Northbrook, IL -- (SBWIRE) -- 04/14/2023 -- The Aerospace Robotics Market is growing projected to reach USD 4.9 billion by 2026 at a CAGR of 11.4% during Forecast Period. The aerospace industry has witnessed significant growth, owing to increased air passenger traffic in recent years.
Major manufacturers in this market are based in North America and Europe. Kuka AG (Germany), ABB Group (Switzerland), FANUC Corporation (Japan), Yaskawa electric corporation (Japan), Kawasaki Heavy Industries, Ltd (Japan) are among the key manufacturers that secured aerospace robotics contracts in the last few years.
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Opportunities: Human-robot collaboration
Robots are replacing traditional production processes in the aerospace industry to perform tasks that require skills and precision that humans cannot achieve. The emergence of collaborative robots has increased collaboration between human-robot collaboration, with robots operating hand-in-hand with human employees. This integration of robots with the human workforce has resulted in increased productivity and efficiency. Furthermore, in manufacturing, some tasks can be better performed by humans, while others can perform better by robots. The introduction of robots in the manufacturing of aircraft is a key growth opportunity for the aerospace robotics market to explore the diverse strengths of humans and robots
Challenges: High initial cost of implanting robotics
The incorporation of robots in manufacturing processes involves high initial costs. Manufacturers are planning to adopt robotics in their manufacturing process need to carefully consider the return on investment before applying a new system in their plants. The purchasing of sophisticated robots and software requires huge capital. Implementing new industrial robots, including robots, controllers, software, and other systems, for a specific application can cost around USD 100,000 to USD 150,000. The need for regular maintenance and skilled labor is also required to be considered. Order backlogs have led to aircraft manufacturers employing robots in their manufacturing processes despite the high cost. However, implementing completely automated processes is still a challenge due to the high initial cost.
Based on application, the handling segment is anticipated to hold major share in aerospace robotics market
Handling robots enhance the efficiency of production lines and increase customer satisfaction by providing quality products in a timely manner. Material handling robots can automate some of the most tedious, dull, and unsafe tasks in a production line and is one of the easiest ways to add automation. Material handling robots enhance the efficiency of production lines and increase customer satisfaction by providing quality products in a timely manner. The term material handling encompasses a wide variety of product movements on the shop floor. Part selection and transferring, palletizing, packing, and machine loading are just a few of the applications that are considered material handling. The robot can efficiently and accurately move products from one location to another by fitting the robot with an appropriate end of arm tool (for example, gripper).
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Based on region, Asia Pacific region will register the highest growth from 2021 to 2026
The presence of players like Commercial Aircraft Corporation of China, Ltd. (COMAC) and local manufacturers providing aerospace robotics systems at lower costs compared to other manufacturers is driving the market. COMAC has increased the modernization of its assembly and production line, increasing its capabilities for meeting the demand for aircraft.India is considered to be a key player in the Asia Pacific region in terms of the domestic aviation market and the international aviation industry. The Indian government is implementing new aviation policies to expand the domestic manufacturing of aircraft. A recent government policy allowed 100% FDI in the aerospace and manufacturing sector, which has attracted foreign manufacturers to India. Such policies will boost the manufacture of aerospace robotics in the country, as well as ease the technology transfer from the Western countries to India.