increased cost of hiring, training, and retaining such employees within the industry. This, as a result, is expected to propel growth in the global inspection robot market during the forecast period.
Moreover, this study also provides a forecasted evaluation for the global market in terms of application, type and its geographical presence. By type, the market has been segregated into ROV and Autonomous robots. Geographically, the report majorly highlights some of the key regions, which include EMEA, Americas and APAC. Of these, EMEA accounted for the maximum market share during 2016 and will continue to maintain its dominance for the next few years. The high rate of adoption in the oil and gas sector and the strong petrochemical industry in this region is the primary factor responsible for the growth of the inspection robot market.
Major market trends, boosting the market growth, includes:
Integration of IoT in robotics
Advances in robotic vision
Longer service life, reduction in power requirement and miniaturization
Key vendors present in the market are as follows:
GE Inspection Robotics
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Some other prominent vendors are AZoRobotics, ECA Group, Hydrovision, Leo Robotics, Robotic Automation Systems, Cognex and others.
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