Global Surface Inspection Market Size to Reach USD 8.30 Billion in 2032 | Emergen Research

Vancouver, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario:

The global surface inspection market size reached USD 3.22 Billion in 2020 and is expected to register a significantly steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increased usage of smart cameras, more advanced software, and efficient image processing are boosting the application of surface inspection systems, thereby driving steady market revenue growth.

Drivers:

Increasing use of collaborative robots (cobots) and rising demand for automated surface inspection solutions are expected to continue to drive revenue growth of the market over the forecast period. Customers are currently expecting high-quality products, which is compelling companies to employ surface inspection technologies in a wide range of applications. Machine Vision (MV) is an advanced system that helps to inspect products automatically, thereby increasing efficiency of the manufacturing process.

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Restraints:

Market growth is expected to be hampered by factors such as compatibility and the complexity of integrating various robotics frameworks with facilities, as well as product design and manufacturing challenges. All industry does have its uniqueness, and technological advancements are always rising the complexities of the manufacturing process. Surface inspection systems have a challenge in meeting the diverse and changing demands of various industries.

Growth Projections:

The global surface inspection market is expected to expand at a CAGR of 8.3% from USD 3.22 Billion in 2020 to USD 8.30 Billion by 2032. Market growth is driven by rising need for quality assurance and automation, as well as advancements in vision technology.

COVID-19 Impact Analysis:

The COVID-19 pandemic emerged in late 2019, has changed the way the world has been functioning since over 50 decades, and need for more advanced technologies has arisen at an urgent rate to compensate, and this includes the surface inspection industry. This crisis has impacted most surface inspection companies, and it is expected to have a medium-term effect. This is mostly owing to the automotive vertical's temporary pause in operations. Governments and public-private partnerships are implementing more initiatives to minimize the effects of COVID-19, which is expected to provide market growth opportunities in the near future.

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Current Trends and Innovations:

For visual inspections that need consistency of measures, high resolution, and fast speed, manufacturers prefer Machine Vision (MV). This technique is mostly utilized for fabrication in the semiconductor industry. 3D vision is becoming widely used in a range of sectors, including electrical & electronics, automotive, and printers. All of these factors are boosting market growth.

Geographical Outlook:

North America is expected to expand at a substantially rapid CAGR over the forecast period due to factors such as rapid industrialization, increasing factory automation, and significant investments in assembly-line manufacturing and process automation in countries such as the United States, Canada, and Mexico are expected to drive revenue growth of the market in North America.

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Scope of Research

Major Companies and Competitive Landscape

The global surface inspection market is fairly fragmented, with a number of large and medium-sized market players accounting for a major revenue share. Key players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective surface inspection systems.

Some major players operating in the global surface inspection market are:

• Basler AG
• ISRA Vision AG
• Keyence Corporation
• Omron Corporation
• Cognex Corporation
• Teledyne Technologies Inc.
• Matrox Electronic Systems Ltd.
• Datalogic S.p.A.
• AMETEK, Inc.
• Sick AG

Strategic Development

In January 2021, FLIR Systems, Inc. was acquired by Teledyne Technologies Inc. The unique sensor technologies are at the base of both of the businesses. The business models are similarly comparable in that businesses both supply sensors, cameras, and sensor systems to their clients. The technology and products are uniquely complementary with minimal overlapping, including image sensors based on various semiconductor technologies for various wavelengths.

In November 2020, The Genie Nano-CXP 67M and 37M cameras, which are built on Teledyne e2v Emerald color and monochromatic sensors, were launched by Teledyne Technologies. The cameras are intended for use in high-speed data transfer applications including industrial automation, semiconductor manufacturing, package inspections, semiconductors inspection, PCB-AOI, and generalized machine vision

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Emergen Research has segmented the global surface inspection on the basis of surface type, component, system, deployment type, end-use, and region:

• Surface Type Outlook (Revenue, USD Billion; 2019–2032)
  • 2D
  • 3D
• Component Outlook (Revenue, USD Billion; 2019–2032)
  • Software
  • Hardware
    1. Cameras
    2. Lighting Equipment
    3. Processors
    4. Optics
    5. Frame Grabbers
    6. Others
• System Outlook (Revenue, USD Billion; 2019–2032)
  • Camera-based
  • PC- based
• Deployment Type Outlook (Revenue, USD Billion; 2019–2032)
  • Robotic Cells
  • Traditional Systems
• End-Use Outlook (Revenue, USD Billion; 2019–2032)
  • Automotive
  • Electrical & Electronics
  • Food & Beverage
  • Healthcare
  • Printing
  • Logistics
  • Others
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. BENELUX
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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