ARC Advisory Group

Don't forget to take a look at ARC's Asset Reliability Software & Services Market Update!
‪@GEVernova‬ ‪@bentleysystems‬
https://youtu.be/srroxlwX6LA

This research report offers strategic insight into software, services, and technology revenue for asset reliability software and services. The report includes quantitative assessments and forecasts of various asset management solutions, as well as discussions of market information across world regions and process industries. As these industries are an integral part of the global economy, global macroeconomic and technology trends directly impact industrial operations.

So can you maybe just give the audience an idea about the overall scope of the report, maybe how you define the market?
Yeah, Lucas, it's always a great idea to start with the scope, especially because different industries different, even within the same organization, different departments can have different definition of various different things. So asset reliability, soften and services. This report falls under our research of asset performance management. So that includes a range of different technologies, software solutions, harvest solution that help industries, different end user maintain their assets better. This particular report, asset reliability software and services, this report focuses on the strategy aspect of it and help users optimize their maintenance activities. So various methods like reliability centered maintenance, that includes your criticality analysis, that includes your FMEAs, then risk-based maintenance risk-based inspection, integrity level analysis, root cause analysis. So all these things that fall under the umbrella of reliability are covered in our report. And among the newer technology, I would definitely say we continue to see increasing use of machine learning technologies, analytics in asset management world as well. And this is mostly applicable around predictive maintenance. So we have included that as part of our research as well. So this is basically the scope of our research. There are few different areas that fall under a PM that kind of includes condition monitoring, enterprise asset management, field service management, but that's not part of the scope. We do have other studies focused on that, but not for the support.
Absolutely. So let's give the audience an idea about just the overall supplier landscape, maybe a couple of the larger players.
Sure, sure, absolutely. We can talk about supplier. So as the name suggest, this is about asset reliability software and services. So we have included software providers as well as service providers. And a lot of companies, they do provide software as well as services. So we have included all of them. If we talk specifically about software first, again, there are different ways of looking at it. You can say that some of the bigger players like GE Digital, Bentley System, Emerson, Honeywell, they focus on traditional reliability side of it as well, as well as analytics, predictive maintenance side of it as well. And then there are other players like re, Aspen Tech, Veeva, SAP. These companies I would say specifically focus more on the analytics machine learning, predictive maintenance side of it. Of course, if you look close enough, the solutions vary quite a bit. But in general I would say you can say that these companies are focused more on the side of it. And then there are companies that focuses primarily on services. And these companies include companies like Genesys Lifecycle, Petrofac, allied Reliability, these focus more on the services side of the business. So these are some of the leading players in the asset reliability world.

ARC Advisory Group is the leading technology research and advisory firm for energy, manufacturing and infrastructure. Our coverage of technology and trends extends from business systems to Industrial AI, product and asset lifecycle management, Industrial IoT, Industry 4.0, supply chain management, operations management, energy transition, and automation systems. Our analysts and consultants have the industry knowledge and the first-hand experience to help find the best answers to the complex business issues facing organizations today.
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2 years ago | [YT] | 0

ARC Advisory Group

Check out ARC"s Global Trade Compliance Systems Market Update!
https://youtu.be/t6HD5YdwGqM
‪@DescartesR‬ ‪@SAP‬ ‪@e2opentv‬
GTC solutions automate and streamline processes related to customs and regulatory compliance. GTC solutions automate the discovery, creation, retention, analysis, and communication of information about international supply chains that is of importance to customs and other government authorities responsible for regulation and taxation of cross-border trade. These solutions also enable companies to make optimal decisions with respect to the impact of customs and compliance on business operations.


