Inspection robot market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Inspection robot market by region.
The global inspection robot market was valued at $938.5 million in 2020. The market is forecast to grow at a CAGR of 30.5% during the forecast period 2021-2027.
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A large number of industries rely on inspections to ensure the safety of their workers. By conducting regular, thorough inspections, manufacturing, piping, transportation, and other industries can ensure reliable equipment performance and worker safety. Automated inspection robots are used to detect errors in the manufacturing process, quality of products, pipeline leaks, transportation of products, and many other industrial tasks. Additionally, they are portable or stationary, depending on their operations.
Factors Affecting the Growth of Global Inspection Robots Market
During the forecast period, the oil and gas segment will dominate the inspection robots market share. With mobile automation and fully automated inspection technology, key refinery systems and components have been monitored significantly more effective in oil and gas refineries. In the oil and gas industry, this has led to decreased downtime and an increase in production efficiency, both of which contribute to the revenue generation of the global inspection robots’ market.
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Inspection Robots Market.
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Covid-19 Impact on the Global Inspection Robot Market
COVID-19 crippled the construction, manufacturing, hotel, and transportation industries during its outbreak.
There was a suspension or restriction of manufacturing activities. The global supply chain for construction and transportation was hampered. This limited the market growth for inspection robots by reducing the number of inspection robots manufactured and their demand in the market.
However, the economy is gradually resuming regular manufacturing and service activities. Consequently, inspection robot companies are likely to relaunch at full capacity in 2021, which will help the market to recover.
Regional Analysis of the Global Inspection Robots Market
During the forecast period, Europe will drive the market’s growth. Europe’s top markets for inspection robots are Germany and the United Kingdom. European markets will grow faster than those in other regions.
Europe’s aerospace and defense industry, as well as petrochemicals, oil & gas, automotive, and automotive, will contribute to the inspection robots market over the forecast period.
Key Players in the Global Inspection Robots Market
Several competitors in the global inspection robots are:
Gecko Robotics, Inc.
Montrose Technologies Inc.
JH Robotics, Inc.
Shenzhen SROD Industrial Group Co., Ltd.
Other Prominent Players
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Aim of the Report: The Global Inspection Robots Market
The global inspection market is segmented by Testing Type, Robot Type, End-User, and Region.
Segmentation based on Testing Type
Segmentation based on Robot Type
Stationary Robotic Arm
Segmentation based on End-User
Oil & Gas
Food & Beverage
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Segmentation based on Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America
What is the goal of the report?
• The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
• During the forecast period, the report analyzes the growth rate, market size, and market valuation.
• The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
• The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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