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Defect Detection Market Share, Trends, Growth And Forecast 2024-2033
Defect Detection Market Share
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According to The Business Research Company's, 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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Market Drivers and Trends:
Increasing manufacturing industries are expected to drive the growth of the defect detection market going forward. Manufacturing industries refer to industries that transform raw materials or components into finished products through the use of tools, machinery, human labor, and chemical processing. Defect detection systems are used in a variety of applications, including manufacturing, healthcare, and packaging. The automation of mass manufacturing procedures and the demand for more consumer goods across different sectors will fuel the expansion of the defect detection market over the forecast period. For instance, according to a report issued by the National Institute of Standards and Technology (NIST), a US-based agency, in 2021, manufacturing contributed $2.3 trillion to US gross domestic product (GDP), amounting to 12.0% of total US GDP. Therefore, the increasing manufacturing industries are expected to contribute to the growth of the defect detection market.
Technological advancements are a key trend gaining popularity in the defect detection market. Major companies operating in the defect detection market are focused on developing new technological solutions to strengthen their position. For instance, in August 2021, Datalogic, an Italian company working in the automatic data capture and process automation markets, launched an MFDS solution for monitoring non-conveyable products in a non-singulated flow. The Mass Flow Detection System (MFDS) is an advanced solution that enables automated data collection for non-conveyable parcels. In the 'non-conveyable' parcel sector, large items have increased significantly, even more than traditional parcels, and are subject to manual treatment, creating a labor-intensive process.
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Major Key Players of the Market:
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.
Defect Detection Market 2024 Key Insights:
• 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%.
• Stringent Health And Safety Measures Imposed By Governments Driving The Growth Of The Defect Detection Market
• Technological Advancements In The Defect Detection Market
• Asia-Pacific was the largest region in the defect detection market in 2023
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