Today I'm joined by Steve Banker, a senior analyst here at ARC Advisory Group. Steve recently finished a 2023 global market analysis report on global trade compliance systems, and I wanted to set up some time to share a little bit more with you folks. Steve, thanks so much for the time today.
So Steve, why don't we just start with the overall scope of this market analysis report, how you maybe define this specific market? – 00:55
Yeah, well, like it says, it's focused on trade compliance around trade, and that really falls into two categories. One is a financial category, are companies paying the right tariffs and customs when they do importing and exporting? And the second are regulations that are not financial in nature, but that governments take very, very seriously. For example, there's restricted party regulation, restricted party regulations, a US company or any company that does business in the United States cannot do business with North Korea. They can't do business with Iran and the fines for violating that can be massive.
Absolutely. Can you maybe touch on a little bit of the supplier landscape for this market?
Yeah. There are some of the biggest companies in the world, like some of the biggest software companies in the world, like SAP and Oracle, and then there's companies that are specifically focused on global trade compliance. And basically the software is sold in different models. Mostly it's sold as software as a service. Some folks sell it as software and the solution itself is split two, some of it is sort of management software that manages the processes, manages the workflows, and then there's a trade compliance content. And the content is basically staying up on the change in rules around tariffs. Right now, the tariff on bringing in baby food from Italy is X, but it could change tomorrow, it could be Y, and you have to stay on top of that for your GTC system to work.
And it's obviously a very dynamic market. Like he had kind of said some things can change weekly, daily, sometimes. So Steve, obviously the geopolitical issues, the world's facing right now I'm assuming has maybe contributed to growth in this market, but can you maybe touch on another growth or key success factor you might've uncovered?
Yeah, I think you're exactly right. What's going well, first of all, to simplify things, the more complex the regulations are, the more regulations there are, the more they change, the more companies need a global trade compliance system. And what's happened is we have seen free trade breakdown and we're starting to change into a world of trading blocks where it's going to be democracies doing more and more of their trading with democracies and dictatorships doing more and more of their trading with dictatorships. So that's sort of one big thing that's going on. The other thing is environmental social governance issues are starting to find their way into global trade compliance. The reasoning of governance is I'm asking our companies here, let's say in the United States, let's say it's us to do better and better around emissions. And what we don't want is an American company to go over to some country where they have very, very poor emissions control. Have our jobs go over there and have that company over there create the pollution that they would not create if they were doing business here in the United States. That will be a growing dynamic around this market.

ARC Advisory Group is the leading technology research and advisory firm for energy, manufacturing and infrastructure. Our coverage of technology and trends extends from business systems to Industrial AI, product and asset lifecycle management, Industrial IoT, Industry 4.0, supply chain management, operations management, energy transition, and automation systems. Our analysts and consultants have the industry knowledge and the first-hand experience to help find the best answers to the complex business issues facing organizations today.
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2 years ago | [YT] | 0

ARC Advisory Group

Take a look at ARC's On-off Valves, Actuators & Switch Boxes Market Update!
‪@EmersonAutomationSolutions‬ @schlumberger ‪@FlowserveCorp‬ ‪@rotork‬
https://youtu.be/XSFbxv-_HGI
An on-off valve or shutoff valve controls the on-and-off supply of media to or within a fluid or gas system. These valves can only start or stop the flow of the media by operating at the fully open or fully closed position. Unlike control valves, these valves cannot regulate the rate of flow. An on-off valve installation consists of a valve body, actuator, switchbox, and accessories. The body includes a bonnet assembly and trim parts. Its design withstands fluid static pressure and differential pressure, allows fluid flow, provides pipe-connecting ends, and supports seating surfaces and a valve closure member. Actuators are pneumatic, hydraulic, or electrically powered devices that provide the force to open and close the valve. Switchboxes monitor actuator movement and signals when an end position has been reached. Occasionally, the valve is directly controlled by the contacts of the switchbox. Accessories include electro-pneumatic transducers, pressure regulators, hand wheels, position indicators, and limit switches.

Today we will discuss in detail the scope of the report, the trends, the inhibitors, the leading suppliers, and how this report will be beneficial to the clients with your, can you please brief on the scope of this market analysis report?
So the report provides an in-depth analysis of the worldwide on-off valves, actuators, and switch boxes, marketplace, including the quantitative assessment of market size, segmentation and focus strengths. ARC signals the market by product features, nature of supply, regions, industries, distribution channel and customer type. The report also provide the qualitative or evaluates the qualitative strategies of the needing suppliers in the market. So I think this will cover the scope of this market.

Thanks Bob for briefing the scope. I would be happy to know the leading supplier for this market.

Yeah, sure. So when I talk about the supplier landscape of this market, the on of valves actuated and switch boxes market remains highly fragmented, comprising of very few globally established multinational manufacturers and hundreds of medium and small scale suppliers with a limited local presence. And many of the leading suppliers have been following an inorganic expansion strategy by actively seeking for acquisition opportunities to boost their market share rapidly. So I think this will cover the supplier landscape for this market. – 01:20
Thanks. Good to know that the leading suppliers are the global players in this market and what are the key growth or success factors of this on of valve actuators and which boxes Report? –

Factor I would like to mention is the increasing focus on energy security. So the increasing investment in nuclear LNG, fossil powered plant and regional oil and gas production developments to reduce dependence on unreliable foreign supplies of energy will help in driving the on of valves market revenue. And one other factor is the regulations promoting low fugitive emissions. So the governments worldwide are enforcing strict regulation to limit fugitive emissions from process industries with an increasing emphasis on climate change. So to comply with the regulations, several end user are in the process of upgrading their old actuator with high quality or zero emission gas powered valve actuators or electric actuators to minimize the emission and ensure reliable operations. So these will be the factors, positive factors impacting the market.

