Surface Inspection Market

Market Leadership - Surface Inspection Market

The surface inspection market is expected to grow from USD 3.5 billion in 2021 to USD 5.3 billion by 2026, at a CAGR of 8.6% during the forecast period. There is a growing demand for quality assurance and automation in industries. With increasing competition, the importance of quality assurance is becoming more prominent. The companies are moving towards automation to increase speed, reduce human error and reduce cost. This will spurt the demand for surface inspection systems. Increase in adoption of smart cameras, enhanced software, and powerful image processors are facilitating the growth of surface inspection market. Due to advancements in vision technology through smart cameras, enhanced software, and powerful image processors, the surface inspection market is able to expand in more industries. Also, the increasing wages in many countries like Spain, China and UK is the main driver for the surface inspection market.

Although the surface inspection market is growing at a steady pace, it is moderately competitive owing to the presence of several players such as Kitov (Israel), ISRA VISION (Germany), Cognex (US), and VITRONIC (Germany) venturing into robot-based surface inspection system. Key strategies adopted by these players to enhance their product portfolios, increase their market share, and expand their presence in the market mainly include product launches, deals (acquisitions, partnerships, collaborations, investments, and strategic alliances), and others (expansions). These strategies enabled the players to efficiently cater to the growing demand for surface inspections from the end users and expand their global footprint by offering their products in all the major regions.

For instance, in December 2020, KEYENCE (Japan) launched SR-2000 Series fixed type reader camera that provides wider field of view and a greater depth of field at longer ranges with fully automatic calibration. In November 2020, Teledyne Technologies (US) launched the Genie Nano-CXP 67M and 37M cameras, which are based on Teledyne e2v Emerald color and monochrome sensors. The cameras are designed for high-speed data transfer in industrial imaging applications, such as industrial automation, electronics manufacturing, packaging inspection, semiconductor inspection, PCB-AOI (Automated Optical Inspection), and general machine vision. Apart from this, players have also adopted acquisition, partnership and expansion strategies to enhance their product portfolio and geographical reach. For instance, in December 2020, Atlas Copco’s acquisition of Perceptron, together with ISRA VISION, will result in the formation of a well-positioned and leading supplier of 3D machine vision products and robot-based industrial automation.

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Cognex (US) provides a complete line of machine vision systems and sensors, vision software, and industrial image-based barcode readers to meet the needs of customers at various performance and price points. Machine vision from Cognex is used to automate manufacturing and distribution processes in a variety of industries, where the technology is widely recognized as an important component of automated production and quality assurance. Cognex products are also used in the logistics industry to automate distribution processes for applications such as retail distribution and e-commerce to scan, track, and sort goods through distribution centers. Consumer electronics, logistics, and automotive are Cognexs three largest industries, accounting for roughly 70% of the companys total revenue in 2020.

The company has adopted the strategies of product launches, and acquisitions to grow in the surface inspection market. Cognex focus on the product launch is based on the latest technology that drives the surface inspection market. In July 2021, VisionPro 10.0 and VisionPro Deep Learning 2.0, two new releases in Cognexs VisionPro line of vision software, were announced. VisionPro 10.0 is a significant update to the companys PC-based platform that provides faster application performance and easier application setup. VisionPro Deep Learning 2.0 is designed to work in tandem with VisionPro 10.0, allowing customers to use both deep learning and traditional vision tools in the same application. Cognex conducts research, development, and engineering (RD&E) to improve existing products and develop new products and functionalities to meet market demands. Of its total revenue, its RD&E expenses were 16.2% in 2020, 16.5% in 2019, and 14.4% in 2018. The company’s 10-year revenue CAGR (2011-2020) accounted for 13%, with a Gross Margin (2020) of 75%. Cognex’s continuous commitment to R&D activities is critical in order to maintain or achieve product leadership with existing products, provide innovative new product offerings, and provide engineering support to large customers. Cognex reported a total of over 700 machine vision-related patents. It has invested in emerging economies, including India and Southeast Asia, to grow its R&D, sales, and service capabilities. In addition to internal R&D efforts, Cognex maintains its strategy of gaining access to new technology through strategic relationships and, where appropriate, acquisitions. In October 2019, Cognex acquired SUALAB (South Korea), a provider of deep learning-based vision software for industrial image analysis. SUALABs intellectual property, engineering expertise, and market coverage are expected to strengthen the companys deep learning capabilities. The company serves a global customer base from offices in the Americas, Europe, and Asia, as well as through a global network of integration and distribution partners. The company has offices in over 56 global locations. Some of its major sales offices are located in the US, the UK, India, China, South Korea, Singapore, Germany, Sweden, the Netherlands, and Japan.

KEYENCE (Japan) is a global leader in the design and manufacture of factory automation equipment, including automation sensors, measuring instruments, vision systems, laser markers, and digital microscopes. In the surface inspection market, the company provides surface inspection systems, vision sensors with integrated lighting to modular vision systems that support area cameras, line scan and 3D cameras, and laser profilers. The company provides surface inspection systems to the automotive, glass & metal, plastics, food & packaging, medical & pharmaceutical, semiconductor, and steel industries. In the metal industry, the applications served include detection of double-fed metal sheets, an inspection of the thickness of hot steel slabs, and detection of flaws on steel sheets

The company has adopted the strategy of product launch to grow in the surface inspection market. For instance, in October 2020, KEYENCE introduced the VHX-Series digital microscope for observing, inspecting, and analyzing medical devices. It is a fully automated system that allows users to examine samples, take images, and perform 2D and 3D measurements. The fully automated system allows users to seamlessly switch between magnifications ranging from 20x to 6000x. Advanced lighting functions ensure that even the smallest surface details are observed and communicated accurately. It is appropriate for needle inspection, stent inspection, and packaging inspection. In October 2020, the company introduced image-based laser sensors - the IX Series which can measure height anywhere in the given area. The laser can detect the height of the target point even when the workpieces on the production line are not perfectly aligned due to camera-based image recognition. If the target is tilted or the target itself is different, the height at which the laser hits the target will vary, but the IX Series can detect the difference in height against the reference. A single IX Series unit, for example, in a parts assembly line, can not only check for the presence of parts but also perform seating checks and other height-based inspections. With 230 offices in 46 countries, KEYENCE is a global leader in the industrial automation industry. The company’s global network of offices and engineers supports and serves over 300,000 customers across North America, South America, Asia, the Middle East, Africa, Europe, and Oceania. In the US, KEYENCE has over 30 offices. The company has 28 subsidiaries, including KEYENCE Limited (UK), KEYENCE SDN BHD (Malaysia), KEYENCE Co. Ltd. (Thailand), and KEYENCE SAS (France).

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Surface Inspection Market with COVID-19 Impact Analysis, by Component, Surface Type (2D and 3D), System (Computer-based and Camera-based), Deployment Type (Traditional Systems and Robotic Cells), Vertical, and Geography - Global Forecast to 2026

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Surface Inspection Market Size,  Share & Growth Report
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