Summary
Major players in the defect detection market are Microsoft Corporation, IBM Corporation, Amazon.com Inc., Omron Corporation, Cognex Corporation, Datalogic S.p.A. , Nikon Corporation, Keyence Corporation, Teledyne Technologies Inc., ISRA Vision AG, Matrox Electronic Systems, Fox and Geese LLC, Etegent Technologies Ltd., Brimrose Technology Corporation and FTL Labs Corporation.
The global defect detection market is expected to grow from $3.33 billion in 2022 to $3.60 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The defect detection market is expected to grow to $4.84 billion in 2027 at a CAGR of 7.7%.
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.
Defect detection is a part of the quality control and assurance process used in recognizing potential defects, errors, anomalies, and issues with products or machinery.
Asia Pacific was the largest region in the defect detection market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main defect detection offerings are hardware, software, and services.Hardware refers to the computer’s tangible components or delivery systems that store and run written instructions provided by the software.
The applications include manufacturing and packaging used by various verticals such as automotive, electronics and semiconductors, metals and machinery, food and packaging, and pharmaceuticals.
Stringent health and safety measures imposed by governments are expected to propel the growth of the defect detection market going forward.Regulation refers to the imposition of rules by the government, accompanied by penalties specifically intended to change private sector economic behaviors.
The government of Australia imposed some health and safety measures that increase the demand for defect detection.For instance, in August 2020, the Australian Public Service Commission, a statutory agency of the Australian Government, introduced stringent health protocols for Australian Government workers from Australian Government agencies, services, and programs visiting remote communities.
Therefore, stringent health and safety measures imposed by governments are driving the growth of the defect detection market.
Technological advancements are a key trend gaining popularity in the defect detection market.Major companies operating in the defect detection market are focused on developing new technological solutions to strengthen their position.
For instance, In August 2021, Datalogic, an Italian company working in the automatic data capture and process automation markets launched an MFDS solution for monitoring the non-conveyable products in a non-singulated flow.MassFlowDetectionSystem (MFDS) is an advanced solution that enables automated data collection for non-conveyable parcels.
In the ‘non-conveyable’ parcel sector, large items have increased significantly even more than the traditional parcels, moreover, are subject to manual treatment, creating a labor-intensive process.
In March 2021, Datalogic S.p.A, an Italy-based company working in the automatic data capture and process automation markets acquired M.D. Micro Detectors S.p.A., for $36 million. Through this acquisition, Datalogic Group is expanding its product portfolio to include inductive and ultrasonic sensors used in industrial sectors such as electronics, pharmaceuticals, logistics, and automotive. The acquisition allows the company to further expand its presence in the industrial sensors market, by taking advantage of numerous synergies that will result from combining with the range of sensors, safety products, and vision systems. M.D. Micro Detectors S.p.A. is an Italy-based designer and manufacturer of a wide range of industrial sensors.
The countries covered in the Defect Detection market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The defect detection market research report is one of a series of new reports that provides defect detection market statistics, including the defect detection industry 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.
