Press release
Digital Inspection Market: Development Trends, Worldwide Growth, Global Industry Analysis, Opportunity Assessment, by Current & Upcoming Trends
Market synopsis
Digital Inspection enables engineers to test, measure, and perform inspection of any electronic equipment or automation tool with the help of devices which are digitally connected to a laptop or a tablet to store and record the results electronically. Earlier, organizations used paper-based inspection systems. Multiple inspections were recorded on paper in different format which was time consuming with low accuracy and efficiency. However, with the adoption of digital inspection solutions, organizations can address the issues posed by paper-based inspection systems. Digital inspection solutions include non-destructive testing solutions and technologies such as radiography, computed tomography, and remote visual inspection. Various digital inspection equipment are available in the market such as Video Borescope, USB Digital Microscope, App based Ultrasonic flaw detectors, digital multi-meters, digital testers, and digital calipers. Modern day digital inspection solutions are used to perform corrosion assessment of pipelines in Oil & Gas industry, inspection of aircraft engines in Aviation and visual inspection of equipment in Food & Beverage industry.
The digital inspection market is expected to see a rapid growth during the forecast period due to the increasing demand for storing and recording the test results in industries such as Automotive, Oil & Gas, Aviation, Food & Beverages, and Electrical & Electronics equipment industry. The demand for accurate inspection of 3D data and a considerable focus on quality control gives rise to the adoption of Metrology which is a critical factor that fuels the growth of digital inspection market. Digital inspection of electrical components like fuses, solenoids, electrical & electronic assemblies is also a factor driving the growth of digital inspection market globally. Digital Inspection tools are also being deployed in the real estate sector to perform property assessment including building inspection, home inspection, windstorm inspection and energy audit which also triggers the growth of global digital inspection market. Other industries which are adopting digital inspection solutions are healthcare, military, government bodies, fire response unit, security service providers, transportation, engineering, and mechanics.
Moreover, digital inspection enables quicker inspection turnaround time, rapid generation of reports, substantial cost savings, and addresses the challenges in the paper-based inspection system. Replacing the pen and paper inspection with digital inspection will improve the operational efficiencies.
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Key players
Some of the major players in Digital Inspection market include General Electric (U.S.), MISTRAS Group (U.S.), Olympus (Japan), Hexagon (Sweden), Cognex (US), Nikon (Japan), Zetec (US), FARO Technologies (U.S.), Basler (Germany), OMRON (Japan), Carl Zeiss (Germany), Mitutoyo (Japan), GOM (Germany), National Instruments (US), Keyence (Japan).
Other players include iPromar (Singapore), FPrimeC Solutions (Canada), Shinning 3D Tech (China), Zebicon (Denmark), and SUALAB (South Korea).
The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
Segmentation
On the basis of technology, the Digital Inspection market is segmented into machine vision, metrology, Non-Destructive Testing (NDT).
On the basis of solution, the Digital Inspection market is segmented into hardware and software. Hardware-based digital inspection equipment include Video Borescope, USB Digital Microscope, and digital multi-meters. Whereas, the software-based digital inspection system include Qwerks, Action Card, HomeInspect, and Horizon Inspection software.
On the basis of dimension, the Digital Inspection market is segmented into 2D and 3D.
On the basis of application, the Digital Inspection market is segmented into manufacturing, electronics and semiconductor, oil & gas, aerospace and defense, automotive, energy and power, food & beverages, public infrastructure and others.
Global Digital Inspection Market is estimated to reach an approximate market value of USD 26 billion by 2023 growing with 9% CAGR during the forecast period 2018–2023.
Regional Analysis
The digital inspection market is estimated to grow at a rapid rate due to the companies focusing on increasing automation in businesses to increase flexibility, reduce costs, and eliminate human error. The geographical analysis of digital inspection market is carried out for North America, Europe (including Russia), Asia Pacific, and the Rest of the World (including the Middle East, Africa, and Latin America). Among these regions, the market at present is dominated by North America due to major players present in verticals such as automotive, aerospace & defense, public infrastructure and energy and power in the U.S.
The growth of automation in almost all industry verticals is generating huge demand for digital inspection systems in Asia Pacific region. Countries like China, Japan and, India are focused on investing in automation to improve their business revenue and be a part of the digital transformation wave. The European region is seen as an emerging hub for manufacturing, automotive, and energy & power industries with a considerable focused on the adoption of digital inspection solutions.
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Intended Audience
• Original Equipment Manufacturers
• Raw material suppliers
• System Integrators
• Government bodies
• Technology Software and solutions providers.
• Technology Service providers
• Research Institutes and Organizations
• Component manufacturers
• Electronics and semiconductor manufacturers.
• Automotive manufacturers
LIST OF TABLES
Table1 Global Digital Inspection Market: By Country, 2018-2023
Table2 North America Digital Inspection Market: By Country, 2018-2023
Table3 Europe Digital Inspection Market: By Country, 2018-2023
Table4 Asia Pacific Digital Inspection Market: By Country, 2018-2023
Table5 The Middle East & Africa Digital Inspection Market: By Country, 2018-2023
Continued…….
LIST OF FIGURES
FIGURE 1 Global Digital Inspection Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global Digital Inspection Market
FIGURE 4 Value Chain Of Global Digital Inspection Market
FIGURE 5 Share Of Digital Inspection Market In 2018, By Country (In %)
Continued…….
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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members
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