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Surface Vision and Inspection Market 2024-2033 - Size, Growth, Trends & Forecast
Surface Vision and Inspection Market
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According to The Business Research Company's, The surface vision and inspection market size has grown strongly in recent years. It will grow from $2.74 billion in 2023 to $3.01 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to quality control imperative, manufacturing efficiency, consumer expectations, increasing demand for automation and robotics, expanded applications in diverse industries.
The surface vision and inspection market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to ai and machine learning, customized solutions, globalization of production, sustainability initiatives, data analytics and predictive maintenance.. Major trends in the forecast period include advanced ai-powered inspection, 3d surface inspection, augmented reality (ar) assistance, iot-enabled inspection, robotics integration.
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Market Drivers and Trends:
Rapid industrialization is expected to propel the growth of the surface vision and inspection market going forward. Industrialization refers to the process by which an economy is transformed from a primarily agricultural one to one based on the manufacturing of goods. Surface vision and inspection help industrialization by autonomously confirming the visual and cosmetic quality of products. For instance, according to India Brand Equity Foundation, an Indian Government export promotion agency, the appliances and consumer electronics (ACE) market in India is expected to grow from USD 10.93 billion in 2021 to USD 21.18 billion by 2025. India has the potential to become a global manufacturing hub and by 2030, it can add more than USD 500 billion annually to the global economy. Therefore, rapid industrialization is driving the growth of the surface vision and inspection market.
Major companies operating in the surface vision and inspection market are innovating products with artificial intelligence (AI)-enabled vision inspection system technology, to provide reliable services to customers. An Artificial Intelligence (AI)-enabled vision inspection system is a technology that integrates computer vision AI, advanced algorithms, and machine learning techniques to automate the process of inspecting and evaluating products or components visually. For instance, in July 2023, Advantech Co. Ltd., a Taiwan-based computer manufacturing company, and Overview AI, a US-based company that provides computer vision systems, launched OV20i. OV20i combines the technology of ICAM-520 edge AI, an industrial artificial intelligence (AI) camera with an artificial intelligence (AI) classifier, and a machine learning algorithm. It assists in automation process transformation and enhances inspection quality procedures, resulting in labor and waste reductions, yield improvements, and increased efficiency.
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Major Key Players of the Market:
Omron Corporation, Ametek Inc., Edmund Optics Inc., Isra Vision AG, Industrial Vision Systems Ltd., Cognex Corporation, Perceptron Inc., Adept Technology Inc., Keyence Corporation, Daitron Inc., Flexfilm Ltd., Comvis AG, Teledyne Technologies Inc., Allied Vision Technologies GmbH, National Instruments Corporation, SICK AG, Banner Engineering Corp., Baumer Electric AG, ETS SuperVision BV, Panasonic Corporation, AMETEK Surface Vision, Matrox Imaging Ltd., Shenzhen Sipotek Technology Co. Ltd., Stemmer Imaging AG, Vitronic GmbH, Sipotek, Teledyne DALSA, Microscan Systems Inc., Basler AG, Sony Corporation
Surface Vision And Inspection Market 2024 Key Insights:
• The surface vision and inspection market size is expected to see strong growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Rapid Industrialization Fuels Growth In Surface Vision And Inspection Market
• Innovative Artificial Intelligence (AI)-Powered Ov20I Revolutionizes Surface Vision And Inspection
• Asia-Pacific was the largest region in the surface vision and inspection market share in 2023
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