The global inspection and maintenance robot market can be divided into two major sub-segments based on components, i.e., hardware and software. The components such as camera, sensors, LEDs, and scanners comes under the hardware segment of robots. Camera and sensors are the two vital components of inspection and maintenance robots. Similarly, software such as TubePro, Magnifi, and SurfacePro 3D are used for applications such as compilation of inspection data with associated inspection parameters, images, and defect tables for compelling and fast reporting. Hence the growing demand of inspection robots is expected to create an opportunity for component providers of inspection robots in this ecosystem.
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During the forecast period, the safety of laborers in onshore and offshore drilling environments and the growing need for improved data accuracy are major factors for the oil, gas, and petrochemical industry to hold the highest market share. However, by 2025, the utility sector is expected to grow due to the increasing usage of inspection robots in power generation and sewer treatment applications.
The global inspection and maintenance robot market is presently one of the most competitive markets among professional service robots, with the leading players actively competing against each other to gain a greater share in the industry. The competitive landscape of the inspection robots exhibits an inclination toward emerging strategies and developments by market players. The key players that are actively participating in the inspection and maintenance robot market include Cognex Group, FARO Technologies, Inc., Oceaneering, Shell, Aetos Group, Ensign-Bickford Industries Inc., Eddyfi NDT Inc., GE inspection Robotics (joint venture of GE Power services and the Swiss Federal Institute of Technology), Gecko Robotics, Genesis Systems Group, JH Robotics, Inc., LEO, Robotics, Robotnik, Superdroid Robots, Inc., and ULC robotics, among others.
The prominent players in the inspection and maintenance robot market have adopted key strategies of product launches, contracts, mergers, and acquisitions to expand their business. The companies are also involved in some of the other developments that include demonstration, integration, and business expansion. Also, the funding in the inspection robot market is noteworthy. Most of the funding is likely to come from sources such as seed money from the public sectors, investors, and companies with adequate cash reserves that are committed to drive the market and are willing to invest. Numerous investments have taken place in the recent past in the inspection robot developments, which shows a significant degree of interest of industry leaders in this market.
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The prominent players in the inspection and maintenance robot market adopted strategies of product launches, contracts, acquisitions and funding, and collaborations to expand their businesses. Major companies such as General Electric, Eddyfi Technologies, Royal Dutch Shell PLC, and Cognex have launched new products to establish their presence in the market, while some players such as Ensign-Bickford Industries, Faro Technologies and Oceaneering International have focused on acquisitions and funding, partnerships, and joint ventures to increase their geographical presence.
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