PUBLISHER: The Business Research Company | PRODUCT CODE: 1425382
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425382
Defect Detection Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on defect detection market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for defect detection? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The defect detection market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Defect detection is a crucial aspect of the quality control and assurance process, focusing on identifying potential defects, errors, anomalies, and issues in products or machinery.
The primary offerings in defect detection comprise hardware, software, and services. Hardware refers to the tangible components of a computer or delivery systems that store and execute written instructions provided by the software. Applications of defect detection are prevalent in manufacturing and packaging processes, spanning various verticals including automotive, electronics and semiconductors, metals and machinery, food and packaging, and pharmaceuticals.
The defect detection market research report is one of a series of new reports from The Business Research Company that provides defect detection market statistics, including the defect detection industry's global market size, regional shares, competitors with a defect detection market share, detailed defect detection market segments, market trends and opportunities, and any further data you may need to thrive in the defect detection industry. This defect detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The defect detection market size has grown strongly in recent years. It will grow from $3.58 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth observed in the historical period can be attributed to an emphasis on quality assurance, considerations of the cost of quality, adherence to regulatory standards, the increase in complex manufacturing processes, a heightened demand for high-quality products, the globalization of supply chains, and intensified competition in the market.
The defect detection market size is expected to see strong growth in the next few years. It will grow to $5.2 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period can be attributed to a heightened focus on zero-defect manufacturing, increased integration with production processes, the adoption of industry-specific solutions, the utilization of data analytics for predictive maintenance, a growing demand for real-time detection, and an emphasis on customization and flexibility. Major trends in the forecast period encompass advancements in sensor technologies, the integration of automation and AI, enhanced quality control in manufacturing processes, increased use of computer vision, the integration of deep learning techniques, and the adoption of remote inspection and monitoring practices along with collaboration with cloud services.
The growth of the defect detection market is expected to be propelled by the implementation of stringent health and safety measures imposed by governments. Governments enact regulations, backed by penalties, to influence private sector behaviors. In Australia, for example, the government imposed health and safety measures that heightened the demand for defect detection. Conversely, in January 2022, the US Supreme Court granted a stay on OSHA's (Occupational Safety and Health Administration) COVID-19 vaccine mandate for private employers with 100 or more employees, ruling it exceeded statutory authority. The imposition of health and safety measures by governments is identified as a key driver steering the growth of the defect detection market.
The expansion of manufacturing industries is anticipated to drive the growth of the defect detection market. Manufacturing industries involve the transformation of raw materials or components into finished products, utilizing tools, machinery, human labor, and chemical processes. Defect detection systems find applications across various sectors, including manufacturing, healthcare, and packaging. The automation of mass manufacturing processes and the increasing demand for consumer goods are poised to fuel the defect detection market's growth. According to a report from the National Institute of Standards and Technology (NIST), manufacturing contributed $2.3 trillion to the US GDP in 2021, accounting for 12.0% of the total GDP. The rising prominence of manufacturing industries is expected to contribute significantly to the growth of the defect detection market.
Technological advancements represent a key trend gaining traction in the defect detection market. Major companies in the market are actively developing innovative technological solutions to bolster their market position. An example is Datalogic, an Italian company in the automatic data capture and process automation markets, which launched the Mass Flow Detection System (MFDS) solution in August 2021. The MFDS is an advanced solution for monitoring non-conveyable products in a non-singulated flow, facilitating automated data collection for such parcels. The adoption of cutting-edge technology solutions is identified as a prominent trend in the defect detection market.
Innovation in product development is a strategic focus for major companies in the defect detection market to sustain their market position. Mitutoyo, a Japan-based multinational corporation specializing in measuring instruments and metrological technology, introduced the AI Inspector Software in March 2021. This standalone software product assists customers with next-generation visual defect analysis across various applications. Visual defect detection, traditionally labor-intensive and costly, is revolutionized by Mitutoyo's AI Inspector Software, leveraging the power of artificial intelligence and machine learning. The software allows everyday users to create robust defect detection solutions with an intuitive interface, eliminating the need for prior AI or data science experience. The introduction of innovative products underscores the commitment of major companies to remain competitive in the defect detection market.
In March 2021, Datalogic S.p.A., an Italy-based company specializing in automatic data capture and process automation, successfully acquired M.D. Micro Detectors S.p.A. for a total consideration of $36 million. This strategic acquisition is a significant move for the Datalogic Group as it seeks to broaden its product portfolio by incorporating inductive and ultrasonic sensors. These sensors find application across various industrial sectors, including electronics, pharmaceuticals, logistics, and automotive. The acquisition positions Datalogic to strengthen its presence in the industrial sensors market by capitalizing on synergies resulting from the integration of its existing range of sensors, safety products, and vision systems. M.D. Micro Detectors S.p.A., the acquired company, is an Italian-based firm known for designing and manufacturing a diverse range of industrial sensors. This acquisition reflects Datalogic's strategic initiative to expand its offerings and reinforce its position in key industrial markets.
Major companies operating in the defect detection market report are Microsoft Corporation, Amazon.com Inc., Cognex Corporation, IBM Corporation, Omron Corporation, ABB India Ltd., Adlink Technology Inc., Allied Vision Technologies Private Limited, AMETEK Inc., Banner Engineering Corp., Basler AG, Dalsa Corp., Datalogic SpA, Hermary Opto Electronics Inc., Hangzhou Hikvision Digital Technology Co. Ltd., IDS Imaging Development Systems GmbH, Isra Vision AG, Key Technology Inc., Keyence Corporation, LMI Technologies Inc., Matrox Electronic Systems Ltd., Mercury Systems Inc., National Instruments Corp., Radiant Vision Systems LLC, Raptor Photonics Ltd., Sick AG, Sony Group Corp., Teledyne DALSA Corp., Vayyar Imaging Ltd., Vitronic Machine Vision Ltd., and Zebra Medical Vision Inc.
Asia-Pacific was the largest region in the defect detection market in 2023. The regions covered in the defect detection market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the defect detection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The defect detection market includes revenues earned by entities through the detection of defects in computer vision, non-destructive testing, and other services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.