The airport robots market size is predicted to reach USD 876.3 million by 2028
The airport robots market size is predicted to reach USD 876.3 million by 2028 and exhibit a CAGR of 8.8% during the forecast period. Fortune Business InsightsTM has presented this information in its report titled, “Airport Robots Market, 2021-2028”. The need for autonomous robots for passenger services and security applications has driven the industry across the world. These robots aid airport personnel in interacting with travelers and offering assistance. In addition, airport authorities in developed and developing regions are testing the use of robots to provide information, direction, and entertainment to travelers. The market size stood at USD 460.0 million in 2020 and USD 486.0 million in 2021.
Impact of Russia-Ukraine War Implication
The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement. There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.
Browse Complete Report Summary:
On the basis of type, the market is bifurcated into non-humanoid and humanoid. On the basis of application, the market is fragmented into landslide/valet parking and terminal, which is further segmented into airport security & cleaning, airport baggage system, boarding pass scanning, and passenger guidance. Geographically, the market is classified into, Europe, North America, Asia Pacific, and the Rest of the World.
The report delivers details about the market in-depth, focusing on key factors such as main manufacturers, robot types, and applications. Furthermore, the report provides information on current trends of the market as well as major industry advancements. The market study includes various direct and indirect variables that have contributed to the industry's growth in recent years, in addition to the factors listed above.
Drivers & Restraints-
Need for Security Robots at Airports to Drive Market Growth
The need for security robots and airport cleaning robots is expanding as airlines increasingly focus on providing modern airport services to improve passenger experience and security. Airport security is a difficult issue for airport officials, and it also involves physical work, raising overall security expenses. Robotics, on the other hand, reduces security operation expenses while increasing efficiency and accuracy. As a result, the global market is expected to grow over the forecast period.
Kansai Airports stated in October 2021 that the Secom Robot X2 had been installed at Terminal 2 and the Kansai International Airport railway station (KIX). The Secom Robot X2 is an autonomous security robot that uses a laser sensor to establish its location and can navigate patrol routes on its own. This robot comes equipped with a camera to take images while patrolling the airport, which can aid in the detection of any suspicious activities. In addition, the security robot is utilized at airports to look for and locate abandoned items. However, the airport robots market growth is hampered by high costs connected with robot production and installation at airports, as well as expensive maintenance costs.
North America to be a Major Player of the Global Market
In 2020, North America market was valued at USD 176.2 million. North America has been a major player in this industry, with large firms and a strong infrastructure to support the aerospace sector. The rapid adoption of new airport technologies to improve passenger experience and the high number of airports in the U.S. are projected to promote market expansion in North America.
Asia Pacific is expected to grow faster than the Rest of the World during the projected period. China is one of the world's fastest-growing aviation markets. China is anticipated to overtake the U.S. as the world's largest aviation market in the near future, according to the IATA (International Air Transport Association). In addition, during the predicted period, India's growing number of new airport projects and passenger volume would surge the product demand.
The demand for air travel in Europe is gradually increasing as a result of increased business and leisure travel. According to the Airports Council International (ACI) Europe, flight movements in the region are predicted to increase by more than 53% between 2019 and 2040. This increase in fleet size is expected to pique airport officials' interest in spending significant sums to upgrade current facilities.
Due to increased investment in airport renovation in Qatar, the UAE, and Saudi Arabia, the airport robots market share in the Rest of the World will grow at a moderate rate.
Key Players to Invest in R&D Activities
To provide innovative robots, key market firms, such as SITA, Stanley Robotics, ABB Ltd, and LG Electronics Inc., rely on ongoing innovation. Furthermore, they are boosting their R&D spending as well as their interest in technology adoption, strategic acquisition, and collaboration to design and develop sophisticated humanoid airport robots. To maintain their market position, top firms use organic and inorganic growth techniques such as new robot launches and long-term contracts with airport authorities.
January 2018 –LG Electronics Inc., released a broad range of airport robot solution at Consumer Electronics Show (CES) in Las Vegas. This range includes a porter robot, shopping cart robot, and serving robot.
List of Key Market Players:
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