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.
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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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