The digital imaging market is expected to grow from USD 15.79 billion by 2018 to USD 24.08 billion by 2023, at a CAGR of 8.81% during the forecast period. Factors driving the growth of the digital imaging market include technological advantage over traditional methods, growing need of industrial automation, and increasing consumer awareness raising the bar of safety and quality standards
GE (US), Cognex US), Olympus (US), Hexagon (Sweden), and Nikon (Japan) dominated the digital imaging market in 2017. Product launches and developments, were the key strategies adopted by these top players to capture a major share of the digital imaging market.
Top 2 players in the digital imaging market:
GE is the leader in the digital imaging market. The company provides innovative technologies including sensor-based measurement solutions; advanced software; asset condition monitoring systems; controls; inspection technologies; and radiation measurement solutions for industrial and commercial applications as well as the military and aerospace sector. GE is one of globally leading brands and has a wide geographic reach through various distribution networks, which helps it capture a significant market share worldwide. The company is applying digital capabilities not only to its own business but also to its customers. For the digital imaging market, the company provides a full suite of NDT solutions and equipment, including radiography, CT, remote visual inspection, ultrasound, eddy current, and hardness testing products.
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GE has mainly been adopting the organic growth strategy of product launches and expansions to grow in this market. For instance, in March 2017, GE Oil & Gas launched the TransPort PT900 Portable Ultrasonic Flow Meter, a clamp-on meter for liquid flow measurement. It has an app-driven user interface on an Android tablet. In April 2016, GE Oil & Gas launched a new digital solution-Mentor UT-which improves reliability, and reduces maintenance costs and downtime of assets. Mentor UT allows users to customize and download inspection applications (apps), which guide them through inspection procedures similar to smartphone apps.
Cognex Corporation is a leading provider of machine vision products worldwide. The company invests heavily in R&D to maintain its position as a technology leader in machine vision. To grow in the digital imaging market, the company has been adopting a mix of organic and inorganic growth strategies.
For example, in April 2017, Cognex launched the new In-Sight 7000 series. These powerful new vision systems perform fast and precise inspections, keeping pace with increasing line speeds, while its compact form factor allows it to easily fit into space-constrained production lines. Also, in 2016, Cognex acquired two 3D vision companies-EnShape GmbH (Germany) and AQSense (Spain). The production activities of the company are mainly concentrated in the US and Europe. It has a strong geographic presence; however, it has a low impact in Asia. Therefore, the company has got opportunities to grow into the Asian market.
Digital Imaging Market by Technology (Machine Vision, Metrology, Radiography, and LiDAR), Application (Inspection, Reverse Engineering, and Surveying), Industry (Automotive, Aerospace, Oil & Gas), and Geography - Global Forecast to 2023
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