Digital inspection market projected to grow at a CAGR of 7.2% between 2018 and 2023
28/09/2018
A new report from Research and Markets suggests that the digital inspection market is expected to grow from US$19.66 billion (approximately £15 billion) in 2018 to US$27.84 billion (approximately £22 billion) by 2023, at a compound annual growth rate (CAGR) of 7.2%. The growth of this market is driven by the growing adoption of industrial automation, technological advantages over traditional methods and increasing consumer awareness raising the bar regarding safety and quality standards. The major restraint for this market is high system and deployment costs.The market for NDT technology is expected to grow at the highest CAGR during the forecast period. The growth of this market can be attributed to the continuous advancements in electronics, automation and robotics and the increasing adoption of Internet of Things (IoT) solutions. Automated NDT equipment is preferred in verticals such as power generation, energy and power, mining and aerospace.
The market for hardware is expected to lead the market between 2018 and 2023. The advent of new technologies has led to the development of compact and cost-effective hardware for digital inspection systems. Also, digital inspection is being widely adopted in the manufacturing, electronics and semiconductor, oil & gas, energy and power sectors, among others, to maintain high quality standards and safety in the workplace. This, in turn, is driving the growth of the digital inspection market for hardware.
The market in the Asia-Pacific (APAC) region is expected to grow at the highest CAGR between 2018 and 2023. Increasing population, accelerating economies (developed as well as developing) and government initiatives to promote industrial growth have made the APAC region an ideal destination for production units for various verticals, such as semiconductor, electronics and automotive. Advances in terms of economic growth, infrastructural developments and the construction of power plants are expected to boost the growth of the digital inspection market in the region in the coming years.
Major players in the digital inspection market include General Electric (US), MISTRAS Group (US), Olympus (Japan), Hexagon (Sweden), Cognex (US), Nikon (Japan), Zetec (US), FARO Technologies (US), Basler (Germany), OMRON (Japan), Carl Zeiss (Germany), Mitutoyo (Japan), GOM (Germany), National Instruments (US) and Keyence (Japan). Key innovators in the market are iPromar (Singapore), FPrimeC Solutions (Canada), Shinning 3D Tech (China), Zebicon (Denmark) and SUALAB (South Korea).
The study segments the digital inspection market on the basis of technology, into machine vision, metrology and NDT. The market has been segmented on the basis of offering into hardware, software and services. On the basis of dimension, the market has been segmented into 2D and 3D. The study covers verticals such as manufacturing, electronics and semiconductor, oil & gas, aerospace and defence, automotive, energy and power, public infrastructure, food and pharmaceuticals, among others. Furthermore, the report forecasts the market size for various segments with regard to four main regions: the Americas, Europe, APAC and Rest of the World (RoW).
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