Surface Inspection Market estimated to be worth $5.3 billion by 2025

(IT-NEWSWIRE.COM, February 25, 2020 ) The report "Surface Inspection Market by Component (Camera, Frame Grabber, Processor, Software), Surface Type (2D and 3D), System (Computer System and Camera System), Deployment Type (Traditional, Robotic Cell), Vertical, and Geography - Global Forecast to 2025", is expected to grow from USD 3.7 billion in 2020 to USD 5.3 billion by 2025; it is expected to grow at a CAGR of 7.4% during the forecast period.

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The performance of surface inspection systems depends on features of its components such as cameras, image processors, and software. Technological Improvements in cameras, robust software and more powerful image processors are driving the market as industrial applications are also increasing in complexity. With these advancements, the surface inspection systems are capable of handling applications in various industries such as semiconductor, automobile, electrical & electronics, glass & metal, food, medical & pharmaceutical and plastic. Increasing wages in various countries such as the UK, China, Spain, South Korea, and Israel, is also driving the market. This is because the companies are moving towards automation to reduce costs.

Automotive Industry held the largest share in the surface inspection market in 2019.

The automotive industry requires surface inspection of complex parts such as cylinder bores and crankcases, and reflective painted parts, which are difficult to inspect with the human eye. Surface inspection systems are also required for areas inaccessible to humans and for applications that cause health hazards. Also, there are large variations in components of an automobile such as types of nuts and bolts and engine parts for various models. This makes difficult to train humans and avoid human errors. Therefore, surface inspection systems are popular in the automotive industry.

Software is estimated to grow at the highest CAGR during the forecast period.

Development in hardware is expected to reach saturation earlier, after which any innovation will have to be provided by the software. It is software that is responsible for making complex 3D technology feasible and allowing the use of multiple cameras for an application. The frame rate and resolution of a camera allowed also depend on the capability of the software. The software plays most important role in a robot cell. The flexibility and accuracy of the robots depend on the software.

APAC expected to grow at highest CAGR during the forecast period

APAC, being a major market, consists of a diverse range of economies with varying levels of development and the presence of various manufacturers. APAC is estimated to grow at the highest CAGR during the forecast period due to the high industrialization in China, Japan, and South Korea. According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the world leader in the automotive industry. The ‘Made in China 2025’ policy states the country’s intention to be 70% self-reliant in the semiconductor sector by 2025. Japan and South Korea are leaders in robotics, and robot-based surface inspection systems are expected to see significant growth in these countries. Also, the companies in Japan have a fast-changing product portfolio making robot-based 3D systems suitable. India is one of the rapidly growing economies among the emerging markets in Asia. Many companies are shifting base to APAC due to low labor costs in the region.

Major companies in the surface inspection market include ISRA Vision (Germany), Ametek (US), Omron (Japan), Teledyne Technologies (US), Panasonic (Japan), Keyence (Japan), Datalogic (Italy), Matrox (Canada), IMS Messsysteme (Germany) and Vitronic (Germany).

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Surface Inspection Market estimated to be worth $5.3 billion by 2025