Technavio has been monitoring the inspection robots market and it is poised to grow by USD 3.72 billion during 2020-2024, progressing at a CAGR of almost 19% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Inspection Robots Market 2020-2024 (Graphic: Business Wire)
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Frequently Asked Questions-
Based on the segmentation by end-user, which is the leading segment in the market?
The oil and gas industry is expected to be the leading segment.
At what rate is the market projected to grow?
Growing at a CAGR of almost 19%, the incremental growth of the market is anticipated to be USD 3.72 billion during the same.
Who are the top players in the market?
Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., MISTRAS Group Inc., TechnipFMC Plc, and Teradyne Inc. are some of the major market participants.
What are the key market drivers and challenges?
Benefits of robotic inspection and integration of IoT and AI to optimize inspection operations are the major factors driving the market. However, the high cost associated with SBH solutions restraints the market growth.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Cognex Corp., Eddyfi NDT Inc., Ensign-Bickford Industries Inc., FARO Technologies Inc., General Electric Co., Groupe Gorgé, IPG Photonics Corp., MISTRAS Group Inc., TechnipFMC Plc, and Teradyne Inc. are some of the major market participants. The benefits of robotic inspection will offer immense growth opportunities. To make most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Inspection Robots Market 2020-2024: Segmentation
Inspection Robots Market is segmented as below:
Oil And Gas
Food and Beverages
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Inspection Robots Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The inspection robots market report covers the following areas:
Inspection Robots Market Size
Inspection Robots Market Trends
Inspection Robots Market Analysis
This study identifies the integration of IoT and AI to optimize inspection operations as one of the prime reasons driving the inspection robots market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Inspection Robots Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist inspection robots market growth during the next five years
Estimation of the inspection robots market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the inspection robots market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of inspection robots market vendors
Table of Contents:
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
2.3 Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
Value chain analysis
Market segmentation analysis
PART 04: MARKET SIZING
Market sizing 2019
Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
PART 06: MARKET SEGMENTATION BY TYPE
Market segmentation by type
Comparison by type
ROVs - Market size and forecast 2019-2024
Autonomous robots - Market size and forecast 2019-2024
Market opportunity by type
PART 07: CUSTOMER LANDSCAPE
PART 08: MARKET SEGMENTATION BY END-USER
Market segmentation by end-user
Comparison by end-user
Oil and gas - Market size and forecast 2019-2024
Petrochemicals - Market size and forecast 2019-2024
Food and beverages - Market size and forecast 2019-2024
Others - Market size and forecast 2019-2024
Market opportunity by end-user
PART 09: GEOGRAPHIC LANDSCAPE
Europe - Market size and forecast 2019-2024
North America - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
PART 12: MARKET TRENDS
Advances in robotic inspection
Integration of IoT and AI to optimize inspection operations
Advances in mobile robots
PART 13: VENDOR LANDSCAPE
PART 14: VENDOR ANALYSIS
Market positioning of vendors
Eddyfi NDT, Inc.
Ensign-Bickford Industries Inc.
FARO Technologies Inc.
General Electric Co.
IPG Photonics Corp.
MISTRAS Group Inc.
PART 15: APPENDIX
List of abbreviations
Definition of market positioning of vendors
PART 16: EXPLORE TECHNAVIO
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View source version on businesswire.com: https://www.businesswire.com/news/home/20200812005013/en/