The global inspection robots market to grow at a CAGR of 16.68% during the period 2017-2021.
The report, Global Inspection Robots Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
One trend in market is advances in robotic vision. Visual capability in modern robots has evolved from the earlier version of generic robots. The earlier robotic systems demanded customization as each part was expected to operate in an exact area at a particular time due to lack of robotic vision. However, with advances in technology cameras, sensors and software have enabled the robots to detect movement with precision.
According to the report, one driver in the market is focusing on positive cash-flow with time. Though robotic implementation entails a significantly high one-time investment, in the long run, businesses can generate positive cash flow and achieve a better return on investment (ROI) through this. With advanced capabilities, robots can help industries to minimize their labor cost and focus on achieving higher operational excellence. The semi-skilled labor shortage is becoming imminent with time, resulting in an increased cost of hiring, training and retaining such employees within the industry. Robots also help businesses to overcome this issue and achieve a higher profit margin during the lifecycle of a project.