Aerospace Robotics Market Share and Upcoming Growth Trends

The global aerospace robotics market was valued at USD 2.66 billion in 2019 and is projected to reach USD 48.39 billion by 2032, with an impressive compound annual growth rate (CAGR) of 25.0% over the forecast period. In 2019, North America held the largest share of the aerospace robotics market, accounting for 37.97% of the global market.

The aerospace robotics market is witnessing significant growth due to the increasing adoption of automation and robotics in the aerospace industry. These advanced robotic systems are utilized for various applications such as assembly, inspection, and maintenance of aircraft, enhancing precision, efficiency, and safety. The market is driven by the rising demand for commercial and military aircraft, the need for reducing production costs, and the emphasis on improving manufacturing processes. Innovations in artificial intelligence and machine learning are further propelling the market, enabling more sophisticated and intelligent robotic solutions. As a result, the aerospace robotics market size is expected to expand substantially over the coming years.

Key Players:

Fortune Business Insights™ lists out the names of all the prominent aerospace robotics manufacturers operating in the global market. They are as follows:

ABB Group (Switzerland)

Electroimpact Inc. (The U.S.)

Fanuc Corporation (Japan)

Gudel AG (Switzerland)

Kawasaki Robotics (The U.S.)

KUKA AG (Germany)

Oliver Crispin Robotics Ltd. (The U.K)

TAL Manufacturing Solutions Limited India (India)

Universal Robotics A/S (Denmark)

Yaskawa Electric Corporation (Japan)

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/aerospace-robotics-market-103324

Drivers & Restraints- Aerospace Robotics Market

Investments in R&D Activities to Develop AI-based Robots will Aid Growth

Several countries worldwide, such as Japan, Germany, South Korea, China, France, and the U.S. are extensively investing in research and development activities to develop novel AI-enabled robots. The South Korean government, for instance, planned to invest approximately USD 450 million in 2017 for the aerospace robotics sector. The main aim of this investment was to create an intelligent robot. However, for small and medium-sized enterprises (SMEs), a robot automation project can be challenging. Also, the operators must be trained to maintain and program these robots. These factors may hamper the aerospace robotics market growth in the near future.

Segmentation-

Hardware Segment to Show Rapid Growth Fueled by High Demand for Sensors & Controllers

Based on solution, the aerospace robotics market size is segregated into services, software, and hardware. Out of these, the hardware segment generated 57.33% in terms of aerospace robotics market share in 2019. This growth is attributable to the increasing demand for sensors, arm processors, and controllers to accelerate the sales of aerospace robotics solutions.

Regional Analysis-

High Expenditure to Modernize Aircraft Manufacturing Units in North America to Drive Growth

In 2019, North America procured USD 1.01 billion in terms of revenue. It is set to be the fastest-growing region throughout the forthcoming period backed by the presence of a large number of industry giants, such as Electro impact Inc. and Kawasaki Robotics in the region. Apart from that, the U.S. is experiencing high investments in the modernization programs to improve its aircraft manufacturing units. Europe, on the other hand, is likely to hold the second-largest position because of the higher adoption of Internet of Things (IoT)-based aerospace robotics solutions.

Competitive Landscape-

Key Players Focus on Product Launches & Acquisition Strategies to Intensify Competition

The aerospace robotics market size consists of numerous reputed organizations that are persistently striving to gain a competitive edge by introducing new aerospace robotics solutions equipped with the latest technologies. Some of the others are also engaging in acquisitions to expand their portfolios and geographical footprints. Below are two of the latest industry developments:

August 2019: Epson Robots declared the launch of its AutomateEliteSM Authorized System Integrator Program. It was put under the Epson Advantage Partner Program. It would help them in surging its business through the sales of their robots. At the same time, it would enable customers to easily search for the most effective system integrators for their automation projects.

July 2017: ABB successfully acquired Bernecker + Rainer Industrie-Elektronik GmbH (B&R) to broaden its position in industrial automation.