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Aerospace Robotics Market Expected to Reach $9.2 Billion by 2030
Increase in need for automation for efficient aircraft production and growth in adoption of robotics to handle aircraft order backlog are expected to drive the growth of aerospace robotics market during the forecast period. However, lack of skilled workforce is anticipated to hamper the growth of the market. Conversely, technological advancements are expected to offer lucrative growth opportunities for the market in future.
Himanshu Joshi- Lead Analyst, Aerospace and Defense at Allied Market Research
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According to a new report published by Allied Market Research, titled, “Aerospace Robotics Market," The aerospace robotics market was valued at $2.9 billion in 2020, and is estimated to reach $9.2 billion by 2030, growing at a CAGR of 12.69% from 2021 to 2030.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The U.S. dominated global aerospace robotics market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; rapid adoption of innovative technologies in making reliable, precise, and efficient aerospace robotics systems. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in adoption of aerospace robotics across several countries in Asia, for instance, China, India, Japan, and South Korea.
On the basis of technology, the market is segmented into traditional and collaborative. The traditional segment garnered the highest revenue in 2020, owing to high demand for traditional robots for different applications.
Depending on application, the aerospace robotics market is fragmented into drilling, welding, painting, inspection, and others. The drilling segment was the highest revenue contributor in 2020, owing to high demand for aerospace robotics, for drilling purposes.
By type, the aerospace robotics market is segregated into articulated, cartesian, and others. The articulated segment accounted for the highest revenue in 2020, owing to high demand for articulated type aerospace robotics that are being deployed for numerous aerospace applications across the globe.
Key Findings Of The Study
- By technology, the collaborative segment is expected to register a significant growth during the forecast period.
- On the basis of application, the others (cutting, assembly automation, and material handling) segment is anticipated to exhibit significant growth in future.
- Depending on type, the others (cylindrical, spherical, SCARA, and parallel) segment is anticipated to exhibit significant growth in future.
- Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in the global aerospace robotics market include ABB, AV & R, Electroimpact Inc., Fanuc Corporation, JH Robotics, Inc., KUKA AG, Mitsubishi Electric Corporation, OC Robotics, Universal Robots A/S, and Yaskawa Electric Corporation.