Great to know that the increasing focus on energy security and regulations promoting low fugitive emissions are the major key growth of this study. So based on your above feedback, what are the growth inhibiting factors in this market?

ARC Advisory Group is the leading technology research and advisory firm for energy, manufacturing and infrastructure. Our coverage of technology and trends extends from business systems to Industrial AI, product and asset lifecycle management, Industrial IoT, Industry 4.0, supply chain management, operations management, energy transition, and automation systems. Our analysts and consultants have the industry knowledge and the first-hand experience to help find the best answers to the complex business issues facing organizations today.

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2 years ago (edited) | [YT] | 0

ARC Advisory Group

Check out ARC's Microgrid Automation Systems Market Update 2023!
‪@GEVernova‬ ‪@schneiderelectric‬ ‪@Siemens‬ ‪@HitachiEnergy‬ ‪@selincvideo‬ ‪@ARCadvisory‬
This report covers “microgrid automation” used for the operation and integration of the generation, energy storage, HVAC, commercial/process heating assets, or connection to other electrical networks. This market report is focused on automation and excludes the generation, energy storage, HVAC, or commercial/process heating assets. Revenue is included for electrical networks, including automation hardware, software, and services for grids operating as a single, autonomous grid either in parallel to or “islanded” from the existing utility power grids. This report restricts microgrids to between about 50 kw and 100 MW generating capacity. This definition excludes small residential/commercial power backup systems and large grids that have wholesale energy and ancillary service markets. We do include small island grids without a competitive market for generation. In our definition, we exclude financing and financing services.
A microgrid is a small, localized power grid that can disconnect from the main power grid and operate independently. it may connect and disconnect from the main power grid at one or more points of connection.




Can you just overall explain the scope of this market analysis report, maybe how we define this particular market segment?
Sure. So microgrid automation is actually a subset of another ARC report, which is called All Grid automation, and it's probably about 15% the size of the entire grid. And we define the hardware for microgrids, includes the inverters, rectifier battery chargers, relays, reclosers, switchgear, circuit protection, power meetings, scada, all the switching and communications, but we exclude video surveillance grid, StepUp, transformers, HVAC, building automation, and we also exclude all of the generation equipment, so no wind turbines, diesel generators, or solar panels. So we do try to focus on all of the various software and automation sectors. So I think that kind of gives you a rough idea. We also limit the size of the grid to roughly a hundred megawatts maximum, and we try to keep it up above out of the residential level. So it's going to have to be a little over 20 kilowatts of size at the lower end, but we try to capture all the commercial and even pretty good size microgrids. A larger microgrid might be a college campus university, for example.
Okay, Rick, well hey, thanks a lot for the clear definition there. So can you give the audience an idea of the overall supplier landscape in this market?
Sure. So a lot of the suppliers in terms of revenue levels are coming into the electrical switch gear, recloser in and protection area. So you'll see a lot of suppliers like SELS and C, Siemens, GE, Schneider Electric that are providing that physical equipment. Then there is also kind of another level of protection level, which is the primary control relay safety relays. There's kind of a secondary level of local management and control of all the distributed energy storage and loads. And then finally there could be a tertiary level, which is kind of the remote connection to the grid, the controls, the optimization, load forecasting. Microgrids often have to figure out, well, when am I going to charge my battery if you have a battery and if you charge your battery too soon or too late, it depends on what markets you are participating in. So we kind of have a primary, secondary and tertiary level of control that comes from safety to local management up to the grid interconnect,
Can you maybe explain or describe a key growth or a success factor you might've uncovered or maybe a couple?




ARC Advisory Group is the leading technology research and advisory firm for industry, energy, and infrastructure. Our coverage of technology and trends extends from business systems to Industrial AI, product and asset lifecycle management, Industrial IoT, Industry 4.0, supply chain management, operations management, energy optimization, and automation systems.

