Dublin, Nov. 18, 2021 (GLOBE NEWSWIRE) -- The "Surface Vision & Inspection Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Surface Vision & Inspection Equipment Market is anticipated to witness a CAGR of 11.2% over the forecast period (2021 - 2026). The market for surface vision & inspection equipment is highly competitive. The increasing need for better manufacturing production capacity at a reduced cost, growing demand for qualitative products, increasing adoption of Industry 4.0 and IoT are some of the significant factors influencing the growth of the market while the shortage of skilled labor is restricting the market growth.
Surface vision and inspection systems help manufacturing companies increase process accuracy, productivity, and save money. Hardware and software used in these systems process, analyze, and measure various characteristics in greater detail and derive meaningful evaluations. This inspection process is a highly accurate electronic replacement for manual inspection processes.
Surface vision & inspection equipment helps maintain mandatory standards and regulations in processes such as drug synthesis and label tracking, set up by the Food and Drug Administration (FDA) and several other national institutions, in medical and pharmaceutical industries.
Reduced manufacturing errors, consistent maintenance of product quality, and reduced production wastage are some of the advantages with surface vision & inspection equipment. According to Monetary Watch, the Changying Precision Technology Company, a manufacturing factory in Dongguan, China, saw a significant drop of 80% in defects, 250% increase in productivity while ensuring better quality at the same time, with the implementation of inspection systems and industrial robots.
Key Market Trends
Camera Segment is expected to Hold the Largest Market Size during the Forecast Period
- Cameras in surface vision & inspection are used for automatic surface inspections to maintain accurate quality control during the production of goods. Camera segment holds the highest market share in 2018 and is expected to retain its dominance during the forecast period owing to increasing demand for high-quality images, image processing, and compactness.
- Industrial cameras with specialized optics have digital sensors embedded within themselves. The performance of surface vision & inspection systems depends on the quality of images acquired by the cameras. High-quality images enable system hardware and software to process, analyze, and measure various characteristics in greater detail and derive meaningful evaluations. They would be able to perform uniformity checks and identify defects that can go unnoticed by human inspectors, which include hairline scratches on glass and foreign particles, subtle dents, or even fingerprints on device surfaces.
- Players in the market are offering advanced vision systems that can capture high-quality images which can detect hairline variations even caused by reflections of light. For instance, the imaging solution offered by Radiant Vision Systems uses CCD calibrated cameras to capture a scratched aluminum surface. Advanced imaging technology and sophisticated algorithms were used to locate and characterize the defects on device surfaces.
- Rising digital industrial technology (Industry 4.0 and IoT), increasing adoption of industrial robots are some of the significant factors influencing the growth of the market. The International Federation of Robotics (IFR) estimates that the worldwide supply of industrial robots could reach 630,000 units by 2021 compared to 381,000 units in 2017.
North America is expected to Hold the Largest Market Size during the Forecast Period
- North America is expected to hold the largest market size and dominate the surface vision & inspection equipment market during the forecast period. The market studied is dominated by companies in the US, followed by those in Europe and Asia-Pacific. Manufacturers are investing in advanced technology pertaining to surface vision & inspection systems in order to meet the standards of safety-related mandates and international quality.
- The automotive sector is one of the largest markets for surface vision & inspection equipment in North America. Estimates from OICA revealed that the production of motor vehicles in the region has increased from around 15.8 million units to 17.4 million units, from 2012 to 2018.
- R&D activities for image processing technology, industrialization, increasing focus on attaining operational efficiency and product quality, growing factory automation, safety-related mandates in the automotive industry, are some of the factors driving the growth of the market.
- Global manufacturers from the region are shifting their base of operation to emerging countries of Asia-Pacific region to benefit from lower labor wages. The market for surface vision & inspection industry in Asia-Pacific is expected to witness significant growth over the forecast period. This growth can be attributed to several factors such as increasing investments in assembly line automation and rising level of manufacturing activities.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Need for Better Manufacturing Production Capacity at Reduced Cost
4.3.2 Growing Demand for Qualitative Products
4.3.3 Increasing Adoption of Industrial 4.0 and IoT
4.4 Market Restraints
4.4.1 Lack of Skilled Labor
4.5 Industry Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Component
5.1.1 Camera
5.1.2 Lighting Equipment
5.1.3 Optics
5.1.4 Other Components
5.2 By Application
5.2.1 Automotive
5.2.2 Electrical & Electronics
5.2.3 Medical & Pharmaceuticals
5.2.4 Food & Beverages
5.2.5 Postal & Logistics
5.2.6 Other Applications
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Omron Corporation
6.1.2 Cognex Corporation
6.1.3 Isra Vision AG
6.1.4 Panasonic Corporation
6.1.5 AMETEK Surface Vision
6.1.6 Edmund Scientific Corporation
6.1.7 Matrox Imaging Ltd.
6.1.8 Shenzhen Sipotek Technology Co., Ltd.
6.1.9 Keyence Corporation
6.1.10 Daitron Inc.
6.1.11 Flexfilm Ltd.
6.1.12 Stemmer Imaging AG
6.1.13 Comvis AG
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/1mb0zi
