The digital imaging market is expected to reach USD 24.08 billion by 2023 from USD 15.79 billion by 2018, at a CAGR of 8.81% during the forecast period. Factors driving the growth of the digital imaging market include technological advantage over traditional methods, growing need of industrial automation, and increasing consumer awareness raising the bar of safety and quality standards.
Some of the major players in the digital imaging market are GE (US), Olympus (Japan), Hexagon (Sweden), Cognex (US), Nikon (Japan), OMRON (Japan), Ametek (US), Matrox (Canada), Teledyne Technologies (US), National Instruments (US), and Keyence (Japan). Governments worldwide are supporting the adoption of various automation technologies for the structural development of manufacturing industries.
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The rising adoption of the Industrial Internet of Things (IIoT), increased focus on efficiency and production cost leading to digitization, and growing automation across various industries to ensure the production quality are expected to drive the growth of the digital imaging market in the coming years. Though digital imaging provides an assured return on investment in the long term (as it ensures the durability of complex machinery), deployment cost of these systems is high.
The digital imaging market has been segmented on the basis of technology into machine vision, metrology, LiDAR, and radiography. These devices and technologies are enabling the implementation of digital imaging across verticals such as oil & gas, aerospace, automotive, power generation, public infrastructure, consumer electronics, semiconductor, food & beverages, and pharmaceutical. The digital imaging market has also been segmented on the basis of application into inspection, reverse engineering, and surveying.
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The automotive industry is witnessing a new wave of technological revolution, which is boosting the adoption of automation in automotive manufacturing plants. The adoption of industrial 4.0 would help enhance productivity through quality control by allowing the manufacturers to detect defects as well as with the predictive maintenance of factory machinery.
Thus, the increasing adoption of industrial 4.0 for making the processes more efficient through timely flaw detection is expected to drive the growth of the digital imaging market for the automotive manufacturing industry. The automotive industry is expected to be one of the largest contributors to the digital imaging market in 2018 and the market for this segment is expected to be grow at the highest CAGR during the forecast period
APAC holds the largest share of the digital imaging market and is expected to grow at the highest CAGR between 2018 and 2023. Countries in APAC, such as China, Japan, India, and South Korea, have some of the largest manufacturing facilities in the world; the manufacturing processes in these facilities are already automated.
Increasing population, rapidly growing economies (developed as well as developing), and government initiatives to promote industrial growth have made APAC an ideal destination for production units for various verticals, including semiconductor fabrication, consumer electronics, and automotive. Advancements in terms of economic growth, infrastructural developments, and construction of power plants are expected to boost the growth of the digital imaging market in APAC in the coming years.