Press release
Inspection Machines Market to Reach $2 Billion by 2030
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The global inspection machines market is projected to reach $ 2 billion by 2030, at a CAGR of 7.5% from 2023 to 2030. The growth of this market is attributed to the increasing government focus on food safety, increasing R&D expenditure in the pharmaceutical & biotech sector, increasing inspection checkpoints throughout production and stringent policies to maintain GMP compliance. However, the growing preference for refurbished inspection machines due to the high cost of machines restrains the growth of this market. The technological advancements in inspection machines and rising outsourcing of manufacturing operations in emerging economies are expected to create significant opportunities for this market. However, constantly changing regulatory standards and complexities in integrating inspection machines pose challenges to market growth.
The global inspection machines market is segmented by offering, automation mode, end user and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Key Players:
The key players profiled in the global inspection machines market study include Thermo Fisher Scientific Inc. (U.S.), Teledyne Technologies Incorporated (U.S.), Körber AG (Germany), Robert Bosch GmbH (Germany), Omron Corporation (Japan), OPTEL GROUP (Canada), COGNEX Corporation (U.S.), BREVETTI CEA S.P.A (Italy), ANTARES VISION S.p.A (Italy), ACG (Mumbai), IRIS Inspection Machines (France), Sys-Tech Solutions, Inc. (U.S.), Laetus GmbH (Germany), Sea Vision S.r.l. (Italy) and CMP PHAR.MA S.R.L. (Italy).
Based on offering, the global inspection machines market is segmented into hardware and software. In 2023, the hardware segment is expected to account for the largest share of the global inspection machines market. The large market share of this segment is mainly attributed to the stringent regulations by authorities concerning the safety and quality of products being manufactured and the need to avoid financial losses due to packaging issues. Furthermore, rising regulatory compliance with good manufacturing practices is contributing to the presence of major governmental and non-governmental authorities to inspect the final products deployed in the market by manufacturers, strengthening the growth of this segment.
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Based on automation mode, the global inspection machines market is segmented into automatic inspection, semi-automatic inspection and manual inspection. The automatic inspection segment is projected to register the highest CAGR during the forecast period. As part of the zero-error goal, the necessity to minimize particles and aesthetic flaws is expanding, and technical improvements in this sector are expected to continue fueling the market growth.
Based on end user, the global inspection machines market is segmented into industrial manufacturing, pharmaceutical and biotech, cosmetics & personal care, food and beverages, electronics & semiconductor and other end users. In 2023, the food and beverages segment is expected to account for the largest share of the inspection machines market. The increasing disposable income of consumers and the growing population are propelling global demand for food and beverage products. To protect the food quality and curb the rising number of food-borne diseases, the governments of several countries have enforced stringent regulations. This has pushed food and beverage processing companies to deploy inspection machines, fueling the growth of this segment.
Based on geography, the global inspection machines market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the inspection machines market. The large market share of this segment is attributed to the favorable initiatives taken by the key market players coupled with research studies to cater to the growing demand for inspection machines. For instance, in January 2021, Cognex Corporation (U.S.), the leader in industrial machine vision, introduced the In-Sight 3D-L4000 embedded vision system featuring 3D laser displacement technology to allow engineers to solve a range of inspections quickly, accurately, and cost-effectively on automated production lines. Additionally, in October 2021, AMETEK, Inc. (U.S.) launched performance services to enhance inspection systems, reduce downtime and maximize return on investment. Similarly, in May 2021, ABM Equipment Co. Inc. (U.S.) introduced PXT, a mix of improved detector boards, generators, and algorithms that improve detectability across the board, making stainless steel detectable at 0.3 mm in many products. Such initiatives are expected to fuel the growth of this market in the future.
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Key Questions Answered in the Report:
Which are the high-growth market segments in terms of offering, automation mode, end user and geography?
What is the historical market size for inspection machines across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, opportunities, and challenges in the global inspection machines market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the global inspection machines market?
What are the recent developments in the global inspection machines market?
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