Market Research Inspection Robotics Market | Page 2

These applications for high accuracy are expected to garner consistent demands over the
following few years. Moreover, high return on investment (ROI), owing to reduction in manual
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High initial capital and social unacceptance owing to significant loss of human jobs are
expected to be major challenges to the industry growth
Owing to its high initial one time capital, it is difficult for SMEs to adopt these solutions.
Availability of low cost work force in some emerging economies that include China, India, and
Indonesia, will also present considerable growth challenge. Moreover, requirement to meet
regulatory compliances for the co-existence of the human and automated workforce such as
Robot Ethics Charter in South Korea and RoboLaw project in the EU, is projected to hamper
adoption of inspection robots.
Remotely operated vehicles major growth drivers of the inspection robotics market
Remotely-operated vehicles are tethered by cables and can be controlled through central control
unit. High utilization of these systems in surveillance and examination operations is expected to
be the major growth driver for this market. However, autonomous solutions are increasingly
gaining popularity, owing to their ease of utilization, and the segment is expected to witness
highest growth rate over the forecast period. On the basis of application, oil & gas industry
segment dominated the market, owing to its mission critical applications and requirement of
accurate real time operation monitoring conducive to ensure optimal productivity.
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Asia Pacific is expected to dominate the industry through the forecast period, primarily owing
to large production and sales in Japan, China, and South Korea. Other major regional markets
include the U.S., Germany, and the U.K. The market is characterized by the presence of a
relatively small number of original equipment manufacturers in comparison to other types of
industrial robots. Most of the solution providers in the industry include system integrators and
assemblers. Industry participants are expected to focus on innovation in order to gain strong
industry foothold.
Key players in the inspection robotics market include AETOs, GE Inspection Robotics,
Honeybee Robotics, Inuktun Services, and Universal Robots.