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“Digital inspection market projected to grow at a CAGR of 7.2% between 2018 and 2023”
The digital inspection market is expected to grow from USD 19.66 billion in 2018 to USD 27.84 billion by 2023, at a CAGR of 7.2% between 2018 and 2023. 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 of safety and quality standards. The major restraint for this market is high system and deployment costs.
“Digital inspection market for NDT technology estimated to grow at the highest CAGR”
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, and automation and robotics, and the increasing adoption of IoT solutions. Automated NDT equipment is preferred in verticals such as power generation, energy and power, mining, and aerospace.
“Digital inspection market for hardware to hold the largest share of the market during the forecast period”
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 widely being adopted in manufacturing, electronics and semiconductor, oil & gas, energy and power sectors, among others, to maintain high-quality standards and safety at workplace. This, in turn, is driving the growth of the digital inspection market for hardware.
“Digital inspection market in APAC to grow at the highest CAGR during the forecast period”
The market in APAC 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 APAC an ideal destination for production units for various verticals, such as semiconductor, electronics, and automotive. Advancements in terms of economic growth, infrastructural developments, and construction of power plants are expected to boost the growth of the digital inspection market in APAC in the coming years.
Breakdown of the profile of primary participants:
- By Company Type: Tier 1 = 30 %, Tier 2 = 45%, and Tier 3 = 25%
- By Designation: C-Level Executives = 67%, Directors = 33%
- By Region: Americas = 50%, Europe = 25%, APAC = 20%, and RoW = 5%
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 & defense, automotive, energy and power, public infrastructure, food and pharmaceuticals, and others. Furthermore, the report forecasts the market size for various segments with regard to 4 main regions?the Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To Buy the Report
The report would help market leaders/new entrants in the digital inspection market in the following ways:
- This report segments the digital inspection market comprehensively and provides the closest approximations of the overall market size, as well as that of the subsegments across different verticals and regions.
- The report helps stakeholders understand the pulse of the market and provides information on key market drivers, restraints, challenges, and opportunities.
- This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
- The competitive landscape section includes competitor ecosystem, product developments, partnerships, and mergers and acquisitions in the digital inspection market.