Digital Inspection Market: Global Industry Analysis and Forecast 2023
Digital Inspection Market by Technology & Geography - Global Forecast 2023 | MarketsandMarkets
United States, 12 February 2019 -- [170 Pages Report] Digital Inspection Market report categorizes global market by Technology (Machine Vision, Metrology, and NDT), Offering, Dimension, Vertical (Manufacturing, Electronics, Oil & Gas, Aerospace & Defense, Automotive, Power, Food & Pharmaceuticals), and Geography
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. Some of the key factors driving the growth of this market are the growing adoption of industrial automation and technological advantages over traditional methods.
The digital inspection market has been segmented on the basis of offering into hardware, software, and services. Hardware accounted for the largest share of the digital inspection market in 2017. The advent new technologies have led to the development of compact and cost-effective hardware for digital inspection systems. The 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 has been segmented on the basis of dimension into 2D and 3D. 3D accounted for a larger share of the market in 2017 and 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 has been segmented on the basis of technology into machine vision, metrology, and NDT. Metrology accounted for the largest share of the market in 2017. The demand for metrology is driven by the rising need for accurate inspection of 3D data used for modeling and analysis of 3D models, growing focus on quality control, inability of traditional measurement devices to address several manufacturing issues, and growing automation and in-line metrology. The 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 manufacturing accounted for the largest share of the digital inspection market in 2017. This vertical is witnessing a new wave of technological revolution, which is boosting the adoption of automation in manufacturing plants. Industrial 4.0 helps enhance productivity through quality control by detecting defects and in predictive maintenance of factory machinery. The digital inspection market for the food and pharmaceuticals vertical 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.
Though digital inspection provides an assured return on investment in long term for the durability of complex machinery, the deployment cost of digital inspection systems is currently beyond limits for some industry minors as these systems are expensive. The average selling price (ASP) of some digital inspection systems ranges from a few thousand dollars to hundreds of thousand dollars; this includes R&D expenses for continuous advancements in the technology.
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). The key innovators in the market are iPromar (Singapore), FPrimeC Solutions (Canada), Shinning 3D Tech (China), Zebicon(Denmark), and SUALAB (South Korea). Most of the leading companies have followed the organic strategy of product launches to boost their revenues.
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