LONDON -- Market research company Technavio has announced the top five leading vendors from 2017 to 2021 in the company's recent global inspection robots market report. The research report also lists 19 other prominent vendors that are expected to impact the market during the forecast period (view chart in gallery).
The global inspection robots market is expected to reach $3.72 billion, growing at a steady CAGR of almost 17% during the forecast period. The robotic inspection provides significant advantages over traditional manual methods of inspection in industrial applications.
The ability to assist industrial workers around the clock and the ability to operate under harsh and challenging industrial environments are some of the crucial factors driving the implementation of inspection robots.
The global inspection robots market is likely to experience growth during the forecast period owing to key advantages related to safety, environment, and economic parameters.
Competitive Vendor Landscape
The market is characterized by the presence of a relatively less number of original equipment manufacturers when compared with other types of industrial robots. Many robotic solution providers and system integrators are present in the market that deliver integrated solutions for industrial inspection. For example, a combination of the robotic arm and vision sensors that can operate as an inspection robot in industries.
“Since inspection applications carried out by robots is gradually gaining momentum across industries, we expect more system integrators to enter the market during the forecast period. Presently, due to the high cost of technology and advanced components, only a few system integrators are present in the market,” says Bharath Palada, lead robotics research analyst from Technavio.
During the forecast period, the analysts from Technavio expects that vendors will look to customize their product offerings based on the specific application requiring robotic systems. The majority of market revenue is generated by the oil and gas sector, which is slowly recovering from price volatility.
According to the research firm, the top five inspection robots market vendors include:
AETOS engages in the manufacturing of a wide range of unmanned ground vehicles that are equipped with imaging and sensor technology for inspecting industrial assets.
The robots are deployed for carrying out a land-based inspection in the oil and gas, petrochemical, and infrastructure assets. In the oil and gas and petrochemical industries, robotic inspection is applied in pipelines, pressure vessels, and tanks.
GE Inspection Robotics
GE Inspection Robotics, a joint venture of GE Power Services and Swiss Federal Institute of Technology Zurich, engages in developing mobile inspection robots that are deployed across industries.
The company also produces other inspection components that are sold to robotic system integrators in the market.
Honeybee Robotics engages in the design and engineering of advanced robotic systems for industrial and other commercial applications. The company started operations in 1983 as a system integrator but later transitioned into a manufacturer with setting up of R&D labs globally.
In the global inspection robots market, Inuktun Services manufactures standard and custom robots along with installation and after-sales services for industrial end-users. The major focus area of the company includes pipe inspection, oil and gas, and portable water tank inspection.
In the inspection robots market, Universal Robots manufactures all types of robotic arms that can be customized by system integrators as per the end-user requirement. It is also designed application specific components that are used for carrying out an inspection in industries.