What is the Addressable Market Opportunity for “Digital Inspection”?
The global market for Digital Inspection is projected to reach US$28. 9 billion by 2025, driven by growing willingness among companies to invest in technologies that help improve process and operational efficiency.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Digital Inspection market. Report segmentation includes Component (Hardware, Software, Services); Technology (Metrology, Machine Vision, NDT); End-Use (Manufacturing, Aerospace & Defense, Oil & Gas, Automotive, Food & Pharmaceuticals, Electronics, Power, Other End-Uses) ).
7 June 5:58 A.M., California/Marketwire/ - According to the new market research report, the global market for Digital Inspection is projected to reach US$28. 9 billion by 2025, driven by growing willingness among companies to invest in technologies that help improve process and operational efficiency. An inspection process involves organized examination and assessment of engineering activities. Inspection tools help users in making decisions related to product disposition, getting data for pertinent actions and conforming to procedural and regulatory guidelines. Manufacturing facilities and shops have been carrying out inspections as an integral part of their operations, with conventional process involving data being recorded on paper. While inspection is bound to remain significant, the process is gravitating from traditional paper-based methods to digital solutions.
Technological advances and rapid digitization are gradually turning paper into a thing of the past, driving companies towards digital inspections to streamline the process and save on money and time. Digital Inspection assists engineers in testing, measuring and inspecting automation tools or electronic equipment with devices that are digitally-connected to tablets or laptops for digitally storing results. Traditional paper-based inspection approaches are time-intensive and associated with low efficiency and accuracy. The use of digital platforms addresses these issues to help organizations in achieving higher efficiencies. The inspection focuses on non-destructive testing methods like computed tomography, remote visual inspection and radiography. Some of the sophisticated digital inspection tools available on the market are video bore scope, app-based ultrasonic flaw detectors, USB digital microscopes, digital testers, digital calipers and digital multi-meters. Digital inspection is extensively used in industries such as aviation for inspecting aircraft engines, food & beverage for inspecting equipment, and oil & gas for corrosion assessment of associated pipelines. While digital inspection tools are relatively expensive, their benefits far exceed the initial cost and provide organizations with an effective strategy to increase productivity and profitability. In the oil & gas sector, as the pressure builds on companies to maximize the capital efficiency ratio, use of drones for inspecting assets is rising in prominence. Maintenance of oil & gas assets such as offshore platforms, semi-submersibles, FPSOs, onshore refineries, petrochemical plants, is vital as it has a direct impact on the company's bottom-line. Digitization of inspection offers important benefits like increased efficiency of inspections and timely prevention of failures. Drones, in this regard, help capture rich data that enable improved and faster decision-making, communication, budgeting and planning. Drone inspection is less expensive, quicker & safer; enables preventive maintenance of inaccessible structures; & capture high quality images and video.
Key Competitors Covered in the Report
Carl Zeiss AG
FARO Technologies, Inc.
FPrimeC Solutions Inc.
General Electric Company
iPromar Pte Ltd.
Mistras Group, Inc.
National Instruments Corporation
SHINING 3D Co., Ltd.
SUALAB, Zebicon a/s
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, and Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 1246. Among this pool, 224 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 52 unique participations, a total of 23 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.