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Surface inspection market to hit $3.53 billion by 2022 illuminated by new report

Surface inspection market to hit $3.53 billion by 2022 illuminated by new report

The global Surface Inspection market global industry analysis report of 153 pages explores Surface Inspection market size, share, trends, demand, growth, and industry forecast to 2021. The Surface Inspection market is projected to grow at a CAGR of 7.9%, to reach a market size of 3.53 billion by 2022.

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Surface Inspection market growth is primarily driven by rising awareness about product quality in the consumers has led to the increase in demand for inspection and quality assurance for end products. Increasing need for automation in the industrial sectors has also contributed to the growth of the market.

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Automotive expected to be the fastest-growing vertical during the forecast period. Among all the verticals, the automotive vertical is estimated to grow at the highest CAGR between 2016 and 2022.

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Automotive is one of the major sectors wherein vision-based surface inspection plays an important role since this sector demands accurate inspection and quality assurance for its products; therefore, the growth of the surface inspection market for the automotive vertical would accelerate in the coming years.

APAC to be the leading market for surface inspection during forecast period. Among all the geographic regions, APAC held the largest market share of the surface inspection market in 2015 and is expected to grow at the highest CAGR during the forecast period.

APAC has emerged as a major manufacturing hub with the presence of countries such as China, Japan, India, and South Korea, which is boosting the demand for surface inspection systems in this region.

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Breakup of primaries:

  • By Company Type – Tier 1:40%, Tier 2:30%, and Tier 3: 30%
  • By Designation – C-Level Executives:35%, Directors:45%, and Others:20%
  • By Region –Europe:40%, North America: 30%, APAC:20%, and RoW:10%

Key players in the surface inspection market include ISRA VISION AG (Germany), AMETEK, Inc. (U.S.), Omron Corporation (Japan), Teledyne Technologies Inc. (U.S.), Microscan Systems, Inc. (U.S.), Toshiba Corporation (Japan), Panasonic Corporation (Japan), Matrox Electronic Systems Ltd. (Canada), IMS Messsysteme GmbH (Germany), and VITRONIC GmbH (Germany)among others.

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Reasons to access the report:

  • This report includes the market statistics pertaining to component, surface type, system, vertical, and geography along with their respective market size.
  • The Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight of the surface inspection market.
  • Major drivers, restraints, opportunities, and challenges for the surface inspection market have been detailed in this report.
  • Illustrative segmentation, analysis, and forecast for markets based on component, surface type, system, vertical, and geography have been conducted to give an overall view of the surface inspection market.
  • A detailed competitive landscape has been given, which includes key players, in-depth analysis, and revenue of key players.

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