Surface Vision And Inspection Market Growth & Trends
The global surface vision and inspection market size is anticipated to reach USD 4.59 billion by 2030, growing at a CAGR of 7.8% from 2022 to 2030, according to a new study by Grand View Research Inc. The manufacturing sector across the globe is witnessing rapid growth, amid improved demand conditions and easing COVID-19 restrictions. This increasing production activity is responsible for the rising demand for vision and inspection systems in order to decrease errors and defects. Also, businesses’ approach towards mass production to lower the operational cost is resulting in high adoption of surface vision & inspection systems that help in improve yield and increase profit are factors expected to support the market growth.
The surface vision and inspection system cater to the manufacturer’s need for reduced error and waste reduction by providing instant feedback. Also, players are attracted to surface vision & inspection systems as they exhibit high accuracy with greater ROI. Thus, manufacturers’ inclination toward automating the production facility, call for efficient inspection solution that aid in waste reduction and minimize production cost. This factor is expected to support market growth.
The governments of developed and developing countries are imposing strict regulations pertaining to food & drug safety. This increased regulation results in the deployment of machine vision systems from pharma manufacturers to verify code, and determine package integrity and product traceability. Also, these systems help manufacturers meet rising volume demand for product inspections with high precision. Thus, the flourishing pharmaceutical sector worldwide and the potential benefits of the vision & inspection system are expected to increase the demand from pharma players, which is responsible for the surface vision and inspection market growth.
The COVID-19 pandemic negatively impacted economic growth worldwide. With the implementation of strict lockdown at production facilities, manufacturers faced huge losses. This lockdown decreased the business confidence and disrupted the supply chain. However, in the post-second quarter of 2021, the production operation at facilities resumed at full potential and players are finding safe ways to continue manufacturing operations without any loss. This scenario is expected to support the market growth.
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Surface Vision And Inspection Market Report
Surface Vision And Inspection Market Report Highlights
- Among components, the camera segment is expected to grow at a CAGR of 8.0% over the forecast period. Rapid advancements in camera technology can make the product lightweight, small with a sharper and more accurate image. Moreover, small and mid-size enterprises are opting for a smart solution that can be integrated with present infrastructure and help them lower wastage and minimize errors
- Rising automotive sales globally, stringent government regulations, and rising complexity in production call for an efficient monitoring solution that lower production errors and help achieve better quality product are expected to support the industry growth
- Asia Pacific is expected to grow at a CAGR of 8.0% over the forecast period. This can be attributed to the presence of major automotive and semiconductor manufacturers operating in the region and the inclination towards lowering the labor dependency in production, quality check, and supply of products is expected to support the surface vision and inspection market growth in the region
