The Global Digital Inspection Market is Projected to Register CAGR of 9% by 2023
According to Market Research Future (MRFR), the global digital inspection market is projected to reach an approximate market value of USD 26 billion, with a CAGR of 9% from 2018 to 2023 (forecast period). The report takes into account the effect of the COVID-19 pandemic on the global digital inspection market and provides a concise estimation of the potential volatility of demand during the forecast period.
Digital Inspection allows engineers to test, measure, and conduct inspections of any electronic equipment or automation tool using devices that are digitally connected to a laptop or tablet to store and record results electronically. Previously, organizations used paper-based inspection systems. Multiple inspections were reported on a paper in various formats, which were time-consuming with low accuracy and performance. Nonetheless, with the introduction of digital inspection solutions, organizations can resolve the problems posed by paper-based inspection systems.
Digital inspection solutions provide non-destructive testing solutions and technologies such as x-rays, computed tomography, and remote visual inspection. Various digital inspection devices are available on the market, like Video Borescope, USB Digital Microscope, App-based Ultrasonic Flaw Detectors, Digital Multimeters, Digital Testers, and Digital Calipers. Modern-day digital inspection solutions are used for corrosion evaluation of pipelines in the oil & gas sector, inspection of aircraft engines in the aviation industry, and visual inspection of equipment in the food & beverage industry.
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The market for digital inspection is expected to grow substantially during the forecast period attributed to the rising demand for storing and recording the test results in industries such as automotive, oil & gas, aviation, food & beverages, and electrical & electronics equipment industry. The need for accurate inspection of 3D data and a strong emphasis on quality control ultimately lead to the adoption of Metrology, which is a crucial factor driving the growth of the digital inspection market. Digital inspection of electrical components such as fuses, solenoids, electrical and electronic assemblies is also a major driver of the digital inspection industry’s growth.
Digital inspection tools are also being used in the real estate sector to carry out property assessments, including building inspection, home inspection, windstorm inspection and energy audits, which also stimulate the development of the global digital inspection market. Other industries that implement digital inspection solutions include healthcare, military, government, fire response, security service providers, transport, engineering, and mechanics.
In addition, digital inspection allows quicker response time inspection, quick generation of reports, significant cost savings, and addresses the issues in the paper-based inspection system. Replacing the pen and paper inspection with a digital inspection will increase operational efficiency.
The global market for digital inspection has been segmented into technology, solution, dimension, and application.
Based on technology, the global market for digital inspection has been segmented into machine vision, metrology, Non-Destructive Testing (NDT).
Based on the solution, the global market for digital inspection has been segmented into hardware and software. Hardware-based digital inspection equipment includes Video Borescope, USB Digital Microscope, and digital multi-meters. Whereas, the software-based digital inspection system includes Qwerks, Action Card, HomeInspect, and Horizon Inspection software.
Based on the dimension, the global market for digital inspection has been segmented into 2D and 3D.
Based on application, the global market for digital inspection has been segmented into manufacturing, electronics and semiconductor, oil & gas, aerospace and defense, automotive, energy and power, food & beverages, public infrastructure, and others.
The regional analysis of the digital inspection market is carried out for North America, Europe, Asia Pacific, and the Rest of the World.
North America highly dominates the market due to the involvement of major players in sectors such as automotive, aerospace & defense, public infrastructure, and energy and power in the U.S.
Growth in automation in almost all industry verticals generates high demand for digital inspection systems in the Asia Pacific region. Countries like China, Japan, and India are committed to investing in automation to improve their company profits and be part of the digital transformation wave.
The European region is an evolving hub for the manufacturing, automotive, and energy & power industries, with a strong emphasis on digital inspection solutions.
Some of the key participants identified by the MRFR in digital inspection market include General Electric (U.S.), MISTRAS Group (U.S.), Olympus (Japan), Hexagon (Sweden), Cognex (US), Nikon (Japan), Zetec (US), FARO Technologies (U.S.), Basler (Germany), OMRON (Japan), Carl Zeiss (Germany), Mitutoyo (Japan), GOM (Germany), National Instruments (US), Keyence (Japan).
Other players include iPromar (Singapore), FPrimeC Solutions (Canada), Shinning 3D Tech (China), Zebicon (Denmark), and SUALAB (South Korea).
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