ARC’s global influence across industrial operations is unparalleled. It is driven by the passion and expertise of our analysts and consultants, who keep abreast of industry trends and developments through research and actively engaging with clients. ARC's analysts and consultants have spent most of their careers working with industrial companies and are truly passionate about helping companies achieve superior performance. ARC has 100 professionals worldwide with extensive, first-hand experience servicing a multitude of business issues, technologies, and vertical industries. Our offices are located in the US, Germany, Belgium, Japan, India, China, Singapore, and Brazil.

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2 years ago | [YT] | 0

ARC Advisory Group

Dive into ARC's Dan Keyser's Simulation Software Market Update 2023 Study! The market research covers the market for 3D virtual simulation solutions for CAE, product test and validation, manufacturing and production systems, system design, and mechatronics. Simulation solutions help merge virtual and physical worlds. ‪@ansysinc‬ ‪@SiemensSoftware‬ ‪@dassaultsystemes‬ ‪@hexagon‬


The overall simulation software market today comprises a broad and diverse set of technologies and applications based on 3D virtual simulation models. The traditional core of the simulation software market is computer-aided engineering (CAE), which was developed primarily for product design testing. Essentially, advanced simulation applications enable engineers, scientists, manufacturers, and builders to virtually simulate the physical world to test, validate, optimize, and experience products, systems, and environments.




Can you just touch on the overall scope of this market and maybe how you defined it?
Sure. So it should be noted real fast that this is, we're talking about simulation software for discreet products in the discreet market, not for process. We at ARC do have a separate study on simulation software for process. So the scope of this, what we really have to ask is what is simulation software and simulation software allows businesses to design, simulate, test, and validate their product in simulated real world environments. And they can do that through a variety of modules like finite element analysis, which is probably better known as structural analysis or computational fluid dynamics or electromagnetic. There's also multi-domain physics analysis, which combines more than one of those modules together to test and evaluate the product or component under a variety of situational factors. So when we're talking about the scope of this, we're looking at products that specifically test and validate what your business is looking to create for real world environments. We're also looking at digital twin technology as well.
So can you maybe give the audience an idea of the supplier landscape?
So the supplier landscape is kind of sparse to be quite frank. There's five suppliers that make up, I think over 80% of the marketplace. The top one is Ansys, your second up is Siemens digital industry software. MathWorks and ulterior engineering, ANSYS, Siemens and Dassault make up more than I think 65% of the market on their own and adding in MathWorks and Altair brings you over that 80% threshold. So this market, despite being so big, I think roughly close to $8 billion, is really controlled by a select few top players in this market. Electronics and electrical engineering as well. For example, on the automotive engineering, the first car that ever actually used simulation software was the GT 40 in 1966 when Ford invested a huge chunk of time and money to take on Ferrari at Lamont.
Did you maybe uncover a growth factor or a success factor that you wanted to share with the audience?
We are seeing that there's adoption of artificial intelligence and machine learning, and I know that gets conflated a lot, but what we'll just say artificial intelligence, we're seeing adoption of artificial intelligence into simulation software more and more from the suppliers that we've talked to, they seem very excited about bringing in artificial intelligence because of the machine learning principles and the ability to process information and data faster and more accurately, especially in regards to digital twin solutions that we're seeing also lead part of the market digital twin as module, I think is the second or third largest overall within the simulation studies.

For more information on this study, please visit: www.arcweb.com/press/simulation-software-market-gr…



ARC Advisory Group is the leading technology research and advisory firm for industry, energy, and infrastructure. Our coverage of technology and trends extends from business systems to Industrial AI, product and asset lifecycle management, Industrial IoT, Industry 4.0, supply chain management, operations management, energy optimization, and automation systems.



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2 years ago | [YT] | 0

ARC Advisory Group

Did you know Collaborative Robots (or Cobots) are one of the latest technologies that revolutionize the automation industry? Check out ARC's Fox Chen's study on Collabortive Robots to learn more.
 ‪@TERADYNEINC‬  ‪@TechmanRobot‬ ‪@FANUCAmericaCorporation‬ ‪@abb‬ ‪@ARCadvisory‬

Unlike their industrial robot counterparts, Cobots are designed to operate in proximity with human operators while addressing productivity challenges such as throughput, quality, efficiency, and accuracy. The elimination of the installation of safety safeguards in the factory space is a key advantage for using a Cobot solution, as manufacturing flexibility, smaller factory footprint, and quicker redeployment can be achieved to adapt to the market and supply chain uncertainties.


