According to a recent report published by Allied Market Research, titled, “Surface Inspection Market by Component, Surface Type, System, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2021-2030,” The Surface Inspection market share was $3.46 billion in 2020, and is projected to reach $7.25 billion by 2030, growing at a CAGR of 8.2% from 2021 to 2030.
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The key factor that drives growth of the surface inspection market size include growth in adoption of surface inspection in automotive sector and increase in demand for computer-based surface inspection systems. However, complex product design hampers the market growth. Moreover, rise in demand from medical and pharmaceutical industries and increase in use of collaborative robots in surface inspection for surface defect inspection create ample opportunities for the surface inspection market growth.
By component, the surface inspection market is fragmented into camera, processor, frame grabbers, lighting equipment, and others. The camera segment was the highest revenue generating segment that accounted for $937.1 million in 2020. However, the processor segment is expected to witness fastest growth at a CAGR of 11.0% during the forecast period.
By surface type, the market is divided into 2D and 3D. The 3D is the fastest growing segment and is expected to register a CAGR of 9.0% during the forecast period. Moreover, by system, the market is divided into computer-based system, and camera-based system. Computer based system is the fastest growing segment, and is expected to register a CAGR of 9.9%, during the forecast period.
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By industry verticals, the surface inspection market is fragmented into consumer electronics, automotive, electrical and electronics, healthcare, manufacturing, and others. The consumer electronics segment was the highest revenue generating segment that accounted for $813.9 million in 2020. However, the processor segment is expected to witness the fastest growth at a CAGR of 7.6% during the forecast period
By region, the surface inspection market analysis id done across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $1392.3 million in 2020. This region is further expected to attain a market value of $ 1447.2 billion by 2022, to grow at a CAGR of 6.2%. Moreover, Asia-Pacific is expected to maintain its dominant position during the forecast period.
By region, the surface inspection market analysis is done across North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor that was valued at $73.59 billion in 2020. This region is further expected to attain a market value of $75.72 billion by 2022, to grow at a CAGR of 3.5%. Moreover, Asia-Pacific is expected to maintain its dominant position during the forecast period.
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COVID-19 Impact Analysis
COVID-19 has caused the overall semiconductor industry to mobilize quickly and make short-term decisions with long-term implications. Semiconductor companies operate in a complex ecosystem, working across the value chain with numerous raw materials, assembly, test, package, and equipment suppliers & partners across the globe.
Demand from the wireless communication segment is expected to increase, owing to factors such as rise in broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push the need for digital transformation and technologies, such as 5G, IoT, AI, and intelligent edge computing, for future optimization.
Some of the surface inspection companies have witnessed temporary delays in services, increased costs, delay in and revenue losses due to the pandemic.
The manufacturing sector witnessed severe loss, and thus no new orders have been placed during the pandemic. In addition, this impact is estimated to continue till 2021. Moreover, international consumer electronics and electric devices markets are in a very weak state, owing to lockdowns imposed to tackle the pandemic. Although the markets in the U.S. and Europe witnessed mild recovery in the second half of 2020, they are still significantly down on pre-crisis levels. Therefore, the market is facing major obstacles from the emergence of the COVID-19 pandemic.
The overall impact of the pandemic is impacting the production process of several industries, including semiconductor and electronics. Trade barriers are further constraining the demand and supply outlook. The overall production process is adversely affected as governments of different countries have already announced total lockdown and temporary shutdown of industries.
Key Findings Of The Study
• The consumer electronics sector is projected to be the major industry vertical during the forecast period.
• North America and Asia-Pacific dominate the market in 2020.
• Asia-Pacific is anticipated to witness highest growth rate during the forecast period.
• U.S. was the major shareholder in 2020 in the North America surface inspection market.
The key players profiled in this report include Basler AG, Sony Corporation, Cognex Corporation, Omron Corporation, Allied Vision Technologies GmBh, Panasonic Corporation, ISRA Vision AG, Teledyne Technologies Incorporated, Keyence Corporation, Matrox Electronic Systems. These key players have adopted several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, and adoption of surface inspection market trends to increase their footprint in the surface inspection industry during the forecast period
Report Overview: https://www.alliedmarketresearch.com/surface-inspection-market-A09883
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