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
growing adoption of industrial automation and increasing consumer awareness
raising the bar of safety and quality standards are the major driving factors
for the market.
Major
opportunities for the digital inspection market are the miniaturization of
products offered by end-user industries, availability of customized solutions,
and rapid industrialization in developed economies. With miniaturization of
products offered by various end-user industries, the demand for automated
inspection processes is growing. Moreover, the miniaturization of products is
increasing the level of complexity of the end products. Thus, the need for
specialized inspection instruments is on rise. A customized digital inspection
system is a cost-effective solution for inspection issues in project-specific
applications. Companies are continuously developing innovative products and
upgrading their existing products to withstand the growing competition in the
market. Thus, offering innovative customized solutions to cater to
company-specific requirements would help the existing providers of digital
inspection systems stay competitive in the market. Over the past decade,
developed markets such as the US and Europe have increasingly outsourced
manufacturing and packaging businesses to China, South Korea, Taiwan, and India
to benefit from lower labor costs and less government regulations. The upsurge
in manufacturing activities to increase productivity in mass volumes, along
with quality, is boosting the demand for digital inspection systems.
The
digital inspection market for software is expected to grow at the highest CAGR
during the forecast period, because of the increasing adoption of industrial
automation. Industry 4.0 is being adopted with an objective to improve
productivity by maximizing asset utilization, minimizing downtime, and
improving labor efficiency, with digital inspection playing an important role.
The
digital inspection market for 3D is expected to grow at a higher CAGR during
the forecast period. 3D helps overcome the limitations of 2D techniques and
offers added advantages to manufacturers to inspect beyond 2 planes of a
product and volumetric height, allowing for 100% inspection and detection of
defects in a product.
The
digital inspection market for NDT is expected to grow at the highest CAGR
between 2018 and 2023. 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.
The
digital inspection market for food and pharmaceuticals verticals is expected to
grow at the highest CAGR during the forecast period. The growth of this market
can be attributed to the imposition of strict rules and regulations by food
& beverages authorities, keeping in mind the health and safety of people.
The
digital inspection market in APAC is expected to grow at the highest CAGR
between 2018 and 2023, owing to the increasing population, accelerating
economies (developed as well as developing), and government initiatives to
promote industrial growth. These aforementioned factors have made APAC an ideal
destination for production units of various verticals, including semiconductor,
electronics, and automotive.
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).
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