So this report is focused on the collective robot market for the year 2022, and along with some trends going to 2023. And other than the studies on the market and the industrial segments, so the analysis is also segmented into three categories based on the Cobot payload. So we have three of them. We have up to five, five to 10, and 10 kg more than 10 kg.

The landscape has really been quite competitive. So we have the market leaders and they include universal robots, we have Teradyne (Universal Robots), Techman Robot, FANUC, AUBO, JAKA, and ABB. So these are some examples and based on this really brief snapshot of the market leaders, you can see that the Asia manufacturers are really active in this space and some of them are really getting more and more visible.
So what do you think the key growth or success factors of this collaborative robot study?
Well, first of all, we, as we all may know, the shortage of labor has always been a key driver for adopting robotics. And then this problem was compounded during the pandemic where we experienced restrictions, things like the lockdown and the social distancing. And secondly, in recent years, there's also a lot of the paradigm shift where emphasis is growing more on the supply chain resiliency and more on carbon neutral technologies. And those things have been growing quite well in terms of with the restart of the post pandemic industrial activities. And finally, to grow the market, we need new applications to develop. So what does this mean? This means that we need our innovation and co-innovation and those are key to grow the Cobot ecosystem and the market.
So is there any growth inhibiting factors of this study?
Well of course there are pretty several of them. So for instance, the supply chain disruption does have an impact on this where there's a shortage of materials and parts. So what does it do? It actually increase the difficulty in fulfilling production orders and that results in the longer results in longer leading time. And of course we have things more like political inflation and rising costs and that kind of kept some of the growth when businesses are more cautious.

For more information on this study, visit: www.arcweb.com/press/new-arc-research-shows-growth…

ARC Advisory Group is the leading technology research and advisory firm for industry, energy, and infrastructure. Our coverage of technology and trends extends from business systems to Industrial AI, product and asset lifecycle management, Industrial IoT, Industry 4.0, supply chain management, operations management, energy optimization, and automation systems.

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2 years ago (edited) | [YT] | 0

ARC Advisory Group

Dive into the latest market research by ARC Analyst Mark Sen Gupta on Alarm Management Systems and the changing industry landscape!

Mark recently finished the 2023 global market analysis report on alarm management software. I wanted to set up some time to share a little bit more with the audience today. Mark, thanks so much for the time. Can you absolutely touch on just the overall scope of the market report? –

Sure. So this report covers alarm management software and related services, and it only includes standalone solutions. So the standalone alarm management applications and the tools these solutions range from, or they range from simple alarm management notification capabilities for mobile devices, all the way up to more sophisticated standalone alarm management application suites that include functionality for alerts and notifications, documentation enforcement and advanced reporting and analysis embedded and bundled. HMI alarm handling capabilities are excluded from the report. So things like the alarm management capabilities of ADCS or a SCADA system, they would not be included in here. It also includes related services, which includes services directly involved with the alarm management, philosophy, development, the rationalization, the engineering and implementation of the system and lifecycle services related to alarm performance management maintenance.
Absolutely. It sounds like you had a pretty clear defined scope mark, which obviously helps, and I know you put a lot of your own time and resources into producing such a quality report. Can you touch on just the supplier landscape, maybe a couple of the leading suppliers in the market?

Sure. So the supplier landscape is fairly interesting because this is a market that is dominated by two suppliers. They got over well over 50% of the market, and they're two very different suppliers. So one supplier is a major automation supplier, soup to nuts. They've got sensors all the way up the valves, DCS, they've got a lot of different applications, and the second supplier is an independent software supplier. So they don't have any automation hardware that they sell. And so these two are jostling for the number one and number two positions of very close. And it's really fascinating, see the makeup of where they get the revenue. And the other thing that's very interesting is they each have industries and regions where they dominate. There's several smaller players in the market that I think there's maybe 10 or 12 that we have identified, but none of 'em really make, don't really stand out. They have niches that they address. I mean, for example, the number three supplier, their revenues are barely half what either the number one or number two suppliers make.

Well, thanks for touching on that. And it's interesting to hear that the two dominant suppliers almost have polar opposite business models. Like you said, the one has no hardware and obviously the one has a lot of the automation hardware as part of their core competency. So Mark, let me ask you this. What kind of key growth or success factors did you uncover while you were doing some of the research here?

