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 miniaturization of products offered by end-user industries, availability of customized solutions, and rapid industrialization in developed economies provide key opportunities for the market. Some of the key factors driving the growth of this market are the growing adoption of industrial automation and increasing consumer awareness.
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). Most of the leading companies have followed the organic strategy of product launches to boost their revenues.
Top 2 Players in the Market:
General Electric (GE) is one of the world’s largest multinational conglomerates, operating as an infrastructural and financial services company worldwide. The company serves customers in ~180 countries. GE Oil & Gas Digital Solutions, previously GE Measurement and Control, is a business unit of GE Oil & Gas. This business unit deals in sensor-based measurement, inspection, controls, and radiation measurement solutions. It designs, manufactures, and serves NDT equipment used for ultrasonic, eddy current, radiographic, and remote visual inspection techniques. In the digital inspection market, the company offers a full suite of NDT solutions and equipment, including radiography, CT, remote visual inspection, ultrasound, eddy current, and hardness testing products. To grow in this market, the company has adopted organic growth strategies such as product launches and expansions. For instance, in March 2017, GE Oil & Gas launched the TransPort PT900 portable ultrasonic flow meter, a clamp-on meter for liquid flow measurement. Its features include a clamp fixture and an app-driven user interface on an Android tablet.
Hexagon is known worldwide for its integrated design, measurement, and visualization technologies. It provides information technology solutions for geospatial and industrial landscapes worldwide. The company is driving the process of smart change through digitalization, moving customers closer to fully digital businesses. Hexagon intends to lead the 3D scanning and metrology market by helping its customers overcome challenges faced by them during the inspection and measurement processes by providing them with a wide range of innovative solutions. Moreover, it considers innovation as one of its major business strategies. The company considers innovation as one of its major business strategies. For instance, in September 2017, Hexagon announced the extension of its HTA high throughput and accuracy solution range to ultra-high accuracy CMMs. The technology package is designed to integrate dimensional inspection more effectively into the production process by reducing measurement cycle times and providing rich data sets. The company has adopted the strategy of acquisitions to expand its business, in terms of technology, and its customer base. For instance, in April 2017, Hexagon acquired MacNeal-Schwendler Corporation (MSC) Software (US).
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
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