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Digital inspection market worth 27.84 billion USD by 2023

Industrial Market Research

The digital inspection market is expected to grow from USD 18.17 Billion in 2017 to USD 27.84 Billion by 2023, at a CAGR of 7.2% between 2018 and 2023. The growing adoption of industrial automation, technological advantages over traditional methods, and increasing consumer awareness raising the bar of safety and quality standards are the major driving factors for the market.

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According to the new market research report on "Digital Inspection Market by Technology (Machine Vision, Metrology, and NDT), Offering, Dimension, Vertical (Manufacturing, Electronics, Oil & Gas, Aerospace & Defense, Automotive, Power, Food & Pharmaceuticals), and Geography - Global Forecast to 2023", the digital inspection market is expected to grow from USD 19.66 Billion in 2018 to USD 27.84 Billion by 2023, at a CAGR of 7.2% between 2018 and 2023. The growth of this market is driven b by technological advantages over traditional methods and increasing consumer awareness.

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Digital Inspection market for metrology to hold the largest share of the market during the forecast period

Metrology accounted for the largest share of the market in 2017 and is expected to hold the largest share during the forecast period.

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The demand for metrology is driven by the rising need for accurate inspection of 3D data used for the modeling and analysis of 3D models, growing focus on quality control, inability of traditional measurement devices to address several manufacturing issues, and growing automation and in-line metrology.

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Digital Inspection market for 3D to grow at a higher CAGR during the forecast period

The digital inspection market for 3D is expected to grow at a higher CAGR between 2018 and 2023. 3D helps overcome the limitations of 2D techniques and offers added advantages to manufacturers to inspect beyond 2 planes of a product and volumetric height, allowing for 100% inspection and detection of defects in a product.

With increasing demand for product quality, 3D digital inspection is replacing 2D, as the former allows manufacturers to diagnose issues such as metal bridging, foreign materials, and construction defects in 3D planes and in high-speed environments.

The Americas to hold the largest share of the digital inspection market during the forecast period

The Americas held the largest share of the market in 2017 and is expected to dominate the market with the largest share between 2018 and 2023. This is because of the presence of major players operating in verticals such as automotive, aerospace & defense, public infrastructure, and energy and power in the US.

This region is emerging as an important hub for the manufacturing and power generation verticals. Growing automation in almost all industrial verticals is generating a huge demand for digital inspection systems in the Americas.

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Major players in the digital inspection market include General Electric (US), MISTRAS Group (US), Olympus (Japan), Hexagon (Sweden), Cognex (US), Nikon (Japan), Zetec (US), FARO Technologies (US), Basler (Germany), OMRON (Japan), Carl Zeiss (Germany), Mitutoyo (Japan), GOM (Germany), National Instruments (US), and Keyence (Japan). Key innovators in the market are iPromar (Singapore), FPrimeC Solutions (Canada), Shinning 3D Tech (China), Zebicon(Denmark), and SUALAB (South Korea).

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