Global aerospace robotics market to grow to $6.94 billion by 2023
The global aerospace robotics market is expected to grow from $2.15 billion in 2016 to $6.94 billion by 2023 with a CAGR of 18.2%, according to a new research report by Stratistics MRC.
Technological advancements, and greater usage of robotics for manufacturing efficiency and reduced labour costs are some of the major factors propelling the market growth. The growing demand for robotics for handling aircraft order backlogs is another factor identified.
However, the need for higher investments and a lack of skilled robot operators are among the obstacles to adoption, according to the report.
The articulate robot type segment is expected to witness a higher CAGR over the forecast period, due to wider application of articulate robots in painting, drilling and fastening etc. Among all components, the sensor segment is anticipated to see the highest growth rate, and North America is expected to hold the largest share in the global market due to the prominent aircraft manufacturers based there. Asia Pacific is set to be the fastest-growing region, thanks to increasing investments in research and development in aerospace manufacturing.
Some of the key players in the global aerospace robotics market are highlighted in the report as: ABB Group, Electroimpact Inc., Fanuc Corporation, Gudel AG, Industrial Designs M.Torres, Sau, Kawasaki Heavy Industries, Ltd, Kuka AG, Oliver Crispin Robotics Limited, Universal Robots A/S, and Yaskawa Electric Corporation.