In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSOctober, 2021: Stanley Robotics to join hands with Mitsubishi Heavy Industries, Ltd. (MHI), to launch robotic autonomous car transportation systems in Japan and Asia-Pacific.
July, 2018: Avidbots Corp. announced the deployment of Avidbots Neo floor robot cleaners at the Singapore Changi Airport to reduce operational costs.
The global airport robot market is estimated to grow at a CAGR of ~18% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing usage of robots for various applications at airport. Airports experience heavy passenger footfall each year, which is easier to manage with the help of automation and robotics. Robots are used for various purposes at airports, including, security, guidance, cleaning, and others. Moreover, automation and robotics can provide enhanced customer experience, improve efficiency and accuracy, and deliver multitasking. Airports require high security, which is easier to achieve with the assistance of robots. Such factors are estimated to boost the market growth. Moreover, the increasing adoption of technologies, such as, AI, and robotics, is further anticipated to boost the market growth.
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Additionally, the growing number of passengers at airports, backed by the surge in demand for air travel, is also estimated to boost the market growth. According to the data by the International Civil Aviation Organization (ICAO), the total number of passengers travelling through airways grew from 4.331 million in 2018 to 4.486 million in 2019, registering a growth of 3.6% in 2019.
The market is segmented by application into airport security, boarding pass scanning, cleaning services, airport baggage system, passenger guidance, and others, out of which, the air security segment is anticipated to hold the notable share in the global airport robot market over the forecast period on account of growing requirement of tight security at airports, backed by cases of violence and threats at airports.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global airport robot market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness noteworthy growth over the forecast period on the back of increasing number of international and domestic airports, along with high passenger footfall. Moreover, technological development in the region is estimated to boost the market growth.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of high number of airports, along with the growing adoption of robotics. The rising technological advancement in the region is further expected to boost the market growth. The U.S. has more than 19,000 active domestic and international airports. This large number of airports is bound to increase the demand for airport robots in the region.
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The global airport robot market is further classified on the basis of region as follows:
Our in-depth analysis of the global airport robot market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing passenger footfall in airports, and growing adoption of robots is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2030.
High cost of maintenance is estimated to hamper the market growth.
The market in the North America is estimated to provide more business opportunities for growth over the forecast period, owing to the growing adoption of robotics in the region.
The major players in the market are Avidbots Corp., ECA GROU, Universal Robots A/S, SoftBank Group Corp., Yujin Robot Co., Ltd., Stanley Robotics, ABB Ltd., SITA, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
The airport security segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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