Impact of COVID- 19 on Global Aerospace Robotics Market; By Technology (Conventional and Collaborative); By Component (Sensor, Controller, Processor, Drive, End Effector, and others); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Anticipates the Aerospace Robotics market to surpass USD 8.3 Billion by 2030, which is valued at 2.43 billion in 2019 at a compound annual growth rate of 11.90%.
Aerospace industry takes robots extensively to reduce human work pressure. In the aerospace industry, robots have a critical role, including building, painting, and drilling airframes, welding, and examination, in a wide range of tasks. The robots lower the burden of the human job and fulfill their duties more accurately. The advantages of robots such as versatility and accuracy have increased the interest in the strategically robust operation by aircraft manufacturers.
Labor costs grow globally, and aircraft manufacturers are increasingly interested in using robots to carry out the same tasks. The robots help businesses minimize the workforce and increase the productivity of the job. This factor has a beneficial impact on the aerospace market’s expansion. Also, international orders are growing tremendously, and aircraft order backlogs must be managed. The aircraft manufacturers employ robots extensively to tackle the backlogs of their aircraft. The use of robotics to manage orders for aircraft is also improving the market.
Global Aerospace Robotics market has been segmented based on components, technology. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
In 2019, the controller segment dominated the market and accounted for XX% of the global market.
Global Aerospace Robotics market is segmented by component into Sensor, Controller, Processor, Drive, End Effector, and others. The growing supplies of aircraft are projected to propel the segment, contributing to healthy development for the control segment.
In 2019, the Collaborative segment dominated the market and accounted for XX% of the global market.
The market is divided into conventional and collaborative based on technology.The collaborative industry is expected to see the highest growth, as collaborative robots are increasingly being used by the aerospace industry because they can work side by side with people
Growing Labor costs
Labor costs grow globally, and aircraft manufacturers are increasingly interested in using robots to carry out the same tasks. The robots help businesses minimize the workforce and increase the productivity of the job. This factor has a beneficial impact on the aerospace market’s expansion.
International orders are growing tremendously, and aircraft order backlogs must be managed. The aircraft manufacturers employ robots extensively to tackle the backlogs of their aircraft. The use of robotics to manage orders for aircraft is also improving the market
Aerospace robotics is a valuable fusion since robots can deal with situations, including building, painting and boiling, soldering, and monitoring, in the aerospace industry. The flexibility and high accuracy of the robots have stimulated the popularity of their technology among aircraft manufacturers.
Lack of traffic regulations
High initial cost and high cost of maintenance hinder the market growth. Production implementation of robotics requires software, equipment, and development costs. The cost of the robot might be smaller, but the whole system raises investment. Moreover, there is a lack of proper technology and advance robots. Robots in aerospace are limited to only a few tasks and thus most of the activities are done by human force hence the market growth is restricted.
North America is expected to hold XX% of the global market share.
The national existence of key aircraft manufacturers and aircraft component manufacturers, along with the increasing demand for commercial aviation, compels aircraft manufacturers to select robots and industrial automation to improve their output monthly. It is also predicted that Europe and Asia-Pacific will offer major opportunities for growth during the prediction period.
Asia Pacific: China, Japan, India, and Rest of Asia Pacific
Europe: Germany, the UK, France, and Rest of Europe
North America: The US, Mexico, and Canada
Latin America: Brazil and Rest of Latin America
Middle East & Africa: GCC Countries and Rest of Middle East & Africa
Owing to the involvement of many suppliers the industry is segmented in nature. It is established for its presence in the US, China, and Japan by a large number of key participants. Core measures taken by businesses to expand their market share include joint ventures and acquisitions and mergers. With participants engaged in ongoing technology development and R&D work, the market is highly competitive.
Automotive and travel industry is one of the highly vulnerable vertical outbreaks of CO VID 19 and now has unparalleled complexity. The COVID-19 should have a profound influence on the automotive supply chain and product demand. The industry has gone from the business disruption from China to the overall downturn in the automotive market. For all non-essential activities, the demand for commercial vehicles will decrease. Also, shifts in consumer purchasing behavior due to the pandemic’s uncertainty could have significant repercussions for the industry's near growth prospects. With travel bans, fewer people are traveling through aircraft thus affecting the market tremendously.
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