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Aerospace Robotics Market to Hit $4.54B by 2022
December 27, 2016 | PRNewswireEstimated reading time: 2 minutes
The report "Aerospace Robotics Market by Type (Scara, Cylindrical, Articulated, Catesian), Component (Controller, Processor, End Effector, Drive, Sensor) Technology (Traditional, Collaborative), Application and Region - Global Forecast to 2022", published by MarketsandMarkets, the market is projected to grow from $1.81 billion in 2016 to $4.54 billion by 2022, at a CAGR of 16.55% during the forecast period.
Factors such as increasing use of robots for efficient aircraft production, growing use of robotics to handle aircraft orders backlog, and increasing labor costs are expected to drive the growth of the aerospace robotics market.
Articulated segment estimated to witness the highest growth during the forecast period
By type, the articulated segment of the Aerospace Robotics Market is projected to grow at the highest CAGR during the forecast period. Articulated robots are used for various functions, for instance drilling, fastening, and painting, among others. They are the most preferred and widely used robots in the aerospace industry because of the wide range of applications for which they can be used. Articulated robots dominate the automated world in terms of speed and agility.
Sensors segment estimated to witness the highest growth during the forecast period
Based on component, the sensors segment of the aerospace robotics market is estimated to grow at the highest CAGR during the forecast period, owing to the increasing use of robotic sensors to provide essential inputs about an object's motion, location, velocity, and temperature, among others.
Collaborative segment estimated to witness the highest growth during the forecast period
Based on technology, the collaborative segment of the aerospace robotics market is estimated to witness the highest growth during the forecast period. This segment's growth is driven by the increasing demand for human safety while working alongside robots, in the aerospace industry. Customers/manufacturers in the aerospace industry are showing an interest in collaborative robots, as these robots can safely work alongside humans.
Asia-Pacific market is projected to grow at the highest CAGR during the forecast period
Asia-Pacific is the fastest-growing markets for aerospace robotics, due to increase in the number of aircraft deliveries in the region. The region's major economies, such as India, China, and Japan are increasingly investing in automation solution for aircraft manufacturing. These countries are also expected to increase their acquisition of robotic systems and invest in research & development in aerospace manufacturing.
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