Sure. Well, there's a fair number of success factors, but perhaps two fairly new ones, not necessarily the dominant ones, but fairly new ones are the regulatory pressures as well as the monetary pressures from risk adverse insurance companies. So this is a little newer in that the insurance companies are now putting pressure on the users to address their alarm management systems. Should an event occur, companies need to be able to show that they followed the best practices like ISA 18.2 or the IEC 62 6 82 standards. Another factor that feeds from the first one is sustainability or the what we call ESG, environmental social and governance angle. This is based on studies that show that better alarm management help avoid incidents that may result in releases or injuries, that type of thing.

Okay, great. I didn't even think about the regulatory side of things, let alone the insurance aspect. So it sounds obviously pretty important and that's pretty new to the market. So Mark, let me flip this question a little bit on you. Did you maybe uncover a growth inhibiting factor or two you wanted to share with the audience today?

ARC Advisory Group is the leading technology research and advisory firm for industry, energy, and infrastructure. Our coverage of technology and trends extends from business systems to Industrial AI, product and asset lifecycle management, Industrial IoT, Industry 4.0, supply chain management, operations management, energy optimization, and automation systems.

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2 years ago (edited) | [YT] | 0

ARC Advisory Group

Have you checked out the new market research report on Robotic Inspection Services? Tim Shea of ARC Advisory Group dives into key trends and insights. Don't miss this industry update!

The report focuses on robotic solutions that are deployed as part of providing an inspection service, especially the non-destructive testing of piping, pipelines, vessels, tanks, boilers, scrubbers, and other assets found in industries such as chemical, electric power generation, electric power transmission and distribution (T&D), food & beverage, mining, oil & gas, pharmaceutical & biotech, pulp & paper, refining, and other industries. The main inspection
methods deployed with the robotic solutions include eddy current, ultrasonic, visual/remote visual, and other applications that inspect for corrosion, cracks, blistering, and other defects or problems. The robotic form factors include crawlers, wheeled, tracked or snake-like robots and excludes inline smart pigs that are inserted in a pipeline and flow with product or some other energy source to propel movement. Also excluded are subsea remotely
operated vehicles (ROVs) used in subsea environments.

Today I'm joined by Tim Shea, a Senior Analyst here at ARC Advisory Group. Tim recently finished up a 2023 global market analysis report on robotic inspection services, and I wanted to set up some time so we could share a little bit more with the audience. Tim, thanks so much for the time today. Can you touch a little bit on just the overall scope of research, the bandwidth that went into producing such a quality report? – 00:15
Sure. Well, the scope included, we looked at companies that are taking robotic solutions, wheeled tracked other types of form factors, and using that to provide an inspection service to a company. Typically, it would be non-destructive testing, non-destructive inspections of things like storage tanks, pressure vessels, piping pipelines, boilers, scrubbers, and other types of assets typically found in process and hybrid industries such as chemical, electric, power generation, electric power, transmission and distribution, food and beverage mining, oil and gas, pharmaceuticals, pulp and paper refining and other industries like that. And then he also looked at what type of inspection methods are they employing on these robots. The main ones we looked at are any current ultrasonic, various types of ultrasonic technologies, and then remote visual cameras and things like that that would be used for inspections of corrosion, cracks, blistering, and other types of defects and problems.
Great. And it sounds like obviously it's a very comprehensive report, and it sounds like you might've touched on a little bit of the supplier landscape, but could you maybe expand on that a little bit?

Found in terms of, I'll do this in terms of leading suppliers, in terms of alphabetically, we had Baker Hughes's Way, gate Technologies, EdFi Technologies, gecko robots, companies like Invert Robotics, Mistro Group, which acquired a company called Atos back in 2015, and a company called Team. Those are some of the companies we saw as the leading providers and for base year 2022 analysis.
Great, great. So Tim, let's share with the audience maybe a key growth or success factor or maybe a few that you might've uncovered while you were doing some of the research for this report.

Okay. Well, as we find in any of these types of robotic type studies, the key growth driver is really the need for employee safety and in getting employees out of these harmful situations, whether that be scaling a high a hundred foot storage tank or going inside a pressure vessel and things like that, it can kind of get them out of these hazardous environments, particularly those like confined space entries where they have to vent out the tank or whatever of harmful vapors and things like that. So employee safety is critical because traditional N T T inspections and things like that are done manually and they're typically often unsafe because they're using things like scaffolding ropes, things like that. So people are, safety is an issue. Another driving factor we found is obviously the need for regulations and industry standards across many countries. They all have different ones.

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2 years ago (edited) | [YT] | 1