Press release
Defect Detection Market Growth Opportunities: Insights from Latest Research Report Forecast 2024 to 2033
Defect Detection
The Business Research Company presents an extensive market research report on the Defect Detection Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The defect detection market size has grown strongly in recent years. It will grow from $3.58 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to quality assurance emphasis, cost of quality, regulatory standards, rise in complex manufacturing processes, demand for high-quality products, globalization of supply chains, increased competition..
The defect detection market size is expected to see strong growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to focus on zero-defect manufacturing, integration with production processes, industry-specific solutions, data analytics for predictive maintenance, demand for real-time detection, customization and flexibility.. Major trends in the forecast period include advancements in sensor technologies, automation and ai integration, quality control in manufacturing, increased use of computer vision, integration of deep learning, remote inspection and monitoring, collaboration with cloud services..
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Key Market Players:
Major companies operating in the defect detection market report are Microsoft Corporation, Amazon.com Inc., Cognex Corporation, IBM Corporation, Omron Corporation, ABB India Ltd., Adlink Technology Inc., Allied Vision Technologies Private Limited, AMETEK Inc., Banner Engineering Corp., Basler AG, Dalsa Corp., Datalogic SpA, Hermary Opto Electronics Inc., Hangzhou Hikvision Digital Technology Co. Ltd., IDS Imaging Development Systems GmbH, Isra Vision AG, Key Technology Inc., Keyence Corporation, LMI Technologies Inc., Matrox Electronic Systems Ltd., Mercury Systems Inc., National Instruments Corp., Radiant Vision Systems LLC, Raptor Photonics Ltd., Sick AG, Sony Group Corp., Teledyne DALSA Corp., Vayyar Imaging Ltd., Vitronic Machine Vision Ltd., Zebra Medical Vision Inc.
Market Drivers:
Stringent health and safety measures imposed by governments are expected to propel the growth of the defect detection market going forward. Regulation refers to the imposition of rules by the government, accompanied by penalties specifically intended to change private sector economic behaviors. The government of Australia imposed some health and safety measures that increased the demand for defect detection. For instance, in January 2022, the US Supreme Court granted a stay on OSHA's (Occupational Safety and Health Administration) COVID-19 vaccine mandate for private employers with 100 or more employees. The court ruled that OSHA's mandate exceeds its statutory authority and is otherwise unlawful. Therefore, stringent health and safety measures imposed by governments are driving the growth of the defect detection market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/defect-detection-global-market-report
The defect detection market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Application: Manufacturing, Packaging
3) By Vertical: Automotive, Electronics And Semiconductors, Metals And Machinery, Food And Packaging, Pharmaceuticals
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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